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Preparing income tax returns is a very important service offered by your CPA.  However, your accountant can offer many other professional services.   Not only should your accountant understand the myriad of current income tax laws, they should have access to knowledge that will assist you in areas such as estate planning, and inheritance laws.  Your accountant can also be a source of information with regard to technology.  Many accountants offer business valuation services and litigation support. 

December 23, 2014

The Cloud is creating another remarkable advantage for small to medium size businesses. With the use of Cloud accounting software, a small business can now tap the ability of having a CFO virtually without the expense of having a full time CFO. This can help many smaller businesses who cannot afford to have a full time CFO. By going to a virtual CFO through a CPA firm, the business can get the expertise from the professionals it needs. They can also have their accounting function outsourced and have timely reports and information at their fingertips.

December 12, 2014

Leverage the benefits of your charitable deduction by making a donation to an endowed fund at a qualified community foundation. For instance, if you make a contribution to an endowed fund sponsored by the Madison County Community Foundation, you have to ability to obtain a tax credit equal to 20% of your contribution up to a maximum credit of $10,000. In addition to the tax credit, you may be able to deduct 100% of the donation as an itemized deduction on your Federal and Kentucky tax return.

December 05, 2014

Kentucky employers will be subject to higher federal unemployment (FUTA) for 2014.

Employers pay FUTA tax at a rate of 6.0% on an employee’s first $7,000 of wages.  The tax is usually offset by a credit up to 5.4% for amounts paid to your state unemployment fund; thus resulting in a normal net tax rate of .6% for FUTA purposes.

November 20, 2014

Significant changes have occurred related to depreciation deductions for 2014 compared to prior years. The total amount of Section 179 deduction is now $25,000 compared to $500,000 in 2013. Vehicles can still qualify for the $25,000 deduction. Also, 50% bonus depreciation is no longer available for qualified property. There is still the possibility that Congress may take action to extend the prior depreciation provisions however that is still unknown. Please check with us prior to making purchasing decisions for 2014.

/posted by Myron Fisher, CPA

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