In today’s digital age, convenience and efficiency have become paramount in many aspects of our lives. This is particularly true when it comes to managing our finances and tax-related matters. If you have ever tried resolving tax issues by calling or writing the IRS, you will likely have experienced…
Ensure You’re Prepared to File or Request an Extension The clock is ticking as we approach the April 15th deadline for filing your income tax return. With only one week left, it’s essential to ensure everything’s in order to avoid last-minute stress and/or potential penalties. Requesting an Extension If you’re…
With the rise of remote workers, understanding tax obligations has become increasingly important for both employees and employers. As individuals choose to live in locations different from where the companies they work for are based, they may encounter complex questions about where taxes should be paid. Navigating these complexities requires…
While many of our clients worry they may owe more than they expected, there are some that even dread their refund. Getting a large refund often indicates that you withheld too much of your pay during the year and essentially gave the IRS an interest free loan. Federal Withholding Speak…
What You Need to Know When it comes to tax preparation, many people and businesses rely on the various forms they receive to accurately report their income. Among these forms, the Form 1099 series is particularly significant, as it covers a wide range of income types, from freelance work to…
Bonus Depreciation & Section 179 Accelerated depreciation methods, such as bonus depreciation and the Section 179 deduction, provide business owners the opportunity to write off the cost of certain assets placed in service during the year quicker than traditional depreciation schedules allow. These methods offer significant tax benefits while enhancing…
For the purposes of this article, we will refer to farms and ranches and “farm(s),” and farmers or ranchers as “farmer(s).” One great opportunity that can be missed on the family farm may be the hiring of your children to work for your operation. Hiring children to work can provide…
And should you hunt for them? We are often asked about things like medical expenses or that extra $25 donation and whether you should dig all of those things up. Under the current tax law, for many, the answer is probably not. You get the higher of your standard…
For the purposes of this article, we will refer to both farms and ranches and “ranch(es),” and farmer or rancher as “rancher(s).” I know a person who is a ranch employee for a large ranch and feedlot operation. Each fall, his employer pays him an annual bonus with a “load…
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,…
