Tax

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Accounting & Ethics Update Recap

On November 16, Dean Dorton provided its 12th version of the annual Accounting and Ethics Update. The firm utilized 17 presenters over nine sessions that covered a variety of topics from the latest in nonprofit reporting [...]

Fields v. Trustees of Princeton University Conclusion

In the long awaited conclusion to the Princeton University property tax lawsuit, the University announced that it had settled with area homeowners for more than $18 million. The residents of Princeton sought to have the [...]

By | November 21st, 2016|Higher Education, Tax|

What You Should Know About the Updated I-9 Form

On Monday, November 14, the United States Citizenship and Immigration Services (USCIS) released the anticipated new Form I-9 (Employment Eligibility Verification) that replaces the current version, which expired on March 31 of this year. [...]

It’s Beginning to Feel a Lot Like 1986

Whether you’re happy or not about the outcome of Tuesday’s election, now that we know we have Republicans in the White House, both houses of Congress, the governorship and the state legislature, it’s time [...]

There’s Still Time to Set Up a Retirement Plan for 2016

Saving for retirement can be tough if you’re putting most of your money and time into operating a small business. However, many retirement plans aren’t difficult to set up and it’s important to start saving [...]

By | November 10th, 2016|Tax|

Beware of Income-Based Limits on Itemized Deductions and Personal Expenses

Many tax breaks are reduced or eliminated for higher-income taxpayers. Two of particular note are the itemized deduction reduction and the personal exemption phaseout. Income thresholds If your adjusted gross income (AGI) exceeds the applicable [...]

By | November 8th, 2016|Tax|

2016 Kentucky Small Business Tax Credit: Apply by Nov. 1 to Secure 2016 Credit

Kentucky small businesses that added employees and equipment or technology in the past 24 months may qualify for a tax credit of up to $25,000 on their 2016 tax return through the Kentucky Small Business [...]

By | October 24th, 2016|Tax|

What the Self-Employed Need to Know About Employment Taxes

In addition to income tax, you must pay Social Security and Medicare taxes on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage [...]

By | October 19th, 2016|Tax|

Are You Timing Business Income and Expenses to Your Tax Advantage?

Typically, it’s better to defer tax. One way is through controlling when your business recognizes income and incurs deductible expenses. Here are two timing strategies that can help businesses do this: Defer income to next [...]

By | October 12th, 2016|Tax|

Tax-Smart Options for Your Old Retirement Plan When You Change Jobs

There’s a lot to think about when you change jobs, and it’s easy for a 401(k) or other employer-sponsored retirement plan to get lost in the shuffle. But to keep building tax-deferred savings, it’s important [...]

By | October 7th, 2016|Tax|