Adam’s Tax Blog

If you have a business you should be aware that youmay be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for...

The IRS recently released guidance providing inflation-adjusted amounts for Health Savings Accounts (HSAs) in 2023. Next year’s amounts are being increased more than they have been in recent years due to high inflation rates. HSA basics An HSA is a trust created...

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply information proving their right to deduct charitable contributions. If you donate an item of property (or a group of...

The IRS has begun mailing notices to businesses, financial institutions, and other payers that filed certain returns with information that doesn’t match the agency’s current records. These CP2100 and CP2100A notices are sent twice a year from the IRS to payers who...

You may have dreamed of turning your hobby into a regular business. If so, you wouldn’t be alone. If your new business is profitable you won’t have any tax headaches. But what if the new enterprise consistently generates losses (your deductions exceed your income) and...

What are the tax consequences of selling property used in your trade or business? Several rules can potentially apply to the sale of business property. To simplify discussion, let’s assume the property you want to sell is land or depreciable property used in your...

Sometimes homeowners decide to move to new residences, but still keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home can carry...

There are several financial and legal implications when adding a new partner in a partnership. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to...

The tax filing deadline for 2021 tax returns is April 18, 2022. After your 2021 tax return has been successfully filed with the IRS, here are a few things for you to keep in mind. 1. You can throw some tax records away now You should hang onto tax records related to...

If you invest in mutual funds (or you’re interested in putting some money into them) you’re not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in mid-2020. Despite their popularity, the tax rules...

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by...

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD...