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 [...]

Now’s the Time to Start Thinking About “Bunching” — Miscellaneous Itemized Deductions, That Is

Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow [...]

August 29th, 2016|Tax|

Combining Business and Vacation Travel: What Can You Deduct?

If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs [...]

August 17th, 2016|Tax|

Kentucky Sales Tax Exemption for Nonprofit LLCs

The Kentucky General Assembly recently passed legislation, in effect August 1, 2016, to exempt disregarded single-member limited liability companies wholly-owned by IRC 501(c)(3) organizations from Kentucky sales and use tax on their purchases. Prior to [...]

August 17th, 2016|Healthcare, Higher Education, Nonprofit & Government, Tax|

Three Strategies for Tax-Smart Giving

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime [...]

August 11th, 2016|Tax, Wealth & Estate|