The IRS has announced that the 2025 filing season for individual income tax returns will begin on January 27. This date marks the start of the agency’s acceptance and processing of 2024 tax year returns. Even if you typically file closer to the mid-April deadline, or you file an extension, early submission is advisable this […]

The nationwide price of gasoline has experienced an increase compared to previous years. Therefore, the IRS has announced an adjustment to the optional standard mileage rate for 2025, which is used to determine the deductible cost for operating an automobile for business purposes. The new cents-per-mile rate has been set at 70 cents per mile.

The Kentucky Department of Revenue will soon launch a new tax portal for business tax filers called MyTaxes. The new tax portal is projected to be available on March 14, 2025. If you have a Onestop account you should have received an email about the Onestop being replaced by MyTaxes on March 14, 2025. Here […]

With tight budgets and fierce competition, small and mid-sized businesses need to be strategic about their marketing efforts. Here are three key strategies to get the most out of your marketing investment. While large companies may have vast resources, smaller businesses must maximize their spending, achieving impactful campaigns while keeping costs under control. 1. Set […]

Turning 73 soon? That seems like an oddly specific age, but turning 73 means new rules and regulations regarding your retirement accounts. To guide you through this process, we’ve compiled answers to frequently asked questions. According to tax regulations, when you turn 73, you must start taking annual withdrawals, known as Required Minimum Distributions (RMDs), […]

Thinking about a new vehicle or starting to work from your home? Small businesses can potentially utilize these strategies to reduce their federal income tax, self-employment tax bill, or even reduce state taxes. What you may not know is that combining these deductions can be even more beneficial. In 2025, new and used “heavy” SUVs, […]

Small to midsize businesses face constant pressure to upgrade their information technology (IT). The good news is that you and your leadership team may be able to control these costs better through various proactive measures. Whether it’s new software, a better way to use the cloud or a means to strengthen cybersecurity, there’s always something […]

As the cost of higher education continues to climb, you might be concerned about how to save and pay for college. Fortunately, several tools and strategies offered in the U.S. tax code may help ease the financial burden. Below is an overview of some of the most beneficial tax breaks and planning options for funding […]

When selling business assets, it’s essential to understand how taxes can affect your bottom line. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property. Business gain and loss tax basics The federal income tax […]

A range of factors can hinder a company’s growth. Failing to invest time and resources into fostering strong connections within your management team and providing them with the necessary support can lead to slower growth for your company. Some factors are simple to identify, like inadequate cash flow management or ineffective strategic planning. Others, however, […]