One of the biggest surprises in the new tax is that of Alimony: Effective 2019 Alimony is no longer deductible by the payer spouse and includible in income by the recipient spouse. This rule only applies for divorce or separation instruments executed on or before December 3, 2018 but modified after that date to include… Read More

Yes there is more, much more… and remember at Bourke Accounting we are here to help you sort through all of the changes. Call us today at 502-451-8773 or stop by for a visit. Estate Tax Exemption The estate and gift tax exemption is doubled for estates of decedents dying and gifts made after December… Read More

The Tax Cuts and Jobs Act is arguably the most significant change to the Internal Revenue Code in decades, the law reduces tax rates for individuals and corporations and repeals many deductions, thus simplifying filing for many taxpayers. Most of the individual changes will expire at the end of 2025, meaning old tax code rates… Read More

If you sell your business you might owe a hefty income tax on the appreciated interest. Saving grace: At least you may be able to avoid the 3.8% Medicare surtax on net investment income (NII), depending on the exact circumstances. But what about your kids and other family members who are shareholders? They could get… Read More

Yes I know this is a late Christmas blog, but I felt since we are a Tax & Bookkeeping Service that my focus should be on the current tax changes….BUT since it is Christmas I felt I would do a fun blog about buying gifts for your partner at various relationship stages. Happy Holidays! When… Read More

You can’t deduct the cost of the time and effort you spend on behalf of charity. BUT that doesn’t mean your good deeds will go for tax naught. Strategy: Track your out-of-pocket costs. Even though you can’t deduct the value of your endeavors, you can write off actual expenses associated with charitable activities. Furthermore, you… Read More

Does your business need trustworthy and reliable employees? You may not have to look any farther than across the dinner table. Strategy: Hire your spouse to work as an official employee. Why put your spouse on the payroll? Because you can gain five tax benefits: Build up tax-favored funds for retirement If you meet the… Read More

I’m one of those people that love to read…books, magazines, journals. I used to list reading as a hobby on those questionnaires that I would answer but too many people called me a nerd so I stopped and replaced “reading” with “fishing.” I find that in December there are so many lists that are published… Read More

Say Your aging parents live in a home that has appreciated in value, but they’re no longer reaping any of the home ownership tax breaks during their retirement years. Sound familiar? Good news: With one stroke of the pen, both you and your parents can win: They’d gain instant access to their home equity (without… Read More

Taxpayers having a financial interest or signature authority over any foreign financial account such as a bank account, a securities account, or other types of financial accounts in a foreign country outside the U.S boarders must report these accounts to the Department of the Treasury if their aggregate balance exceeds $10,000 at any time during… Read More