Insights Gallery

R&E Expense Amortization Got You Down?

R&E Expense Amortization Got You Down?

Now that Research & Experimentation expenses must be amortized over several years, many companies are looking for ways to increase deductions ...
Understanding Sole Proprietorships, Single-Member LLCs, and the Schedule C

Understanding Sole Proprietorships, Single-Member LLCs, and the Schedule C

If you earn income as a freelancer, independent contractor, or from a side gig, you'll likely do so as a sole proprietor or single-member LLC ...
March 2023 Newsletter

March 2023 Newsletter

The KL team has been working very hard this busy season & recently enjoyed some treats!
Why adding children to your bank account or home deed could be a bad idea

Why adding children to your bank account or home deed could be a bad idea

Adding your kids to your bank account or home deed can create a host of legal, financial, and tax issues that can leave you and your loved ones ...
Business Interest Expense: How much can you deduct?

Business Interest Expense: How much can you deduct?

The tax treatment of business interest expense is governed by Section 163(j) which places limits on the amount of interest businesses can deduct ...
The IRS updates its defintion of digital assets for tax purposes

The IRS updates its defintion of digital assets for tax purposes

The Internal Revenue Service (IRS) has slightly changed the wording of the tax forms for the 2022 tax year regarding the declaration of ...
Properly Funding Your Living Trust

Properly Funding Your Living Trust

Failing to properly fund a living trust is one of the most common errors people make and can lead to unintended consequences and added costs for ...
Key provisions of the SECURE 2.0 Act for individuals

Key provisions of the SECURE 2.0 Act for individuals

The SECURE 2.0 Act of 2022 aims to improve retirement savings by making it easier for employers to offer retirement plans to employees and for ...
Key provisions of the SECURE 2.0 Act for employers

Key provisions of the SECURE 2.0 Act for employers

The SECURE 2.0 Act aims to improve retirement savings by making it easier for employers to offer retirement plans to employees and for ...
February 2023 Newsletter

February 2023 Newsletter

Tax season is upon us. Please review information related to tax filings, changes to our email domains and other valuable information...
Updated guidance on the Clean Vehicle Tax Credit program

Updated guidance on the Clean Vehicle Tax Credit program

Since the Inflation Reduction Act of 2022 was signed into law, there has been confusion surrounding some of the new requirements for the Clean ...
Expired and expiring tax provisions that may impact you and your business

Expired and expiring tax provisions that may impact you and your business

The Tax Cuts and Jobs Act of 2017 made several sweeping changes to the tax code. However, many provisions contained a “sunset” or expiration ...
Estate planning considerations for blended families

Estate planning considerations for blended families

When two people with children from previous relationships get married, they form a blended family. While this can create a unique and loving ...
Planning for Social Security retirement benefits

Planning for Social Security retirement benefits

Planning for Social Security benefits is an important task for those nearing retirement. Learn about Social Security, how to maximize your ...
January 2023 Newsletter

January 2023 Newsletter

Happy New Year! Take a few minutes to review tax filing deadlines, and other valuable information...