Adam’s Tax Blog

Note: Tax advice, articles, and content contained on this site are intended for informational and educational purposes only. They are not a substitute for professional advice. Tax matters are can be extremely complex and vary greatly for each individual or company. Please click here to read our complete disclosure and disclaimer for the information presented on this site.

Providing a Company Car? Here’s How Taxes Are Handled

Providing a Company Car? Here’s How Taxes Are Handled

Providing a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit...

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How Are Court Awards and Out-of-Court Settlements Taxed?

How Are Court Awards and Out-of-Court Settlements Taxed?

Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination, or harassment. Some of this money is taxed by the federal government and perhaps...

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The Tax Implications of Owning a Corporate Aircraft

The Tax Implications of Owning a Corporate Aircraft

If you do a lot of business travel and your business is successful enough, you may have considered buying a corporate aircraft. If so, you should be aware of the tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules. Business travel...

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Infrastructure Law Sunsets Employee Retention Credit Early

Infrastructure Law Sunsets Employee Retention Credit Early

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. It now only applies through September 30, 2021 (rather than through December...

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Remember to Use up Your Flexible Spending Account Money

Remember to Use up Your Flexible Spending Account Money

Do you have a tax-saving flexible spending account (FSA) with your employer to help you pay for health care expenses? There are some rules and reminders to keep in mind before the year ends. An account for health expenses A pre-tax contribution of $2,750 to a health...

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Many Factors are Involved When Choosing a Business Entity

Many Factors are Involved When Choosing a Business Entity

Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company...

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