Adam’s Tax Blog

The holiday season is in full swing now that Thanksgiving is behind us. Your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these...

If you’re starting to worry about your 2019 tax bill, there’s good news — you may still have time to reduce your tax liability. Three strategies are available that may help you cut your taxes before year-end, including: 1. Accelerate deductions/defer income. Certain...

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary...

This is the time of year when many business owners are asking if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. In order to...

For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether...

If your company faces the need to clean up or “remediate” environmental contamination, the money you spend can be deductible on your tax return as an ordinary and necessary business expense. Of course, you want to claim the maximum immediate income tax benefits...

By contributing to a tax-advantaged retirement plan you can reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed,...

Your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others a month after the New Year begins. This may include sending 1099-MISC forms to those whom you pay nonemployee compensation, and filing copies of...

There’s a tax-advantaged way for people to save for the needs of family members with disabilities and it won’t affect their eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which...

One of the most labor-intensive tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from your employees’ paychecks but that you also pay them over to the federal government on time. If you willfully...

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older (and don’t need the money from required minimum distributions) you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer...

Choosing the right entity can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems you should...