I have two college degrees. One is a bachelor’s in interdisciplinary studies, and one is a Bachelor of Accounting. With the first degree, I was young and naive, and I believed what kind of degree you had didn’t matter, as long as you had a degree. During my junior year of obtaining that degree, I … Read more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers relief to individuals with some major changes to retirement plans in the near-term. These temporary new rules apply to both current retirees and those saving for future retirements. RMDs SUSPENDED FOR 2020 Under normal circumstances, individuals with IRAs or 401(k)s who are over the age … Read more
Regardless if you have filed your 2019 federal income tax return, or are still waiting on tax documents, tax planning for 2020 has already begun. Although we are currently in an uncertain economy, we cannot forget the importance of evaluating our personal finances. As we approach the 1st and 2nd quarter estimated tax payment deadline, … Read more
We want to welcome our new Tax Senior, Jake Martinez, and our Summer Tax Intern, Ann Marie Hessbrook! Jake graduated from The University of the Incarnate word (UIW,) with a Master’s degree in accounting. He has been in public accounting for the last four years. Prior to moving to San Antonio in 2012, Jake spent … Read more
Question: I am filing taxes on July 15. Can I still contribute to my IRA? Answer: Yes, but your income and tax filing status will determine if your traditional IRA contributions are tax-deductible. For example, if you are covered by a retirement plan at work and your tax filing status is single or head of … Read more
Is your little bundle of joy a big tax deduction? It depends. This is a standard response from a CPA, because most deductions depend on several factors. Another frequent phrase we use is, “Don’t let the tax tail wag the dog.” By this, we mean, don’t let a tiny detail control your entire tax return. … Read more
Mistakes? They happen. For many taxpayers, there is often a moment during their lives when they discover a mistake on their recently filed Form 1040 Individual Tax Return (1040). Anxiety kicks in. An error on an Individual Tax Return could result in a lower refund, or a possibility of added penalties or interest as a … Read more
As part of the federal government’s response to the economic impact of the coronavirus, Tax Day has been moved from April 15, 2020 to July 15, 2020 – a three-month extension. Both individuals and businesses have until this new deadline to both file their taxes and make a payment on anything owed. Quarterly estimated tax … Read more
A basketful of tax breaks that either expired last year or were scheduled to end before 2020 have been brought back to life, courtesy of Congress. Lawmakers packed end-of-year appropriation bills with these extenders. MORTGAGE INSURANCE If you qualify by income, you may be able to deduct mortgage insurance premiums for your principal residence on … Read more
Times have changed. We have all had to adjust to the “new normal” that COVID 19 has brought. We at ADKF, like so many others, have been working from home and coping with the challenges it brings. ADKF went from one remote employee, auditors at the clients’ office, and a few that worked from satellite … Read more