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.

The IRS Can Reclassify S Corporation Distributions As Wages

The IRS Can Reclassify S Corporation Distributions As Wages

If you run your business as an S corporation, you’re probably both a shareholder and an employee. As such, the corporation pays you a salary that reflects the work you do for the business. This means you (and your company) must remit payroll tax on some or all of your...

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What You Need To Know About Estimated Tax Payments

What You Need To Know About Estimated Tax Payments

Paying the proper amount of tax by the annual federal income tax filing deadline isn’t enough to avoid interest and penalties; you must also meet requirements for paying tax throughout the year through withholding and/or quarterly estimated tax payments. If you have...

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3 Strategies For Tax-smart Giving

3 Strategies For Tax-smart Giving

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married...

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Should You Make A “Charitable IRA Rollover” In 2016?

Should You Make A “Charitable IRA Rollover” In 2016?

Last year a break valued by many charitable retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions ( up to $100,000 annually) from your IRA to qualified charitable organizations without owing any income...

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3 Mutual Fund Tax Hazards To Watch Out For

3 Mutual Fund Tax Hazards To Watch Out For

Investing in mutual funds is an easy way to diversify a portfolio. This is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if you hold these funds in taxable accounts, or are considering such investments, beware of these three...

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