Adam’s Tax Blog

Are you thinking of launching a business with partners and wondering what type of entity would be best to form? An S corporation may be the most suitable for your new venture. Here’s an explanation of the reasons why. The biggest advantage of an S corporation over a...

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments made to eligible individuals. Parents under certain income...

President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for providing relief to individuals, it also contains several tax breaks and financial benefits for businesses. Here are some of the tax highlights of...

The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-19-related deadline extensions that apply to health care benefits plans. Extensions to continue The...

April 15 isn’t just the deadline for filing your 2020 tax return. It’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony,...

Despite many businesses being forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that entity. The...

If you’re approaching retirement, you probably want to ensure money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into...

Are you a business owner thinking about hiring new employees? If so, you should be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC)...

If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA up until the April 15, 2021 filing date and...

During the COVID-19 pandemic, more people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two...

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax...

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging donations you made in 2020. But can you still claim a deduction for the gift on your 2020 income tax return if you haven’t received such a letter? It...