When is the Right Time to Hire a Bookkeeper?
You may be able to handle your own bookkeeping when you first start your business, but over time, your business will grow and you might find yourself asking, is it time to hire a bookkeeper? There are a number of indicators that suggest it is time to consider finding assistance: When bookkeeping is taking too […]
Updates to the IRS Mileage Deduction
Gas prices rising over the past year have caused many people to limit the use of their vehicles in an attempt to keep more money in their pockets and less in their gas tanks. But for the people who find it necessary to use their vehicle regularly, a break may be coming their way. The […]
ADKF Year In Review
To our ADKF family, As we leap into 2023, we would like to take this opportunity to thank you all for filling 2022 with milestone accomplishments and unforgettable memories! The success of ADKF is based on the relationships we have built and maintained over the years, and we really wouldnt be where we are today […]
Dependency Exemptions for Children of Divorced Parents
The end of a marriage brings many changes and when children are involved, an extra layer of complexity is added. After the divorce is finalized, questions may arise that you did not think of before, such as: who claims the children on their tax return? The Tax Cuts and Job Act (TCJA) of 2018 brought […]
How to Get Your Refund if Your Spouse Owes Past Debt
One of the benefits of switching from filing single to married filing jointly on your tax return is having additional tax advantages including higher standard deductions, favorable tax rates, and a higher combined income before becoming subject to credit limitations. Despite sounding like a dream come true, there is also a potential downside that you […]
Electric Vehicle Credit (EVC)
Technological advancements are paving their way more strongly than ever, and electric vehicles (EVs) are no exception. Numerous vehicle manufacturers have implemented development programs to roll out electric vehicles from their factories. Tesla started the creation of clean energy vehicles, and a large influx of automakers has followed. Although electric vehicles are relatively new, they […]
You Received Stock Options From Your Company. Now What?
Companies offer stock options to their employees as a form of compensation and to provide them with ownership of the company. These options provide the opportunity to purchase company stock in the future at a set price. There are two main types of stock options: ISO-Incentive Stock Options: Granted to employees and must be exercised […]
Selling Your Home – Are you Eligible to Exclude the Gain?
Are you in the market to sell your primary residence? There may be a few things you want to consider as you go through this process that might keep you from paying tax on capital gains for the sale of your home. Selling your primary residence has the potential to be a tax-free event so […]
Why You May Be Receiving a 1099-K Form
Are you cleaning out your closet? Perhaps you are moving and have decided to sell some items you no longer need? If so, then this article is for you. 1099-Ks have been around since 2012 as a part of the Housing and Economic Recovery Act. This form is intended for individuals and businesses to report […]
Childcare Credit What You Need To Know
The childcare credit is a tax credit for parents who have qualifying child or dependent care expenses related to taking care of their children or other dependents, while they work. This not only includes children, but also anyone you claim as a dependent on your tax return; anyone who lives in your home for at […]