Estimated tax payments are taxes paid to the IRS throughout the year on earnings that are not subject to federal tax withholding. This can include self-employment income, income you have earned on the side such as dividends, capital gains or other income. Here are the applicable rules for paying estimated tax without triggering the penalty […]

Certain employers are required to report to the IRS information about whether they offer health coverage to their employees and if so, information about the coverage offered. Does your business have to comply, and if so, what must be done? Basic rules Certain employers with 50 or more full-time employees (called “applicable large employers” or […]

Does your business provide parking as a fringe benefit for its employees? If so, in the event of an audit the IRS may want to know the details. You should know the tax rules applicable to the arrangement. Parking as a benefit Employers are allowed to provide tax-free parking to employees as a qualified transportation […]

No one likes to owe money after filing their return, but you also may not like the idea of having a large refund. Having a large refund is money that could have been in your pocket earlier in the year. Adjusting your withholding could help with these issues. Adjust if necessary Taxpayers should periodically review […]

As your business grows it may be time for a website. It may be costly setting up your website, but you could be taking a deduction for the costs incurred. It is important you communicate these cost with your tax advisor since the IRS does not have specific guidelines on the deductibility of these costs.

Ohio is the latest state to offer a SALT cap workaround. Ohio Governor Mike DeWine has signed Senate Bill 246 to allow a workaround of the $10,000 state and local tax (SALT) deduction limit that was part of the 2017 Tax Cuts and Jobs Act. Signed on June 14, 2022, Ohio now joins 22 other […]

The Kentucky General Assembly has made expanding the sales and use tax base a priority in its latest legislative session, and there are 35 new services that will be subject to the tax beginning January 1, 2023. Additionally, the Assembly expanded an exemption and enacted new reporting requirements for organizers of festivals. New services subject […]

Innovation is inevitable at some point during the life of a business. Sometimes the greatest obstacle is not the innovation itself but instead the employees’ resistance to it. Usually this resistance is driven by fear. To better ensure the success of your next innovative project, you’ll need to ease the fears and win the support […]

Taking withdrawals from your traditional IRA, means you will probably be taxed on it. There could be penalties associated with taking money out of your IRA early too. This is all dependent on how old you are, when you take the money out, and what you are using it for. Important: Once you reach a […]

There is a common misconception that larger businesses benefit from all of the tax breaks. That is not always the case. There are some breaks that benefit smaller businesses and are not available to larger businesses. Here are three examples of tax breaks your small business can potentially take advantage of. 1. QBI deduction For […]