Adam’s Tax Blog

Businesses like restaurants, hotels, and salons employ individuals who receive tips as a significant part of their compensation. Tips are optional payments customers make to employees who perform services. They can be cash or noncash. Cash tips include those received...

Most retirement plan distributions are subject to income tax. They may also be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified...

Many people began working from home during the COVID-19 pandemic. Many still work from home offices either all the time or on a hybrid basis. If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim...

A variety of tax-related limits affecting businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that...

The IRS opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension),...

The 2023 filing season deadline is drawing near, but you should also be aware the deadline for businesses to file information returns for hired workers is even closer. Employers must file these forms by January 31, 2023: Form W-2, Wage and Tax Statement. W-2 forms...

Do you have a child or grandchild in college? Many parents and grandparents saved for years in tax-favored accounts, such as 529 plans, to help pay for expenses. But there are also a number of tax breaks you may be able to claim once your child begins attending...

If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was recently signed into law. Provisions in the law will kick in over...

If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the tax-favored ways to save that may be available to you. Savings bonds Series EE U.S. savings...

The Employee Retention Credit (ERC) was a valuable tax credit to help employers who kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers who haven’t yet claimed it might still be able to do so by...

A new law was recently signed to help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. SECURE 2.0...

The price of gas is a bit lower than it was a year ago, but the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business is going up in 2023. The IRS recently announced the 2023 cents-per-mile rate for the business...