Every year the Internal Revenue Service (IRS) releases its list of the top tax scams called the “Dirty Dozen.” As you would expect, this year’s scams are related to the Coronavirus pandemic and Economic Impact Payments. “Tax scams tend to rise during tax season or during time of crisis, and scam artists are using (the … Read more
QUESTION: I was an unemployed graphic designer, but now I’m working as a freelancer from home. What expenses can I deduct? ANSWER: Transitioning from unemployed to self-employed changes the way you file taxes. There are many deductions that could apply to your situation, from home office space, supplies and equipment to retirement contributions and health … Read more
As originally posted in the Boerne Business Monthly, September 2020. Have you ever wondered how the deals on NBC’s hit series Shark Tank work out? As a professional who works with businesses every day, I’ve been drawn to the show and others like it. It’s easier than you’d think, to get pulled into the pitch. … Read more
A recent study by U.S. Bank showed that 82% of small business and startup failures were due to cash flow issues. Many times, advance planning can help alleviate these problems. Two impactful solutions include: INVOICE TRACKING Automated invoicing tools often make sense for the smallest of companies, because they can help track outstanding invoices effectively. … Read more
You may have heard the phrase: “Don’t do something-sit there.” That may be sage advice for small business owners who have been hustling to keep their businesses afloat this year. Taking a day to step back and reevaluate your situation and create an action plan that helps move your business forward in an orderly way … Read more
Wayfair is known not only for their broad selection of home décor but are now also famous for the South Dakota v. Wayfair, Inc. lawsuit from 2018. This case brought about the biggest change in sales tax legislation in the last 25 years. Sales tax nexus is the connection between a seller and a state … Read more
Three legal documents – a will, powers of attorney, and an advance directive – are essential elements in an overall strategy to protect the ones you love, providing a measure of certainty when you can’t. An estate planning attorney can help you create and update these legal documents. WILL A will is the one document … Read more
Many of us may have avoided looking at our investment portfolios after the major economic disruption brought on by the closure of non-essential businesses. However, as you recover from shell shock, its important to review your financial situation. INVESTMENTS Financial market volatility can throw off asset allocation, so your portfolio likely needs some finetuning. Make … Read more
Between filing tax returns and performing financial statement audits, the ADKF family also looks for new and rewarding ways to give back to our clients and serve our community throughout the year. ADKF has an appointed Volunteer Commiteee who work to plan a variety of philanthropic events. These events allow our staff, from multiple departments, … Read more
PARENTS DOING TOO MUCH? According to a new Pew Research Center study Americans believe that young adults should be financially independent by age 22, but that is not the reality. The study found that only 24% of young adults were financially independent by age 22 or younger, compared with 32% in 1980. Also 45% of … Read more