Whitney Stith is a CPA and has been since 1994. He has been a partner of the firm since 1997. He is a College of Agriculture graduate from the University of Kentucky with a degree in Ag Economics. He is also a CPA by trade. He is extensively versed in farming, specialty crops and training, breeding, and racing of animals as well. He has filed farm returns for himself growing up on a beef cattle and tobacco farm in central Kentucky and has filed them for clients since starting at the firm. He is also well versed in preparing tax returns for pilots, flight attendants, and real estate agents.
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Stith, Wimsatt & Associates provides a wide range of services to individuals and businesses in a variety of industries. At Stith, Wimsatt & Associates, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
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Have you just started a new business? Did you know expenses incurred before a business begins operations are not allowed as current deductions? Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins. However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred. The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
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Following are some generally recognized financial planning tools that may help you reduce your tax bill. Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
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