Are you a casual gambler? If you are, this article is for you! Gambling winnings are fully taxable and must be reported as Other Income on your tax return (Form 1040 or 1040-SR). When you have winnings, you are issued Form W-2G from the place where your winnings occurred. This form shows your reportable winnings … Read more
Do you have a home office? What about an extra room or personal space in your household where you do a majority of your work from home? If so, it may be possible to receive a home office deduction. In order to do so, you must meet the requirements for qualification. When operating a business … Read more
You may have seen or heard advertisements for identity theft protection. Usually, the advertisement or commercial will use humor to make a point. If you have become a victim of identity theft, you can agree that it is no laughing matter. According to the Federal Trade Commission, in 2020, there were nearly 1.4 million reports … Read more
If you own a business, then you have dealt with sales/use tax. Whether it is when purchasing materials and supplies or when selling a product to a customer, sales tax is a part of any business and poses potential risks. Larger businesses have internal personnel who are tasked specifically with sales/use tax compliance, audits, and … Read more
As tax season approaches, knowing what you can and cannot put on your tax return in regard to business vehicles is an important topic. Please note: the following discussion assumes you are using the vehicle(s) for 100% business use, so reach out to a tax professional if you have a unique situation. Depreciation is the … Read more
Are you considering forming a non-profit organization? ADKF can help guide you through the myriad of issues that should be considered; the following is a brief introduction of things you may need to know. Non-profit organizations require operating exclusively for a tax-exempt purpose; and cannot provide any of the earnings benefits to any private shareholder … Read more
What is a trust? A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. Trusts are established to provide legal protection for the trustors assets, to make sure … Read more
Do you own multiple rental properties? Do you spend a lot of time maintaining them only to come up with a loss at the end of the year? Although frustrating, there may be a solution for you! With ever changing tax laws, it can be difficult to understand all the options available when dealing with … Read more
Do you have a babysitter, caretaker, yard worker, or any other person that does work in and around your house? If you have authority over the work they do and how they do it, they are your household employees. Workers that provide their services as independent contractors should not be considered your employees. To learn … Read more
Have you ever wondered whether you were doing everything in your power to take your company to its fullest capabilities and potential or are there factors you are missing to achieve this goal? Sometimes a fresh set of eyes are just what you need. Outsourcing a controller or CFO can provide the reassurance you may … Read more