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.

Thinking About Converting Your Home Into a Rental Property?

Thinking About Converting Your Home Into a Rental Property?

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...

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Once You File Your Tax Return, Consider These 3 Issues

Once You File Your Tax Return, Consider These 3 Issues

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...

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Fully Deduct Business Meals This Year

Fully Deduct Business Meals This Year

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...

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The Tax Rules of Renting Out a Vacation Property

The Tax Rules of Renting Out a Vacation Property

Summer will be here before you know it. If you’re fortunate enough to own a vacation home, you may be thinking of renting it out for part of the season and wondering about the tax consequences of doing so. The tax treatment depends on how many days it’s rented and...

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Establish a Tax-Favored Retirement Plan

Establish a Tax-Favored Retirement Plan

Now might be a good time to take the plunge if your business doesn’t already have a retirement plan. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to...

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