1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. Adobe Inc.
  6. News
  7. Summary
    ADBE   US00724F1012

ADOBE INC.

(ADBE)
  Report
Delayed Nasdaq  -  04:00 2022-06-24 pm EDT
387.72 USD   +2.94%
01:54aAlibaba, Huawei Join Establishment of Global Metaverse Forum
MT
06/22ADOBE : Nucleus Network streamlines clinical trial management with Adobe Acrobat Sign
PU
06/21Meta and other tech giants form metaverse standards body, without Apple
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Adobe : 25+ ways to save time and money this tax season

03/14/2022 | 08:04am EDT
25+ ways to save time and money this tax season

Image Source: Andrey Popov, Adobe Stock.

Most people do not enjoy preparing taxes, filing taxes, or meeting with accountants. For small business leaders, it is their #2 dreaded task, only ranking below making cold calls, according to an Adobe small business survey.

But taxes are a small business owner's biggest expense. Think about it - between federal and state taxes, a small business owner will pay anywhere from 20-30 percent of their income on average. Considering that 41 percent of small business leaders reported seeing decreased revenue last year, most can't afford to not focus on minimizing tax costs.

My advice? Meet with accountants at least two-to-three times a year and ask about these 25 things that will potentially create big cost and time savings.

1. Saving by buying equipment, furniture, and computers. Businesses that are eligible can write off up to $1M of capital expenditures (equipment, computers, machinery, etc.). Under Section 179 of the tax code, small businesses receive a deduction immediately and finance the costs instead of paying right away.

2. Saving through innovation. Some small businesses qualify for the Research and Development Tax Credit. It can be used for developing or improving a product or process, particularly if the process involves chemistry, engineering, or software development. There is a calculation that must be performed and since it can be complex, accountants may recommend an outside firm. Remember, this is a credit, not a deduction. That means businesses can offset the amount against taxes owed. Even if they do not owe any taxes, they can carry it back or forward.

3. Saving by hiring family. Some small business leaders can put their children on payroll and take a deduction for the cost if the child has no other income. The child may not even have to file a tax return depending on how much is earned. A middle school or high school child that can perform legitimate services (filings, moving, paperwork, data entry) can be put to good use. They can learn a few good work practices and earn a few bucks for their savings.

4. Saving on bad receivables and inventory. Small businesses should be diligently writing off bad receivables and inventory. Show accountants the businesses' receivables ledger and walk them around inventory. If there are receivables hanging around for more than 90 days, then write them off in the books. The same goes for old inventory - dispose of that stuff. They can't be deducted until they are removed entirely from the books and premises.

5. Saving for higher education. Small business leaders can start a 529 plan for themselves and their employees. Available in all states, this plan helps put after-tax money away into a savings account. It will grow tax-free to be used for higher education expenses such as tuition, room, board, books, and many other related items. Check with an accountant for a recommendation.

Taxes eat up a giant share of small business profits, but with the right planning, there are steps that can minimize expenses and produce more savings. For my other 20 tips? I share these - and more - in this virtual presentation.

Take the hassle out of personal tax prep

Are you looking for ways to simplify and maximize personal taxes? Here are a few more ways to get the biggest bang for your buck.

1. Saving on home office equipment. Those with a side hustle or small business might qualify for home office deductions if it is the principal place of business, meeting location, or a separate structure. It should be exclusive and regular, so not a bedroom. The deduction can be based on actual expenses, to include utilities, internet, etc. The easiest option is the "simplified method" that deducts up to $5 per square foot (maximum 300 square feet) based on the square footage that the office occupies in the house.

2. Saving on retirement. Maximize 401(K) plan and IRA contributions. As of this year, qualified individuals can put up to $20,500 into their 401(K) plan and another $6,000 into an IRA plan. Employees whose employer matches contributions can put as much as $61,000 into their 401(K) plans. Don't forget after-tax plans like a Roth IRA or 529 plan. With these, even though contributions are after taxes, they will grow tax free.

3. Saving time with Adobe Acrobat and Scan. Tax prep can be a lot easier and less time consuming with Adobe Acrobat. Easily gather and organize paper and digital tax documents in a snap, combine them into one PDF, and access them in one place. The free Adobe Scan mobile app is another option that turns paper documents like W2s into digital files. It is also easy to highlight and add notes directly to tax documents with Acrobat Chrome and Microsoft Edge browser extensions. Finally, add password protection to share tax documents securely and confidently.

Learn how to make tax prep easy with Adobe here.

Disclaimer

Adobe Inc. published this content on 14 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2022 13:03:07 UTC.


© Publicnow 2022
All news about ADOBE INC.
01:54aAlibaba, Huawei Join Establishment of Global Metaverse Forum
MT
06/22ADOBE : Nucleus Network streamlines clinical trial management with Adobe Acrobat Sign
PU
06/21Meta and other tech giants form metaverse standards body, without Apple
RE
06/21ADOBE : Q2 FY2022 earnings transcript
PU
06/21WALL STREET STOCK EXCHANGE : Risk appetite returns
06/21Adobe Systems Downgraded by Morgan Stanley to Equalweight From Overweight, Price Target..
MT
06/21ANALYST RECOMMENDATIONS : Adobe, American Tower, Bohoo, DoorDash, Intel...
06/20Converge Technology Solutions' Portage Unit Acquires Notarius to Add Digital-Signature ..
MT
06/17Adobe, Devon Energy fall; Moderna, Seagen rise
AQ
06/17SECTOR UPDATE : Tech Stocks Close Higher on Friday
MT
More news
Analyst Recommendations on ADOBE INC.
More recommendations
Financials (USD)
Sales 2022 17 702 M - -
Net income 2022 4 752 M - -
Net cash 2022 2 021 M - -
P/E ratio 2022 38,4x
Yield 2022 -
Capitalization 183 B 183 B -
EV / Sales 2022 10,2x
EV / Sales 2023 8,77x
Nbr of Employees 25 988
Free-Float 78,2%
Chart ADOBE INC.
Duration : Period :
Adobe Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ADOBE INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 31
Last Close Price 387,72 $
Average target price 467,31 $
Spread / Average Target 20,5%
EPS Revisions
Managers and Directors
Shantanu Narayen Chairman, President & Chief Executive Officer
Daniel J. Durn CFO, EVP-Finance, Technology Services & Operations
Cynthia A. Stoddard Chief Information Officer & Senior Vice President
Mark S. Garfield Chief Accounting Officer, Controller & SVP
John E. Warnock Chief Executive Officer
Sector and Competitors
1st jan.Capi. (M$)
ADOBE INC.-33.58%172 618
ROPER TECHNOLOGIES, INC.-19.84%40 601
AUTODESK, INC.-39.84%36 752
ELECTRONIC ARTS INC.-2.23%36 076
WORKDAY INC.-47.95%34 694
DATADOG, INC.-43.52%28 695