Are you a business owner and wondering if you are eligible to take the deduction for qualified business income (QBI)? Here are 10 facts that can help you determine if you are eligible for this valuable tax break.   It’s available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships and S […]

Regarding business technology, the only sure thing is that change is the main constant. That is why companies need to regularly undertake IT projects such as developing custom software or upgrading network infrastructure. One potential solution to keeping IT projects on schedule and within budget is to follow an approach called the critical path method […]

In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. This exception allows contributions to be made for nonworking spouses.   For 2021, the amount that an eligible married couple can contribute to an IRA for a nonworking spouse is $6,000, which is the […]

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Following are the guidelines.   Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and retain […]

Many companies will write an initial job description, and never update it again even as roles change. These lack of updates however can lead to problems. Therefore you want to make sure your job descriptions are the best that they can be.   Inaccurate or incomplete job descriptions can prove to be a hinderance in […]

Medicare premiums, as well as other medical expenses, can be expensive. However, you may be able to find some relief for your payments in the form of tax deductions.   Medicare premiums are medical expenses You can combine premiums for Medicare health insurance with other qualifying medical expenses for purposes of claiming an itemized deduction […]

As things start to open up again as we come out of the pandemic, you may soon begin to travel for business again. When you do, you’ll want to remember the rules for travel deductions available to you. Here are some of the rules that come into play.   Under tax law, there are a […]

The IRS has sent letters to certain eligible taxpayers regarding changes to the Child Tax Credit (CTC). Rather than take the credit at the end of the year, the IRS is offering to send a portion of the credit directly to you each month unless you opt out. As a firm, we recommend that you […]

The credits are issued on a first come first served basis and many times run out the first week of July so 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, […]

There is an overlooked element included in the Consolidated Appropriations Act (CAA) that can help organizations receive potentially large tax credits on quarterly payroll tax returns: The Employee Retention Credit (ERC). At a time where few employers can afford to leave money on the table, understanding what ERC is and the basics of qualify for […]