Below you'll find a list of all posts that have been categorized as “Updates”
In a nutshell, this deduction allows self-employed folks (sole proprietors, partners, and S-Corporation shareholders) to deduct up to 100% of health, dental, and long term care insurance premiums for themselves, spouses, and dependents. The deduction is limited to profitability, therefore the deduction can never exceed the profit from self-employed activity. Main requirements: You weren’t eligible for another health plan (no …
529 plans are state sponsored accounts where you can deposit funds meant to be used for education expenses. As long as the withdrawals from the account are for education expenses, any earnings on the account is exempt from income tax. In addition to avoiding income tax on the growth of the account, Kansas residents are eligible for a deduction against …
Kansas imposes a 6.5% retailers sales tax on: Sale of tangible personal property Labor services to install or repair tangible personal property Admission to entertainment establishments Some entities are exempt from paying sales tax when making a direct purchase of goods. Not all entities that are exempt from paying sales tax on goods have an exemption on taxable services. State …
When using your vehicle for self employed purposes, you may be able to deduct the expenses associated with your vehicle. You can use either the actual and standard methods to deduct vehicle expenses. The standard method requires you to total all your business miles and multiply them by the standard rate of 58 cents per mile (2019’s rate). The standard …
