Tax

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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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

September 20th, 2016|Higher Education, Tax|

Documentation is the Key to Business Expense Deductions

If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules [...]

September 14th, 2016|Tax|

Are Frequent Flyer Miles Ever Taxable?

If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume that there are no tax implications involved. [...]

September 7th, 2016|Tax|

Dean Dorton Launches State-of-the-Art Outsourced Accounting Service

We're excited to announce a new service line, Dean Dorton accounting and financial outsourcing (Dean Dorton AFO) for back office and accounting solutions. We recognize the increase in demand for collaborative cloud-based applications for both business [...]