Innovative Tax Advisor

📌 Kentucky Tax Update: What You Should Know

As of January 1, Kentucky’s individual income tax rate has been reduced from 4% to 3.5%. This change affects how much income tax many Kentuckians will owe going forward and is part of a broader, long-term shift in the state’s tax structure.

In addition, income earned by minors is now exempt from Kentucky state income tax. This update may benefit families with teenagers who work part-time jobs, summer positions, or participate in apprenticeships. It also creates new opportunities for young earners to save, invest, or put money toward education.

While tax rate changes can have broader impacts on state budgeting, the key takeaway for individuals and families is understanding how these updates affect your personal tax situation.

If you have questions about how these changes may impact your withholding, planning strategies, or family finances, we’re here to help.

📞 Let’s plan ahead.

Back in January 2025, Goodman Weber joined forces with Innovative Tax Advisors—and what an incredible year it has been!
This merger has allowed us to blend strengths, expand our team, and elevate the way we serve our clients.

With our expertise united, we’ve been able to dedicate even more attention to small business needs, streamline personal tax return support, and provide the kind of hands-on guidance our clients deserve.

As we close out 2025, we’re grateful for the trust you’ve placed in us and excited for everything the year ahead will bring. Here’s to continued growth, innovation, and partnership!

About Us - Plan, Prepare, File Learn more about ITA's innovative approach to tax services for individuals & small businesses, ensuring your financial peace of mind.

IRS delayed the new 1099-K limits for Paypal and Venmo. This is great news!

https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-third-party-payment-platforms-forms-1099-k?fbclid=IwAR146DYgK7Cgg9ew5tDwKhV_SqNpQigXu2Y-Yv2GcZGNxQPpj9kR0v_DcuM

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K | Internal Revenue Service IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.