News and Alerts

//News and Alerts

Stay up to date with latest accounting, tax, and consulting news! Dean Dorton's experts let you know the latest industry and emerging accounting and tax information and most importantly how it will affect you and your business.

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Who Can — and Who Should — Take the American Opportunity Credit?

March 22nd, 2017|

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the [...]

2016 IRA Contributions — It’s Not Too Late!

March 15th, 2017|

Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if [...]

When an Elderly Parent Might Qualify as Your Dependent

March 7th, 2017|

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each [...]

Tangible Property Safe Harbors Help Maximize Deductions

March 3rd, 2017|

If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make [...]

Deduct All of the Mileage You’re Entitled to — But Not More

February 22nd, 2017|

Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you [...]

Manage Your Risk of Fraud

February 21st, 2017|

Fraud is estimated to be a $3.5 trillion annual business with the typical company losing 5% of its revenue each year. Managing the risk of fraud is challenging for any organization, but especially for a [...]

Louisville Rental Housing Registry

February 17th, 2017|

Effective April 3, 2017, all property located in Louisville Metro and occupied or offered for occupancy in exchange for money or any other consideration must be registered with Louisville Metro Government. Failure to register [...]

ICD-10-CM Coding Guidelines and Changes

February 15th, 2017|

Attention all coders, especially in the dermatology, cardiology, and OBGYN fields. Please see the following 2017 ICD-10-CM Coding Guideline and Coding Changes: 1. Guideline I.B.19 was added after the initial publication of the 2017 ICD-10-CM:Code [...]

Do You Need to File a 2016 Gift Tax Return by April 18?

February 15th, 2017|

Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial [...]

The “Manufacturers’ Deduction” Isn’t Just for Manufacturers

February 14th, 2017|

The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses [...]

Team Member Spotlight: Danielle Adair

February 13th, 2017|

Service Group: Tax Years with Dean Dorton: 12 Years in Accounting Industry: 12 Favorite thing about Dean Dorton: As a working mother, I appreciate that Dean Dorton has allowed me the flexibility to continue to progress in [...]

What You Need to Know About the Tax Treatment of ISOs

February 9th, 2017|

Incentive stock options (ISOs) allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, [...]

QuickBooks Scam

January 25th, 2017|

It’s no secret that scammers are continuously looking for new ways to reinvent common scams, especially when it comes to phishing emails. Phishing emails are meant to look real, but trick you into clicking [...]

Business Buy-Sell Agreements

January 24th, 2017|

This is the time of year when many business owners are planning for the new year, evaluating last year’s performance and goal setting. Many will prepare a budget or business plan, review their year-end financial [...]

The Investment Interest Expense Deduction: Less Beneficial Than You Might Think

January 24th, 2017|

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But [...]