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 are 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.

An “Innocent Spouse” May Be Able to Escape Tax Liability

An “Innocent Spouse” May Be Able to Escape Tax Liability

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after both spouse in order to collect the entire amount of taxes due, and not just the...

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Is Your Withholding Adequate? Here’s How to Check

Is Your Withholding Adequate? Here’s How to Check

Were you surprised to find you owed money when you filed your federal tax return this year? If so, you might want to change your withholding so this doesn’t happen again next year. You might also want to adjust your withholding if you got a big refund. Receiving a tax...

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Three Tax Breaks for Small Businesses

Three Tax Breaks for Small Businesses

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples that could help you cut your tax bill. 1. QBI deduction For 2018 through 2025, the qualified...

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The Kiddie Tax: Does It Affect Your Family?

The Kiddie Tax: Does It Affect Your Family?

Many people wonder how they can save taxes by transferring assets to their children. This tax strategy is called income shifting. The goal is to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax savings...

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The Tax Obligations if Your Business Closes its Doors

The Tax Obligations if Your Business Closes its Doors

Sadly, due to the pandemic and the economy, many businesses have been forced to shut down recently. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met. Of course, a business must file a final income...

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IRS Increases Mileage Rate for Remainder of 2022

IRS Increases Mileage Rate for Remainder of 2022

If you’re like most people, you’re feeling pain at the pump every time you fill up with gas. The good news is that the IRS has noticed and they have increased the standard mileage rates for the remainder of 2022. Effective July 1, 2022, the standard mileage rate for...

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How Disability Income Benefits Are Taxed

How Disability Income Benefits Are Taxed

If you’ve recently begun receiving disability income, you may be wondering how it’s taxed. The answer depends on a few different factors. The key issue is: Who paid for the benefit? If the income is paid directly to you by your employer, it’s taxable to you just as...

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How Do Taxes Factor Into an M&A Transaction?

How Do Taxes Factor Into an M&A Transaction?

According to various reports, merger and acquisition activity has been down in 2022, but companies are still being bought and sold. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be...

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