Happy St. Patrick's Day
The KL team wishes all of our clients a wonderful day!
Carnival Festivities
The KL team enjoyed participating in this year’s Mardi Gras festivities – Doug Finegan, Christy Brox & Wendy Dew and Wilson LaGraize, Jr.
It's Tax Time
The KL team has been working very hard this busy season & recently enjoyed some treats!
Featured Insights
Properly Funding Your Living Trust
A living trust is a popular estate planning tool that allows individuals to transfer their assets to a trust during their lifetime. The trust then manages and distributes those assets to beneficiaries upon the individual’s death.
Why Adding Your Children To Your Bank Account Or Home Deed Could Be A Bad Idea
Adding your kids to your bank account or home deed may seem like a simple solution to avoid probate and ensure a smooth transfer of assets after you pass away. However, this seemingly straightforward approach can create a host of legal, financial, and tax issues that can leave you and your loved ones vulnerable to significant risks and losses. While many people use these methods to simplify the estate planning process, experienced professionals typically recommend against them.
Business Interest Expense: How Much Can You Deduct
In the United States, the tax treatment of business interest expense is governed by Section 163(j) of the Internal Revenue Code. This provision places limits on the amount of interest businesses can deduct on their tax returns based on their income and other factors. Unfortunately, the calculation for determining the limit has changed starting with the tax year 2022 and stands to impact many large businesses negatively.
The IRS Updates Its Definition 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 cryptocurrency transactions by taxpayers.