Great question! A tax credit lowers your tax bill dollar for dollar. If it is a refundable credit, such as the Earned Income Credit and the Hope education credit, it can also result in a refund when you owe no tax. The deduction reduces your taxable income, which is amount on which you pay taxes. […]
This is just a friendly reminder that your Kentucky personal property tax return is due 5/15 of each year and your Kentucky Secretary of State annual filing must be completed by 6/30 of each year.
Need an EXTENSION. Click “Contact”. March 15 Corporations need form 7004. Go to www.irs.gov/pub/irs-pdf/f7004.pdf. April 15 Individuals need form 4868. Go to www.irs.gov/pub/irs-pdf/f4868.pdf. Partneships need form 7004. Go to www.irs.gov/pub/irs-pdf/f7004.pdf. OR call us. We’ll be glad to assist you.
Some of our employees started or stopped contributing to our SIMPLE IRA plan in the middle of the year. Are we required to make our 3% match based on the employees’ compensation for the entire calendar year or only the compensation earned during the period they actually contributed to the plan? You must base your […]
Here’s a free app from the IRS for all you Millennials, Generation Xers, and even a few of us Boomers, IRS2Go. Like doing your own research? Feel free. And when you’re in information overload, give us a call, e-mail us, or even text. Here’s what the IRS has to say about its social media products: Federal […]
CAUTION to small business: You might be subjected to needless audits if you don’t note this. Please read on: Beginning with the 2011 tax year, the IRS requires businesses to exclude from Form 1099-MISC any payments they made by credit card, debit card, gift card, or third-party payment network such as PayPal. (These payments are being […]