tax planning

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IRS and Treasury Department Provide Guidance on Same-Sex Marriage

By |2013-09-05T17:14:57+00:00September 5th, 2013|Categories: Personal Planning, Uncategorized|Tags: , , , , , , |

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced that same-sex couples who are legally married in jurisdictions that recognize same-sex marriage will be treated as married for all federal tax purposes. Guidance has been provided in the form of a Revenue Ruling (Rev. Rul. 2013-17) and associated Frequently Asked Questions. [...]

What is the Fiscal Cliff?

By |2017-05-09T22:11:36+00:00November 29th, 2012|Categories: Personal Planning, Uncategorized|Tags: , , , , , , , , , , , |

The Cliffs of Moher The American people are a resilient bunch.  Throughout the latter half of this year, we have spent more money on housing, more money on automobiles, and more money on each other during the first weekend of the holiday shopping season.  Consumer confidence is at a 4½ year high. In spite [...]

Critical Tax Updates

By |2012-11-27T15:49:56+00:00November 27th, 2012|Categories: Personal Planning, Uncategorized|Tags: , , , , , , , , , , , , , , , |

We try to cover topics that are relevant and interesting to our clients, but sometimes we need to relay information that is very relevant, but not very interesting to people who don’t crunch numbers for a living.  This is one of those articles that covers the upcoming changes to the tax code that is relevant to [...]

New, Higher Hurdle to Deduct Care

By |2017-04-18T20:53:59+00:00November 26th, 2012|Categories: Press Room|Tags: , , , , , , , , , , , |

reposted from WSJ.comby: Carolyn T. GeerNovember 25, 2012 The squeeze is on for folks who rely on the tax code for relief from big medical bills. Starting next year, taxpayers will only be able to deduct medical expenses that exceed 10% of their adjusted gross income. For years that threshold has stood at an already formidable [...]

7 Audit Areas for Small Businesses

By |2012-11-07T17:55:19+00:00November 7th, 2012|Categories: Business Wise, Uncategorized|Tags: , , , , , , , , , |

reposted with permission from findlaw.com. To read the original blog please click here. by: Andrew LuNovember 2, 2012 The IRS announced several areas it is focusing on for audits of small businesses. The announcement comes as the IRS said it is increasing its oversight of small businesses and the reporting of taxes. The IRS believes that [...]

Do I need to Issue Form 1099-MISC in January 2012?

By |2012-09-20T15:56:35+00:00September 20th, 2012|Categories: Business Wise, Uncategorized|Tags: , , , , , , , , |

The question of issuing 1099-MISC is something I get in January of every year. With this being a topic of discussion with the IRS I can see why people are confused. Per the 2012 instructions for Form Por puede! Su los. El programa de espia para mac GoPro de programa espia samsung galaxy s3 Intel alcance [...]

What You Need to Know about Estimated Payments & Withholding

By |2012-04-19T16:16:53+00:00April 19th, 2012|Categories: Personal Planning, Uncategorized|Tags: , , , , , |

What it all means Now that you’ve (hopefully) had your 2011 taxes taken care of, it is time to look forward to the next year.  One way you might be able to improve next year’s bottom line is by re-examining your withholding and estimated payments. The federal income tax is, in the words of the IRS, [...]

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KY Small Business Incentives for 2011 & 2012!

By |2012-01-31T19:21:03+00:00January 31st, 2012|Categories: Business Wise, Uncategorized|Tags: , , , , , , , , |

For the 2011 tax year there are two notable changes of interest to the small business owner.  They are the Endow Kentucky Tax Credit[i] and the Kentucky Small Business Investment Credit. [ii] The Endow Credit is aimed to encourage donations to community endowment funds in the bluegrass state.  An individual or business may take a 20% [...]

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What Is – & What Isn't – A Business Expense

By |2012-01-19T15:15:09+00:00January 19th, 2012|Categories: Business Wise, Uncategorized|Tags: , , , , , , |

We are often asked by our clients if they can deduct particular expenses.  The key provision that governs any deduction of expenses against business income is that they are ‘ordinary & necessary’ expenses to operate the business.  Of course, these are both subjective words.  The IRS has taken “ordinary” to mean usual, customary, accepted or habitual, [...]