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 […]

Now that the public and businesses are opening back up, it is safe to say that people are looking forward to resuming in-person activities and events. Business owners may start to ask themselves: is this the year that we finally have a firm retreat? Although there are still health risks to consider, your employees may […]

Something that many people look forward to is retirement. There are various things that one needs to consider and plan for when moving into this phase of life, some of which could have tax implications. Here is a brief rundown of four tax and financial issues that you may find yourself dealing with when you […]

A good system for keeping business records is crucial, especially If you are claiming deductions for business meals or auto expenses.  The IRS likes to keep a close eye on these types of expenses. Tax auditors are adept at rooting out inconsistencies, omissions, and errors in taxpayers’ records, as illustrated by one recent U.S. Tax […]

Positioning your business to succeed must involve a plan on who steps up when their name is called, we want to make sure the next person is engaged and ready. It may seem unnecessary for those that are relatively young and have no intention of surrendering control. However, if the past year or so have […]

The Net Investment Income Tax [NIIT] is a 3.8% tax that is imposed on high-income taxpayers in addition to their regular income tax. We know what you are thinking, “How can I get in on that action?” Well, unfortunately for you, we only have advice for those of you who are trying to avoid it. […]

Are you hiring your son or daughter for the summer? Let’s make sure we get the maximum benefit for them and yourself while they gain on-the-job experience, get to spend more time with you and less time on their phones! You may be able to: • Shift your high-taxed income into tax-free or low-taxed income, […]