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 … Read more
If you have a pet, you know their expenses add up quickly. Annual averages for pet care can often exceed $2,000. So, you might be asking yourself, does owning pets have any tax benefits? The answer is, well, it depends. First, it is important to note that to receive any tax benefit for your … Read more
Leaders in business are constantly faced with the challenge of operating in an ever-changing environment. Recently, businesses have had to navigate a global pandemic, inflation, a tight labor market, rising interest rates, rapidly changing technology, military conflicts, and many other matters. Suffice it to say, things have been chaotic in the past few years. For … Read more
Have you ever thought about turning your home into a rental house? Or on the flip side, change your rental back into your personal residence? Both situations can have tax consequences that can either be good or bad, depending on the situation. In todays housing market, it may be very tempting to turn your house … Read more
In 2020, prior to the pandemic, the IRS released that they would target high-wealth taxpayers for audits. Per Accounting Today, effective June 27, 2022, the IRS will begin conducting field examinations in person again. In the past month we at ADKF have witnessed a drastic increase in the amount of IRS notices, including audit notifications. … Read more
Yes, a significant change will be appearing on your financial statements if you have operating leases. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 842, Leases, is effective for private companies and nonprofit organizations annual reporting periods beginning after December 15, 2021. For most of us, this change will impact the financial statements dated … Read more
On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022. The bill provides investment in clean energy, promotes reductions in carbon emissions, and extends the Affordable Care Act insurance premium reductions. What does this bill mean for you and your business? The following outlines the most relevant general provisions of the … Read more
Over the past 30 years we have worked hard to create a solid client base and cultivate those relationships to be long term. Our workforce has steadily grown over the years, and we have officially surpassed the 100-employee mark. We have outgrown our current office space and are excited to relocate to the McAllister Plaza … Read more
Self-employed individuals often have an array of issues to worry about when running a business by themselves. There is often a solo focus on only worrying about profitability. Of course, this is important because one is unable to run a successful business without profitability. However, these individuals should not and cannot forget about their future … Read more
Yes, a significant change will be appearing on your financial statements if you have operating leases. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 842, Leases, is effective for private companies and nonprofit organizations annual reporting periods beginning after December 15, 2021. For most of us, this change will impact the financial statements dated … Read more