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 “Nanny Tax” Must Be Paid for More Than Just Nannies

The “Nanny Tax” Must Be Paid for More Than Just Nannies

You may have heard of the “nanny tax.” But did you know that even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener, or other household employee (who isn’t an independent contractor) may make you liable for federal income and other...

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Summer: A Good Time to Review Your Investments

Summer: A Good Time to Review Your Investments

You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under this proposal, the purchase price of assets would be adjusted so no tax is paid on the appreciation due to inflation. While the fate of...

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Volunteering for Charity: Do You Get a Tax Break?

Volunteering for Charity: Do You Get a Tax Break?

If you volunteer your time to work for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property...

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M&A Transactions: Avoid Surprises From the IRS

M&A Transactions: Avoid Surprises From the IRS

If you’re thinking of buying or selling a business, or you’re in the process of a merger or acquisition, it’s important both parties report the transaction to the IRS in the same way. Otherwise, you may increase your chances of being audited. If a sale involves...

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You May Have to Pay Tax on Social Security Benefits

You May Have to Pay Tax on Social Security Benefits

During your working days, you pay Social Security tax as part of the withholdings from your salary or self-employment tax. You may be surprised to learn that when you start receiving Social Security benefits some of the payments may be taxed. If you’re getting close...

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Is An HSA Right For You?

Is An HSA Right For You?

Many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs) to help defray health care costs. With these accounts, individuals have the ability to pay for certain medical expenses on a tax advantaged basis. The basics With HSAs, you...

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