Tax Advice

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Our Extension Policy: Key Deadlines & Procedures

At KT, our mission is to ensure your tax returns are completed accurately and on time. As one of the firm’s Tax Partners, I want to share some essential updates to our extension process. Document Deadline To help you receive a timely and accurately filed tax return or extension,…

January 27, 2025

To Extend or Not to Extend? (Part 2)

This is the second installment of my two-part blog series discussion on tax return extensions. You can read my first article here To Extend or Not to Extend? (Part 1) in which I discuss some of the benefits of extensions. In this blog, I will focus on business tax…

November 26, 2024

To Extend or Not to Extend? (Part 1)

When it comes to tax deadlines, filing tax returns in a timely manner is very important. Some of the more common deadlines that people are familiar with are: March 15 Deadline – Partnership Form 1065 & S Corporation Form 1120-S business returns April 15 Deadline – Personal Form1040 & Corporate…

October 1, 2024

Estimated Taxes: Pay as You Go

Estimated tax payments can be a confusing aspect of managing personal or business finances, but they’re a crucial part of staying compliant with tax regulations and avoiding penalties. Here’s a concise overview to help you manage estimated tax payments effectively. What are Estimated Tax Payments? Estimated tax payments are periodic…

June 17, 2024

Distributions From Inherited IRAs

In the world of finance, the 10-year rule on inherited IRAs has become a significant point of discussion, particularly for those planning their estates or beneficiaries inheriting retirement accounts. An inherited IRA is a retirement account that a beneficiary receives after the original owner’s passing. Traditionally, beneficiaries had the option…

June 17, 2024

The Pitfalls of Using AI to Prepare Taxes

As technology continues to advance at a rapid pace, artificial intelligence (AI) has become an increasingly popular tool in various industries, including finance and accounting. In a February 2024 survey, approximately 20% of Americans used AI software to review their tax returns. While AI software offers benefits like speed and…

June 17, 2024

Gift Tax – How it Works and Who Pays

We often get questions from our clients about gifting and the potential tax implications. A gift of money or property is not deductible on your personal income tax return nor does the recipient report the gift as income on their tax return. However, gifts may be subject to the federal…

March 26, 2024

Top 10 Tax Questions

10. I contributed money to my kids’ 529 education plans. What is the deduction for that? A: Federally, none. The money grows tax free and comes out tax free as long as it’s used for qualified educational expenses. In certain states with a state income tax, there are possible deductions…

January 22, 2024