By Miranda L. Aavatsmark Originally published in The Kentucky CPA Journal. It’s beginning to look a lot like….tax time! Looking back at all of the tax law changes, interpretations and developments each month, this has been quite an interesting and eventful year. Between changes to the Federal tax code, Kentucky income and sales taxes, and […]

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s […]

In past years, it has been the norm to make charitable donations to not-for-profit organizations at the end of the year as a tax savings strategy and in the spirit of the holidays. While most donations are not typically dependent on tax savings, individuals should know that the new tax law has changed the potential […]

A major issue for large businesses is the business interest expense limitation, which was included in the Tax Cuts and Jobs Act (TCJA). The IRS has issued proposed regulations that taxpayers can rely on until final regulations are released. These regulations provide a broader definition of interest as well as many other notable provisions. The […]

The Tax Cuts and Jobs Act (TCJA) passed late last year, bringing about some of the most comprehensive changes in tax law in decades. The most discussed and impactful changes for most individuals include the lowering of tax rates, increased standard deduction and suspension of personal exemptions, a higher phase-out threshold for the child tax […]

There is still time to reduce your 2018 tax liability by purchasing qualifying business assets, but you need to act soon! The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these tax-saving measures, you must purchase qualifying assets and […]

Many taxpayers have utilized charitable deductions to help minimize their tax liability.  As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 Benefits from 1 Gift Appreciated publicly […]

Prior to the new tax law, many taxpayers were limited in their ability to utilize federal tax credits associated with the Research & Experimentation Tax Credit. The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As […]

The cost of healthcare has been on an upward trajectory for years. With proper planning, taxpayers could take advantage of deducting medical expenses in 2018, but only if you itemize and have enough expenses to exceed 7.5% applicable floor. At the same time, several taxpayers might not benefit from the deduction due to the increase […]

The Opportunity Zone Tax incentives are a new community development program established by the Tax Cuts and Jobs Act (TCJA). The incentive program allows taxpayers to defer tax on capital gains by investing in Opportunity Funds that are dedicated to investing in Opportunity Zones. Just recently, the IRS has released proposed regulations for this tax […]