Tax

/Tax

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|

Get Two Tax Benefits From One Donation: Give Appreciated Stock Instead of Cash

If you’re charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider another option that provides not just one but [...]

By | September 28th, 2016|Tax|

Tax Impact of Investor vs. Trader Status

If you invest, whether you’re considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors [...]

By | September 23rd, 2016|Tax|

Prepaid Tuition vs. College Savings: Which Type of 529 Plan is Better?

Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits: Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. Some states [...]

By | September 20th, 2016|Higher Education, Tax|