Introduction With the elections finally well and done, it is now prudent to consider the possibility of significant tax reform occurring during President Bidens administration. President Bidens general position on tax reform is that corporations and high-income individuals need to pay more taxes to fund various efforts on climate change, healthcare, education, wealth inequality, etc. … Read more
We are well into the first quarter of 2021 and we are breaching the milestone of March 17, 2021. One year ago, on that day, we at ADKF began working from home due to the Covid-19 pandemic. I dont believe any of us really expected when we left the office that day that it would … Read more
With the ever-rising costs of higher education, being able to pay for your childrens education has become harder to afford. According to a 2019 report from the Center on Budget and Policy Priorities, tuition increased by 37% from 2008 to 2018. This far exceeds the annual inflation rates for the same period, which was approximately … Read more
Dont fail to plan for what will happen to your business when you retire. Perhaps your partner wants to buy you out or you want to leave the business to heirs. If youre planning to sell your business to outside investors, youll need to complete a valuation so everyone can agree on the businesss value. … Read more
At ADKF, we pride ourselves on the relationships we develop with our clients. We grow with them and are proud to be their trusted advisors. Because of how important our clients are, we want to share their stories. For this quarter, we interviewed Anais Biera Miracle, Chief Public Relations Officer with The Childrens Shelter (TCS). … Read more
BANK ACCOUNT USAGE A recent study by the FDIC found that 95% of American households had a bank or credit union account in 2019. From 2017 2019, 1.5 million new households opened accounts and the use of mobile banking to access accounts has more than doubled since 2017. Roughly 73% of American households used … Read more
With the recent rise in phishing attacks, it is important to be aware of the common indicators that suggest your email account is compromised and what to do if it happens. If you believe someone has gained access to your email, you should change the password and run an anti-virus scan on your computer. It … Read more
The past year has been an extremely trying time, to say the least. The COVID-19 pandemic has been the most harrowing public health crisis in recent memory. Not only has the crisis carried public health implications, it has also had a significant economic impact. The United States is seeing record high unemployment numbers and many … Read more
IRS extends April 15 and other upcoming deadlines, provides other tax relief for victims of Texas winter storms Issue Number: IR-2021-43 WASHINGTON Victims of this months winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. … Read more
Question: Im working on my Masters degree online. Can I write off any of my tuition on my tax return? Answer: You can deduct up to $4,000 in tuition expenses in 2020 but the deduction begins to phase out for single taxpayers with income of $65,000. This deduction is completely eliminated for 2021 and beyond. … Read more