Sharon Adams

About Sharon Adams

Sharon has over a decade of income tax experience and has worked in local, regional and international public accounting firms. She specializes in individual taxation and in small businesses and enjoys helping people succeed. If you have questions for Sharon, please send her an email. To see other posts by Sharon, click here.

Have you seen IRS imposter agents?

One of our clients in a small Iowa town recently had an unexpected visitor; a woman posing as an IRS agent.  This client was not in collections or even behind on their taxes. This was a bogus call and the individual probably hoped to get cash. She came with a business card which bore the

The HSA … proof that the IRS really does give things away

Health Savings Accounts (HSAs) have little to no down side. HSAs allow anyone with an eligible high deductible health care plan to get a tax break. Generally speaking, medical expenses are only tax-deductible if you both itemize your deductions and your eligible medical expenses exceed 10% of your adjusted gross income. HSA accounts offer a full and current deduction of your future qualifying medical expenses regardless of your income as long as you have a qualifying high deductible health care plan.

Can you deduct your home office?

A deductible home office is an area in the home that is both used exclusively for business and is where you do a substantial amount of work, not just where you “manage” your investment. It is often the only fixed location for your business. You look at whether or not you can claim a home office deduction every year.

Required Minimum Distribution Tips

My father said that he quit having birthdays a long time ago, but hopefully he didn’t stop paying attention to birthdays when he reached the mystical age of 70 ½. That is the year he needed to take his first required minimum distribution (RMD) from his IRA account(s). Birthdays do matter when making this decision, and you should consider the timing of your first RMD for the best tax results.

“The Good Life” Improves for Nebraska’s Retirees and Disabled Persons

“The Good Life” is becoming more attractive to Nebraska retirees. The Nebraska legislature has recently approved limiting Social Security and military retirement taxation for Nebraska purposes for tax years beginning January 1, 2015. Iowa has had similar tax breaks for several years, and now Nebraska is becoming more competitive.

Staying at Home with Nebraska’s Homestead Exemption

States often offer senior citizens, veterans and disabled taxpayers various tax savings opportunities. Nebraska tries to make home ownership more affordable for these taxpayers through the Homestead Exemption which reduces the real estate tax liability for qualifying taxpayers. The annual applications are accepted after February 1st and  before June 30th each year and affect the following year’s real estate tax liability. The eligibility qualifiers are

WARNING: New IRS Phone Scam

URGENT NOTICE: Taxpayer’s are receiving phone calls from various phone numbers posing as agents of the IRS.

Safe Harbors Provide Relief in Final Capitalization Regulations

The Final Capitalization Regulations included several safe harbors that provide some much needed relief from the originally proposed regulations. Three of the safe harbors are outlined below

Legal Gift Tax Avoidance

Most taxpayers know that the IRS requires you to file a gift tax return if you gift too much to an individual in a calendar year, but did you know that you can pay any amount of any individual’s educational expenses and/or medical expenses without any tax consequence?