Long-term medical care, long-term care insurance, nursing home payments, head-of-household filing status and the sale of your parent’s home. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical expenses, exceed 7.5% of adjusted gross income (AGI). Qualified […]

There are many benefits to operating your business as an LLC. Whether your business is currently operating under a business entity other than an LLC, or your business is new this article will help you determine if an LLC is the right business entity for you. An LLC is somewhat of a hybrid entity because […]

Due to COVID-19 many taxpayers worked from home, but still had taxes withheld from their paychecks based on the location of their place of employment. As a result, they had taxes withheld from a locality where they did not work. Kentucky will allow you to request a refund of taxes withheld by a county and/or […]

Most business owners would likely agree that strategic planning is important, yet many companies rarely engage in active measures to gather and discuss strategy.  Rudler advocates taking strategic planning seriously. To get the most from strategy sessions, Rudler advises using some of the best practices you would use for any formal business meeting. Sometimes strategic […]

According to research from EducationData.org, more than 43 million student borrowers are in debt with an average of $39,351 each. If you are one of these borrowers, you may be wondering if you can deduct the interest you pay on your income tax return. While the answer is yes, the deduction is subject to certain […]

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. In this article Rudler shows you what steps you need to take so you can deduct these […]

Even before the pandemic, there was a trend toward more digital interactions in sales. As this transformation continues, it’s time to put permanent changes in place to better compete. Here are three tips for keeping your remote sales operations sharp. The COVID-19 pandemic has dramatically affected the way people interact and do business. Many experts […]

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The following will explain how to determine the basis of an inherited property.   The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), […]

Entrepreneurs often don’t know that many of the expenses incurred by start-ups can’t be currently deducted. You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill. If you’re starting or planning to launch a new business, keep these three rules in […]

Are you a small, mid-size or large business? No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your accounts receivables […]