Always, at the beginning of the year we give our employees a new W-4 so that we can withhold the correct amount of tax from their payroll checks. Life changes ( a marriage, a child or two) can create a need to update your W-4, but with the tax code changing as of January 1,… Read More

Instead of making an outright sale of commercial or investment property, the tax law enables you to “swap” it for like-kind property with out paying any current tax. However, things aren’t usually so cut-and-dried in the real world. For one thing, it is unlikely the potential buyer of your property will own any real estate… Read More

It is the first day back from our holiday and a New Year! But instead of jumping right into tax talk, I thought we can have some blogging fun. SO, Did You Know… Dog Vision: Scientist think that dog vision in a similar way as a person who has red-green color blindness. Also, dogs can see… Read More

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