Adam’s Tax Blog

In recent years, more and more workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs, and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some...

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for paying “qualified medical expenses” of an “account beneficiary.” An HSA can...

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum...

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be sure these workers are properly classified for federal tax purposes. If the IRS reclassifies...

If you’ve successfully filed your 2022 tax return, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions we’re frequently asked at this time of year. When will your...

Losses can happen whether you’re operating a new company or an established business. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a...

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic rules and IRS...

One popular fringe benefit is an education assistance program allowing employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits so...

If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the box Beginning with tax year 2022, taxpayers must check a box on their tax...

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than dividends. This is because a corporation can deduct the salaries and bonuses it pays executives, but not dividend...

If your business needs to increase the space it occupies or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings. The credit is equal to 20% of the qualified rehabilitation...

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is often overlooked when families start...