Adam’s Tax Blog

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...

There are several financial and legal implications when adding a new partner in a partnership. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to...

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...

If you invest in mutual funds (or you’re interested in putting some money into them) you’re not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in mid-2020. Despite their popularity, the tax rules...

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...

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD...

The April 18 tax filing deadline is coming up soon. Sometimes, it’s not possible to gather your tax information and file by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 17 to file and...

Here are some of the key tax-related deadlines that apply to businesses and other employers during 2022’s second quarter. Keep in mind there may be additional deadlines that apply to your situation. Contact us to ensure you’re meeting all applicable deadlines and...

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...

Generally, businesses want to find ways to delay recognition of taxable income into future years and accelerate deductions into the current year. But there are instances when it’s more prudent to do the opposite. One reason might be tax law changes that raise tax...

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...

Some people are still losing their jobs, despite the robust job market. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances....