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Did you turn 65 this year? If so, don’t miss Kentucky’s homestead exemption deadline.

By: Dean Dorton

December 2, 2020

In the state of Kentucky, the deadline for property owners to apply for a homestead exemption is December 31. Do you have all the information you need to file your application?

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Form 1099 Changes Made Me Upgrade Microsoft Dynamics GP

By: Dean Dorton

December 1, 2020

Effective for tax year 2020, the IRS has changed the way non-employee compensation should be reported. This was previously reported on 1099-MISC Box 7. Non-employee compensation will now be reported on 1099-NEC Box 1. It's time to consider upgrading your accounting software to make changes around this easy and efficient.

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2020 year-end tax planning

By: Dean Dorton

November 30, 2020

Tax planning for 2020 is considerably more complicated for many individuals and businesses. A discussion of all the “what ifs” is beyond the scope of this article, so our planning ideas that follow focus on reducing 2020 taxes.

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Updated thresholds and limits for 2021

By: Dean Dorton

November 30, 2020

This article reviews some thresholds and limits for 2021, such as the standard deduction, Social Security benefits, adjustments for retirement accounts, gift taxes, and more.

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Planning for collaborative technology

By: Dean Dorton

November 25, 2020

Collaborative technology and meeting solutions that cross-function can dramatically increase efficiency. Here are questions you should ask yourself when budgeting for 2021 technology needs.

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2020 tax brackets update

By: Dean Dorton

November 25, 2020

Below, we have created a visual representation of the 2020 federal income tax brackets for both single and married taxpayers. Although our graph stops at $700,000 of taxable income, the top bracket continues up indefinitely.

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Two COVID-19 payroll tax credits set to expire at year’s end

By: Dean Dorton

November 25, 2020

Two payroll tax credits established earlier this year, the Paid Sick and Family Leave Tax Credits and the Employee Retention Credit, are set to expire on December 31, 2020.

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Check your connections, take two: An update on nexus and state income taxes

By: Dean Dorton

November 25, 2020

Nearly two years ago, we published an article on the proliferation of dollar and other thresholds set by states that, if exceeded, would result in a business having to collect the states’ sales tax. Before a state can exercise its taxing authority over a business, the business must have “nexus” with the state. This article provides an update on where the states stand on nexus for income taxes.

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Visualizing state financials

By: Dean Dorton

November 23, 2020

We have assembled four graphs below to visualize certain state financial data collected and published by the US Census Bureau. In each case, the data are drawn from the most recent source available.

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The Paycheck Protection Program: An update

By: Dean Dorton

November 23, 2020

Many small businesses across the United States are waiting for a promised second round of Paycheck Protection Program loans. While we wait, here is some general information about the Program and the latest updates.

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Charitable deduction opportunities increase in 2020

By: Dean Dorton

November 23, 2020

The CARES Act has increased the deduction limit on cash charitable donations from 60% to 100% of adjusted gross income.

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What the 2020 elections mean to the outlook for federal taxes

By: Dean Dorton

November 22, 2020

This article reflects what we believe our nation can expect in federal tax law changes, but the election results, as uncertain as they are currently, make that effort quite a challenge.

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