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Adam’s Tax Accounting Service 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.

Infographic: How to Set Up an Accountable Plan

Posted by on May 28, 2018 in Blog, General, Management, Tax Tips | Comments Off on Infographic: How to Set Up an Accountable Plan

Infographic: How to Set Up an Accountable Plan

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Be Aware of the Tax Consequences Before Selling Your Home

Posted by on May 24, 2018 in Blog, General, Management, Tax Tips | Comments Off on Be Aware of the Tax Consequences Before Selling Your Home

Be Aware of the Tax Consequences Before Selling Your Home

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider there could be some tax consequences. Home sale gain exclusion The U.S. House of Representatives’ original version of the Tax Cuts and Jobs Act included a provision tightening the rules for the home sale gain exclusion. Fortunately, that provision didn’t make it into the final version of...

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Can You Deduct Business Travel When It’s Combined with a Vacation?

Posted by on May 21, 2018 in Blog, General, Management, Tax Tips | Comments Off on Can You Deduct Business Travel When It’s Combined with a Vacation?

Can You Deduct Business Travel When It’s Combined with a Vacation?

A summer vacation is on many people’s minds this time of year. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully or you might not be eligible for the deduction you’re expecting. General rules Business travel expenses are potentially deductible if the travel is within the United States and the expenses are “ordinary and necessary” and directly related to the business. (Foreign travel expenses may also be deductible, but stricter rules...

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Do You Need to Adjust Your Withholding?

Posted by on May 17, 2018 in Blog, General, Management, Tax Tips | Comments Off on Do You Need to Adjust Your Withholding?

Do You Need to Adjust Your Withholding?

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying an influx of cash. But a large refund isn’t all positive. It means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would typically indicate that you should consider reducing the amounts you’re having withheld (and/or what estimated tax payments you’re making) for the current year. But 2018 is a little different. The TCJA and withholding To reflect changes under the Tax Cuts and...

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IRS Audit Techniques Guides Provide Clues to What May Come Up if Your Business Is Audited

Posted by on May 14, 2018 in Blog, General, Management, Tax Tips | Comments Off on IRS Audit Techniques Guides Provide Clues to What May Come Up if Your Business Is Audited

IRS Audit Techniques Guides Provide Clues to What May Come Up if Your Business Is Audited

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and small business owners can you them as well. Many ATGs target specific industries. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide you with valuable insights into issues that might surface if your business is ever audited. What do ATGs cover? The IRS compiles information obtained from past examinations of taxpayers and publishes its findings in ATGs. Typically, these publications...

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Get Started on 2018 Tax Planning Now!

Posted by on May 10, 2018 in Blog, General, Management, Tax Tips | Comments Off on Get Started on 2018 Tax Planning Now!

Get Started on 2018 Tax Planning Now!

With the April 17 individual income tax filing deadline behind you (or, if you filed an extension, with your 2017 tax return on the back burner), you may be hoping to not think about taxes for the next several months. But if you want to maximum your tax savings, now is the time to start tax planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act (TCJA) substantially changed the tax environment. Many variables A tremendous number of variables affect your overall tax liability for the year....

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A Review of Significant TCJA Provisions Affecting Small Businesses

Posted by on May 7, 2018 in Blog, General, Management, Tax Tips | Comments Off on A Review of Significant TCJA Provisions Affecting Small Businesses

A Review of Significant TCJA Provisions Affecting Small Businesses

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may have a significant impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December 31, 2017, and are permanent, unless otherwise noted. Corporate taxation Replacement of graduated corporate rates ranging from 15% to 35% with a flat corporate rate of 21% Replacement of the flat personal service...

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Tax Record Retention Guidelines for Individuals

Posted by on May 3, 2018 in Blog, General, Management, Tax Tips | Comments Off on Tax Record Retention Guidelines for Individuals

Tax Record Retention Guidelines for Individuals

What tax records from 2017 can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But this is the perfect time to go through your old tax records and see what you can discard. The 3-year and 6-year rules At minimum, keep tax records for as long as the IRS has the ability to audit your return or assess additional taxes, this is generally three years after you file your return. This means you potentially can get rid of most records related to tax returns for 2014...

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Tax Document Retention Guidelines for Small Businesses

Posted by on May 3, 2018 in Blog, General, Management, Tax Tips | Comments Off on Tax Document Retention Guidelines for Small Businesses

Tax Document Retention Guidelines for Small Businesses

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper filled with serveral years’ worth of tax returns, receipts, canceled checks, and other financial records (or your computer desktop is filled with a multitude of digital tax-related files), you probably want to get rid of what you can. Follow these guidelines for document retention as you clean up. General rules Retain records that support items shown on your tax return at least until...

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TCJA Changes to Employee Benefits Tax Breaks: 4 Negatives and a Positive

Posted by on Apr 19, 2018 in Blog, General, Management, Tax Tips | Comments Off on TCJA Changes to Employee Benefits Tax Breaks: 4 Negatives and a Positive

TCJA Changes to Employee Benefits Tax Breaks: 4 Negatives and a Positive

The Tax Cuts and Jobs Act (TCJA) includes several changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact both employees and the businesses providing those benefits. 4 breaks curtailed Beginning with the 2018 tax year, the TCJA reduces or eliminates tax breaks in the following areas: 1. Transportation benefits. The TCJA eliminates business deductions for the cost of providing qualified employee transportation fringe benefits, such as parking allowances, mass transit passes,...

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