The 2026 Mileage Rates [Caution: check back around Christmas. This is subject to change]. Beginning on Jan. 1, 2026, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:• 70 cents per mile for business miles driven.• 21 cents per mile driven for medical or moving purposes.• […]
The 2025 Mileage Rates Need rates for earlier years? Click here. Beginning on Jan. 1, 2025 the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:• 70 cents per mile for business miles driven.• 21 cents per mile driven for medical or moving purposes.• 14 cents per […]
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. To go directly to the page for filing your […]
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 […]
Employers are already working frantically to get out timely and accurate W-2s. Congress has changed the law requiring W-2s to be filed on or before January 31. You can expect your W-2 on or before January 31. However, this law change could result in little time to find errors. What you should do: 1. Immediately […]
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 […]
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 […]