Do you plan on spreading your wealth among your children and loved ones? Well good news! You can gift a substantial amount to your children and other recipients without any tax implications. The amount for 2022 for exclusion, adjusted annually for inflation, is up to $16,000 per gift to an individual. The exclusion covers gifts […]

Fringe benefits are a great way to attract potential employees and retain current ones that cost little to nothing at all! But employees may have to pay tax on the value of the benefits provided. There are however, fringe benefits that can be excluded from the employees income and they do not have to pay […]

When you are selling your business or thinking about acquiring another one, due diligence is an important step. In many mergers and acquisitions (M&A), prospective buyers obtain a quality of earnings (QOE) report. This helps evaluate the seller’s sustainability and reported earnings. Sometimes sellers will obtain the same report to see if there are any […]

If you have ever though about investing in tax-free municipal bonds, you may wonder whether or not they are actually tax free. These investments normally provide tax-free interest at the federal level and sometimes the state level, but there may be other tax consequences. Let’s take a look at how the rules work. Purchasing a […]

As a business owner you are likely to incur a variety of different transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in which you aren’t away from your tax home (the city or general area in which your main place of business […]

The Kentucky Small Business Tax Credit (KSBTC) is intended to serve as an incentive to employers by offering tax credits for hiring new employees and purchasing fixed assets. This may provide further recovery assistance to small businesses in need in the wake of uncertainty and a variety of challenges presented by the pandemic in 2020.

To increase sales, most businesses center on two major points: 1) Keep selling to existing customers, and 2) Find new ones. To accomplish these tasks, your sales team-likely turns to the the marketing and customer service departments for assistance. Succeeding at the latter may be more difficult. Yet perhaps the most discernible way a sales […]

Do you have a child or grandchild who’s going to attend college in the future? Then you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis. There are two types […]

Historically, IRS audit rates are low, reference to the recent Government Accountability Office (GAO) report. But that doesn’t relieve the anxiety, if your return is among those randomly picked for audit. Plus, the IRS recently received additional funding in the Inflation Reduction Act to improve customer service, upgrade technology and increase audits of high-income taxpayers. […]

After the pandemic many employees have found themselves still working from home, and with this, using their personal devices to access work information. While the personal use of devices for work was not started with the pandemic, it has highlighted the increased importance of technology and value of good business policies in place surrounding said […]