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Monday 8am - 5pm Tuesday 8am - 5pm Wednesday 8am - 5pm Thursday 8am - 5pm Friday 8am - 5pm

BAK CPAs & Advisors, PSC

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Elizabethtown, KY
BAK CPAs & Advisors, PSC

BAK CPAs & Advisors, PSC offer a full array of tax, financial accounting, consulting, and client advisory services.

01/01/2025

We would like to wish our clients, colleagues, and friends a Happy New Year! We sincerely hope that 2025 is filled with success, growth, and happiness!

07/04/2023

Happy 4th of July from BAK CPAs & Advisors, PSC! We wish everyone a safe and fun day of celebration!

01/27/2023

It's National Fun At Work Day!!!

We are going to celebrate by - you guessed it - working on W-2s, 1099s, payroll tax returns, and all the other "fun" things January brings (not much fun, huh?)! But at least we will have lunch catered in today!

How are you celebrating National Fun At Work Day?

01/25/2023

Cryptocurrency - especially FTX - has been in the news a substantial amount as of late.

Many taxpayers forget that there most certainly are reportable transactions associated with cryptocurrency on their Federal Form 1040 in any given tax year.

For tax year 2022, all taxpayers must answer the following question: "At any time during 2022, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?"

While this question has been around for several years, it has been updated for tax year 2022 to provide additional clarity and guidance as to how the question should be answered.

01/20/2023

We cannot think of a better way to celebrate Friday than having a nice cup of java on National Coffee Break Day!!

Coffee is a staple at our office - especially this time of year! Regardless of what your favorite type of coffee is, and how you take it, we hope everyone takes a few minutes to enjoy a coffee break today with your friends and co-workers!

02/04/2022

Friday Fun Fact - Marginal Tax Rates vs. Effective Tax Rates!

To demonstrate the difference between marginal tax rates for people in a particular tax bracket vs. effective tax rates (which is the rate an individual or family actually pays in tax), the Center on Budget and Policy Priorities once estimated the tax burden for a family of four with an overall income of $110,000. Technically, even though the family fell into the 22% bracket, after taking into consideration credits and deductions, the same family arrived at an effective income tax rate of 6%.

02/03/2022

Tax Tip Thursday - Direct Child Tax Credit Payments!

For the first time, the IRS made advanced monthly payments on this credit that has temporarily been increased to $3,000 per child ages 6 through 17 and $3,600 per child ages 5 and under. The monthly advance payments were paid out between July 2021 and December 2021, meaning that you still have the ability to claim the other half on your 2021 return.

Furthermore, the IRS is sending Letter 6419, detailing the amount you've already received, which you should use to reconcile any potential difference due.

It is important to remember, though, these payments were calculated based on either your 2020 or 2019 income and family situation. The final calculation, however, will be based solely on 2021 information, which could vary if situations and circumstances have changed significantly in the past two years.

It is important to remember, though, these payments were calculated based on either your 2020 or 2019 income and family situation. The final calculation, however, will be based solely on 2021 information, which could vary if situations and circumstances have changed significantly in the past two years.

01/21/2022

Did you know that there are 7 states that have no income tax at all? While there's no evading a federal tax, if you are a resident of Alaska, Florida, Nevada, South Dakota, Texas, Washington, or Wyoming, you will pay nothing in state income tax. Also, New Hampshire and Tennessee tax only interest income and dividends.

01/14/2022

Did you know that individual income tax returns were not always due on April 15th? All the way back in 1913, tax returns for individuals were due on March 1st. Later, in 1918, it was moved to March 15th. Then, in 1954, the current Tax Day was set at April 15th!

01/07/2022

Did you know that governments have imposed taxes for thousands of years? Even as far back as ancient Mesopotamia, circa 2500 B.C., there are records of tax payments. At that time, people who did not have any money to pay taxes often had to pay with livestock, food, or even labor!

12/31/2021

All of us at BAK CPAs & Advisors, PSC would like to wish everyone a wonderful, blessed, and joyful Happy New Year!

11/25/2021

From our families at BAK CPAs & Advisors, PSC to yours, we would like to wish everyone a wonderful and blessed Thanksgiving season!

Our firm is blessed because of our wonderful employees as well as our clients, who allow us the opportunity to take care of their tax, accounting, financial, and consulting needs. It is our sincerest wish that everyone enjoys this Thanksgiving holiday with family and friends!

Address

2411 Ring Road, Suite 100
Elizabethtown, KY
42701

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Website

http://www.bak.cpa/

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