Vacation Home Rental Rules
Do you have a vacation home you only use for part of the year? Would you like to utilize this home for extra income, but are not sure how to do it correctly? We can help you! If qualified, you may prorate any expenses incurred between personal and rental use. The tax benefits receive are […]
1099 Preparation Tips
It may be June, but it is never too soon to prepare for January, specifically your 1099s! As a reminder, 1099s are used to record income. The most commonly used forms are the 1099 NEC (Nonemployee Compensation), in which businesses report payment over $600 given to nonemployees, such as an independent contractor or attorney, and […]
Client Spotlight – Ferrari of San Antonio
ADKF sets itself apart from the crowd by striving for, and achieving, exemplary client service and continuous growth and support of client relationships. Though it may sound like a daunting task, we find it rather simple! The reason: we choose clients whose values and goals align with ours. Ferrari of San Antonio knows what it […]
Can Depositors Protect Their Funds When it Comes to Bank Failures?
Headlines about recent bank failures may have depositors feeling uneasy about their money and questioning how much control they really have over their deposits once they drive off from the bank. Below, are five steps that depositors can take to better protect themselves and their funds in todays financial climate. Verify that the bank is […]
Rules to Consider When Rolling Over a Retirement Account
Saving for retirement is an essential part of financial planning that can provide tremendous benefits, especially if done correctly. There are a multitude of different accounts and plans, each with their own benefits, costs, and rules which must be taken into consideration. At some point, you may find yourself transferring funds from one retirement account […]
Employee Spotlight Will Smith, CPA
Meet Will Smith, one of our extraordinary Senior Auditors! Despite his title and impressive work history, Will did not originally plan to be an accountant. Instead, he strived for a career in pharmacy; however, those fateful chemistry classes did not go as planned. Unsure of the next steps, Will leaned on the advice of a […]
Out of Office with ADKF
It is no secret that April is a stressful month for accountants. With deadlines to meet, problems to solve, and taxes to file, ADKF worked tirelessly to uphold our core value of service. In addition to meeting, and hopefully exceeding, our clients expectations, we strengthened our relationships with each other. Busy season is about teamwork. […]
Think Before You Charge During this Travel Season: Juice Jacking on the Rise
With the summer months around the corner and vacations on the brain we tend to forget, with all the chaos that comes with travel, the risks of using technology in public spaces. As we use our phones and tablets for boarding passes, travel plans, and just to pass the time, the battery levels on our […]
Claiming Your Dependents
Trying to get the biggest tax break is not easy in todays times, especially when you earn a higher income. The good news is that claiming your dependents is a great way to help you get that tax break that you deserve. Lets start by defining what a dependent is. A dependent is someone who […]
Gift Tax Exclusion – How it Works
According to the IRS, when someone gives another person money and does not receive full consideration in return, they are making a gift. Full consideration is the fair amount of compensation that would otherwise be paid if the parties were not related. Gifts are considered income to the recipient and are subject to taxation. A […]
