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.

Steer Clear of the Trust Fund Recovery Penalty

Steer Clear of the Trust Fund Recovery Penalty

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld from a business employees’ wages. Because...

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If You’re Selling Your Home, Don’t Forget About Taxes

If You’re Selling Your Home, Don’t Forget About Taxes

Spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in home sales. The National Association of Realtors (NAR) reports existing home sales in April decreased year-over-year, 17.2% from a year ago. The...

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Seniors: Can You Deduct Medicare Premiums?

Seniors: Can You Deduct Medicare Premiums?

If you’re age 65 and older, and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a...

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A Nonworking Spouse Can Still Have an IRA

A Nonworking Spouse Can Still Have an IRA

It can be difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has...

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