The IRS recently released the 2021 amounts for Health Savings Accounts (HSAs) adjusted for inflation. Read below to see how you may be affected. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for […]

The credits are issued on a first come first served basis and many times run out the first week of July. It is important to get your application in by July 1st. Kentucky offers a state tax credit of up to 20% of an endowment gift to a qualified community foundation, county-specific component fund, or […]

Virtual platforms have had an increased appeal during this period of the pandemic and social distancing. Businesses should take this time and use it to their advantage. Social media is a way to connect with customers and prospects, maintain visibility, build goodwill and perhaps even generate a bit of revenue. What’s challenging is that the […]

The federal government has been issuing out Economic Impact Payments (EIPs) of which people also refer to as the stimulus checks. However, some people are still waiting for a payment. And others received an EIP, but it was less than what they were expecting. Here are some answers why this might have happened. The purpose […]

In recent years working remotely has become more and more commonplace as technology improves and became more affordable.   Use of these at home virtual workspaces have helped business lower overhead costs such as office rent and utilities. Of course, with the onset of the coronavirus (COVID-19) pandemic, many companies have had to mandate that […]

Do you want to save more for your retirement while also saving on your taxes? Of course you do! If you qualify, you are able to make contributions to a traditional IRA account and take the deduction for 2019 as long as you act before the extended deadline. You could also make contributions to a […]

Changes under the CARES Act has made it more beneficial. COVID-19 has driven many of us to want to give back wherever possible. Unprecedented times call for unprecedented measures and charitable giving can be the best way for us to make a difference. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic […]

Clearly no company wants to get to the point where they have to file for bankruptcy. However, if you do find yourself in this situation there is some good news. Due to a new law and a provision of the Coronavirus Aid, Relief, and Economic Security (CARES) Act there is now an easier bankruptcy process.

The coronavirus (COVID-19) pandemic has left many with questions. Some of these questions are likely related to your financial situation. We can help answer some of the common tax and finance questions. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an […]

In a time of rapid changes and with many small businesses facing uncertainty the Coronavirus Aid, Relief and Economic Security (CARES) Act is looking to help provide businesses with some relief. One way is based around a change in tax laws on the treatment of net operating losses. NOL deductions Basically, you may be able […]