The 2022 Mileage Rates ******************************** Need rates for earlier years? Click here. Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:• 58.5 cents per mile for business miles driven.• 18 cents per mile driven for medical or moving purposes.• 14 cents […]
What is use tax?Kentucky use tax is a tax on tangible personal property and digital property used in Kentucky upon which the sales tax has not been paid. In other words, it is a sort of “backstop” for the sales tax. Tangible personal property is basically any property that you can touch other than real estate. What […]
If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal, state and local tax responsibilities. The IRS has provided five tips in its Tax Tip. We’ve added two at the end. Tax Tips if You’re Starting a Business Here are five basic […]
The Kentucky Secretary of State Annual Report is due June 30 of each year. Entities conducting business in the Commonwealth of Kentucky are required to file annual reports with the Secretary of State by June 30 of each year. Reports can be filed online at SOS.KY.gov. Scroll all the way down to the bottom. Then […]
This is no longer rare and it is no longer limited just to individuals. We are putting together 1. a check list of things to do if you are a victim of tax return identity theft, AND 2. a check list of things to do to keep from being a victim. Contact us if you […]
Here is the latest chart for KY Per Diem Rates. The laws regarding perdiem are rather complex. The IRS laws require that you keep a log and certain documentation. Failure to do so will result in the expenditures being disallowed. Additionally, a penalty is generally assessed. This penalty can be substantial.
We’ve heard a lot about red card purchases lately. But the question for some of us is this. Is my red card purchase deductible? DID YOU KNOW? If you use a bank credit card to pay for an otherwise tax deductible expenditure before the end of 2019, you can deduct that expenditure even if you […]
************************************************ See the IRS mileage rate table below: Note: Mileage logs must be maintained for all business vehicles and/or for all business miles regardless as to whether you claim the standard mileage rate or your actual expenses. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the […]
On November 27, the White House released a statement delaying online enrollment for the S.H.O.P. portion of the Affordable Care Act (ACA, also known as Obamacare) for one year. Eligible small businesses, particularly those with fewer than 25 employees should review what this means to them. Here are things you will want to know: 1. […]
Employers, Requirements and voluntary reporting At the time of this writing, those of us who will have less than 250 W-2s this year are not YET required to report health care costs on the W-2s. Those employers with 250 or more W-2s are required to report it. However, nothing in this prevents employers from voluntarily […]