Adam’s Tax Blog

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...

Technology has made it easier than ever to work from home so lots of people now commute each morning to an office down the hall. However, just because you have a home office space doesn’t necessarily mean you can deduct all of the expenses associated with it....

You may not have noticed Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers while you were celebrating the holidays. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It...

According to a 2019 IRS report the number of people engaged in the “gig” or sharing economy has grown in recent years. And there are tax consequences for the people who perform these side gigs, such as providing car rides, renting spare bedrooms, delivering food,...

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset your expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of “qualified adoption...

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so additional deadlines may apply to you. Contact us to ensure you’re meeting all applicable...

The holiday season is in full swing now that Thanksgiving is behind us. Your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these...

If you’re starting to worry about your 2019 tax bill, there’s good news — you may still have time to reduce your tax liability. Three strategies are available that may help you cut your taxes before year-end, including: 1. Accelerate deductions/defer income. Certain...

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary...

This is the time of year when many business owners are asking if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. In order to...

For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether...

If your company faces the need to clean up or “remediate” environmental contamination, the money you spend can be deductible on your tax return as an ordinary and necessary business expense. Of course, you want to claim the maximum immediate income tax benefits...