Sales Tax and Online Retailers
Sales tax nexus is the connection that exists between a states taxing authority and a seller that requires the seller to register and collect and pay sales tax. For example, having an office, remote employees, affiliates or subsidiaries in a particular state will create nexus. But other specified business activities will trigger nexus with the […]
How a $300 Charitable Deduction Can Make a Difference
It has been a whirlwind of a year. With the pandemic came financial instability for many individuals and businesses alike. Although we have all felt the impact at some point, not-for-profit organizations have been hit harder than others. Charitable contributions by individuals have been on the decline causing not-for-profits, who support our youth programs; abused […]
1031 Exchanges: Drop and Swap Technique
Introduction: Many small business owners and real estate investors join forces with other like-minded individuals to purchase real estate. However, over time the goals of each individual may diverge from the group, especially when it comes time to sell the property. One person may want to cash out, while others want to continue with a […]
ADKF Welcomes Katherine Popp, CPA!
We are excited to welcome Katherine Popp to the ADKF Family. Katherine is a native Texan with over nine years of accounting experience. Katherine earned her Bachelors in Accounting from Lamar University, and her Masters of Accountancy from the University of Texas at San Antonio (UTSA). She is a Certified Public Accountant (CPA). Welcome, Katherine!
Raising Money-Savvy Kids
Basic money management isnt taught in school. So, it falls on parents to teach kids about money. Use these tips to help your kids learn the value of money. NO MONEY TREES Teach your kids that money doesnt grow on treesits earned. Likewise, teach them to earn and save up money for things they want. […]
Important 2021 Changes: Inflation Adjustments and Tax Tables
On October 26th, 2020, the IRS issued the inflation adjustments and tax rate tables for 2021 (Rev. Proc. 220-45). These adjustments and tax rates will apply to individual, estate, and trust returns for tax year 2021. What Do You Need to Know? The standard deduction has been increased to the following for each filing status: […]
Texas Homestead Exemption
A Brief History Everything is bigger in Texas, even bankruptcy protections! A substantial number of Americans who settled in Texas back in the oldays did so because they were heavily indebted and hoped to escape their creditors by moving to what was at that time a different country. Texas accommodated its new residents by enacting […]
October 2020 Short Bits
AUDIT DECLINE The IRS is auditing fewer returns. In 2019, it audited only 0.4% of individual returns. Thats about one out of 250 returns. The bulk of all IRS audits are done by mail and focus on narrow issues. In 2019, taxpayers claiming the earned income tax credit saw increased audit rates. About 1.2% of […]
October 2020 Q and A
QUESTION: I have an older car that I am considering donating. Can I get a tax deduction for the donation? ANSWER: It depends. You first must donate the car to a qualifying charity. Donating it to a family member wont qualify for a deduction. You also must itemize deductions on Schedule A to do it. […]
Whats New with the PPP 3508S Application and Does it Apply to You?
On October 8th, 2020, the SBA (Small Business Administration) released an even more simplified version of the PPP (Paycheck Protection Program) forgiveness application. Who Does This Apply Too? This application only applies to borrowers that received a PPP loan of $50,000 or less. The exception to that is this new form cannot be used if […]