Tax Season Might Be Ending, But Our Work Is Just Beginning As we approach the end of another busy tax season at KT, we’re reminded that being a CPA isn’t just about preparing returns — it’s about building relationships, solving problems, and being a trusted part of each client’s team. …
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…
Planning and saving for retirement typically span decades of a person’s working years. Historically, planning boils down to maximizing contributions to an employer sponsored plan such as a 401(k), 403(b), or 457(b), in addition to an IRA. Traditional vs Roth Is it more beneficial to designate your contributions as traditional…
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…
Being a real estate professional in the eyes of the IRS offers several benefits, particularly in terms of tax advantages. One of the primary benefits is the ability to deduct losses from real estate activities against other types of income, such as W-2 income or 1099 non-employee compensation. This…
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…
Charitable donations are a powerful tool to give back to your community and support causes dear to your heart while saving on income taxes. It’s crucial to navigate the process wisely to ensure your contributions are maximized and compliant with tax regulations. Choosing the Right Organizations When considering charitable…
