Author Archives: Steve Custer

Consider Prepaying College Athletic Ticket Donations Now For Tax Benefit

Friday evening the House and Senate Conference Committee agreed to the Tax Cuts and Jobs Act. Barring a delay, it is anticipated to pass both chambers tomorrow and be signed into law before December 25th. Click here to view Policy … Continue reading

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Ky Small Business Tax Credit Deadline Approaching

The Ky Small Business Tax Credit (KSBTC) program allows eligible small businesses to apply for a non-refundable Kentucky state income tax credit ranging from $3,500 to $25,000. Eligible small businesses include for-profit entities that have 50 or fewer full-time employees, and have created and sustained (for 12 months) at least one new full-time job (at $10.88/hr or more), and purchased at least $5,000 of qualifying equipment or technology.

If you apply by November 20, 2015, you can be approved in time to claim the credit on your 2015 taxes. Before applying, you should review the KSBTC Guidelines to confirm eligibility. Continue reading

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Highway Funding Law Brings Important Tax Law Changes

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 was signed into law on July 31. This three-month extension of the Highway Trust Fund was the 34th stopgap extension of transportation programs since 2009. In addition to … Continue reading

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It’s Time To Go SHOPping: Navigating the Small Business Health Options Program Marketplace

Small companies have another option for providing workers with health insurance: the Small Business Health Options Program (SHOP) Marketplace. Marketplaces, which are run by individual states or the federal government, were created through the Affordable Care Act (ACA). For 2014, … Continue reading

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IRS announces January 31 start date for 2014 filing season

From IRS.gov: WASHINGTON — The Internal Revenue Service announced plans to open the 2014 filing season on Jan. 31.The new opening date for individuals to file their 2013 tax returns will allow the IRS adequate time to program and test … Continue reading

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Tax Bites: Smart timing of income and expenses can save or defer tax

By projecting your business’s income and expenses for 2013 and 2014, you can determine how to time them to save — or at least defer — tax. If you’ll be in the same or lower tax bracket in 2014, consider: … Continue reading

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Tax Bites: Gift tax annual exclusion still a good idea

Recently, the IRS released the 2014 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.34 million (up from $5.25 million in 2013). But even with the rising exemptions, making annual … Continue reading

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Tax Bites: Maximize 2013 depreciation deductions

If you’ve recently purchased or built a building or are remodeling existing space, consider a cost segregation study. It identifies property components and related costs that can be depreciated much faster, perhaps dramatically increasing your current deductions. Typical assets that … Continue reading

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