Whitney Stith is a CPA and has been since 1994. He has been a partner of the firm since 1997. He is a College of Agriculture graduate from the University of Kentucky with a degree in Ag Economics. He is also a CPA by trade. He is extensively versed in farming, specialty crops and training, breeding, and racing of animals as well. He has filed farm returns for himself growing up on a beef cattle and tobacco farm in central Kentucky and has filed them for clients since starting at the firm.
He is also well versed in preparing tax returns for pilots, flight attendants, and real estate agents. Lois graduated from Georgetown College in KY with a BA in Accounting and a Math minor. Lois worked for 12 years in a mid-size regional CPA firm including 7 years in Madison IN and 5 in Jeffersonville IN.
She started by working the front desk and doing bookkeeping in a 3 person office in Madison and finished as a senior accountant working with various clients on their accounting needs whether monthly, quarterly, or yearly and preparing various types of tax returns for these clients.
He is also well versed in preparing tax returns for pilots, flight attendants, and real estate agents. Lois graduated from Georgetown College in KY with a BA in Accounting and a Math minor. Lois worked for 12 years in a mid-size regional CPA firm including 7 years in Madison IN and 5 in Jeffersonville IN.
She started by working the front desk and doing bookkeeping in a 3 person office in Madison and finished as a senior accountant working with various clients on their accounting needs whether monthly, quarterly, or yearly and preparing various types of tax returns for these clients.
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Have you just started a new business?
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
It's possible there could be additional extensions, so check with your tax advisor for the latest information.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
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