ESG is the acronym for Environmental, Social and Governance issues. If you are engaged in strategic planning, you may want to consider how you can address ESG issues and how to communicate your approach to employees and customers. 3 areas of focus As a general concept, ESG (as it’s often called for short) focuses on […]

Net investment income tax is an additional 3.8% tax for many high income taxpayers who may already be in the 35% and 37% tax brackets. There are ways, however, to diminish the impact of this tax on top of your regular income tax. Affected taxpayers The NIIT applies to you only if modified adjusted gross […]

If you have travel expenses for business this year there are some considerations that may save you money. In order to take a deduction for out-of-town travel you must meet certain requirements. 2023 brought some changes to deducting food and beverages on travel as well as a continuation of changes from the Tax Cuts and […]

The credits are issued on a first come first served basis and many times run out in the first week of July. So, if you are interested in applying for the credit, it is important to get your application in July 1st. Kentucky offers a state tax credit of up to 20% of an endowment […]

Business owners do not always think about what their succession plan will be when they retire. This can cause major headaches when transitioning the business. While there are many aspects of succession planning, a clearly written and communicated plan is key in order to avoid all of the chaos without one. One way to put […]

Many believe that you don’t need to worry about any estate planning because of the federal estate tax exemption of $12.92 million for 2023 ($25.84 million if you’re married). However, if you have some significant assets it might be wise to consider establishing a living trust to avoid probate. Probate is a court-supervised legal process […]

Business meal and vehicle expense deductions receive a higher level of scrutiny from the IRS. In some cases, taxpayers are caught recreating supporting documents months or years after they occurred. When doing this, they fail to meet the strict substantiation requirements set forth under tax law. As illustrated by one recent U.S. Tax Court case, […]

If your company has been around for a while, you might assume that you are familiar with who your customers are. However, as they say “ life comes at you fast”! Demographics, consumer preferences and customer desires can all change suddenly. One way to mitigate this risk is to conduct a targeted marketing campaign. This […]

Many workers in recent years have become involved in the “gig“ economy. This category of workers may include food delivery services, walk dogs and ride sharing services. There are tax consequences when performing jobs that don’t involve taxes being deducted from a regular paycheck. The bottom line: If you receive income from freelancing or from […]

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a a type of personal savings account that you can set up to pay qualified medical expenses. An HSA can only be put in place to assist a qualified individual who is insured under high […]