Adam’s Tax Blog

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after both spouse in order to collect the entire amount of taxes due, and not just the...

Certain employers are required to report information related to their employees’ health coverage. Is your business ones that needs to comply? If so, what must be done? Basic rules Certain employers with 50 or more full-time employees (called “applicable large...

If you don’t have enough federal tax withheld from your paychecks and other payments, you may need to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains, or other income. Here are the applicable...

Were you surprised to find you owed money when you filed your federal tax return this year? If so, you might want to change your withholding so this doesn’t happen again next year. You might also want to adjust your withholding if you got a big refund. Receiving a tax...

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples that could help you cut your tax bill. 1. QBI deduction For 2018 through 2025, the qualified...

Many people wonder how they can save taxes by transferring assets to their children. This tax strategy is called income shifting. The goal is to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax savings...

You might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange. A like-kind exchange is a swap of real property held for...

Sadly, due to the pandemic and the economy, many businesses have been forced to shut down recently. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met. Of course, a business must file a final income...

If you’re like most people, you’re feeling pain at the pump every time you fill up with gas. The good news is that the IRS has noticed and they have increased the standard mileage rates for the remainder of 2022. Effective July 1, 2022, the standard mileage rate for...

If you’ve recently begun receiving disability income, you may be wondering how it’s taxed. The answer depends on a few different factors. The key issue is: Who paid for the benefit? If the income is paid directly to you by your employer, it’s taxable to you just as...

According to various reports, merger and acquisition activity has been down in 2022, but companies are still being bought and sold. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be...

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind this list isn’t all-inclusive, so additional deadlines may apply to your situation. Contact us to ensure you’re meeting all...