Adam’s Tax Blog

Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved...

Many of the people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that type of business entity. 1. You may qualify for the pass-through deduction. To the extent your business generates...

Do you own a business where tipping is customary for serving food and beverages? You may qualify for a tax credit involving the Social Security and Medicare (FICA) taxes you pay on your employees’ tip income. How the credit works The FICA credit applies with respect...

If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like it to be, you may still have an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA up until the Wednesday, April 15,...

A variety of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social...

At this point in time, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize...

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than...

Many taxpayers make charitable gifts, both because they’re generous and because they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago under the TCJA and the many rules that apply to charitable...

A new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject...

The IRS announced the 2019 individual income tax return filing season will open on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can...

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes....

A law was recently passed that adds tax breaks and makes significant changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The...