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|

Memorial Day IRS Mix-Up, Payroll Tax Notices

The IRS recently announced that it erroneously sent out notices indicating taxpayers made late deposits of employment taxes that were due around Memorial Day, 2016. Since the Memorial Day holiday was observed on May 30, [...]

August 11th, 2016|Tax|

Don’t Roll the Dice With Your Taxes if You Gamble This Year

For anyone who takes a spin at roulette, cries out “Bingo!” or engages in other wagering activities, it’s important to be familiar with the applicable tax rules. Otherwise, you could be putting yourself at risk [...]

August 9th, 2016|Tax|

Tax Exemption of Municipal Bond Interest

The Tax Foundation recently released an article urging the reexamination of the municipal bond interest exemption for federal income tax purposes. Under the current U.S. tax code, interest on state and local bonds is [...]

August 4th, 2016|Tax|

Should You Make a “Charitable IRA Rollover” in 2016?

Last year a break valued by many charitably inclined retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your [...]

August 3rd, 2016|Tax, Uncategorized|

To Deduct Business Losses, You May Have to Prove “Material Participation”

You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally “passive” and can only be used to offset income [...]

July 25th, 2016|Tax|

There’s Still Time for Homeowners to Save With Green Tax Credits

The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to [...]

July 18th, 2016|Real Estate, Tax|