Adam’s Tax Blog

Note: Tax advice, articles, and content contained on this site are intended for informational and educational purposes only. They are not a substitute for professional advice. Tax matters can be extremely complex and vary greatly for each individual or company. Please click here to read our complete disclosure and disclaimer for the information presented on this site.

Key 2024 Inflation-Adjusted Tax Amounts for Individuals

Key 2024 Inflation-Adjusted Tax Amounts for Individuals

The IRS recently announced various 2024 inflation-adjusted federal tax amounts affecting individual taxpayers. Most of the federal income tax rate bracket thresholds are about 5.4% higher than for 2023. This means you can generally have about 5.4% more income next...

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A Cost Segregation Study May Cut Taxes and Boost Cash Flow

A Cost Segregation Study May Cut Taxes and Boost Cash Flow

Is your business depreciating the entire cost of constructing the building that houses your enterprise over 30 years? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes...

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Choosing a Business Entity: Which Way To Go?

Choosing a Business Entity: Which Way To Go?

If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability...

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Contributing to Your Employer’s 401(k) Plan: How It Works

Contributing to Your Employer’s 401(k) Plan: How It Works

If you’re fortunate to have an employer offering a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. Generally speaking, it’s a great tax and retirement saving deal! These plans help an employee accumulate a retirement nest egg on...

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New Per Diem Business Travel Rates Kicked In On October 1

New Per Diem Business Travel Rates Kicked In On October 1

Are your employees traveling for business and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy you put in to reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice...

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Are Scholarships Tax-Free or Taxable?

Are Scholarships Tax-Free or Taxable?

With the rising cost of college, families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s taxes. Good news: Scholarships (and fellowships) are generally tax-free for...

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Business Automobiles: How the Tax Depreciation Rules Work

Business Automobiles: How the Tax Depreciation Rules Work

Do you use an automobile in your trade or business? If so, you might be wondering how depreciation tax deductions are determined. The rules are complicated, and special limitations applying to vehicles classified as passenger autos (which include many pickups and...

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