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Tax Advice for Entrepreneurs

By Chandler and Knowles | | 0

Tax season brings a lot of unwarranted stress for small business owners and entrepreneurs alike. You have the tools and forms that you need to file your taxes, so let us give you a little help getting them organized. We’re also here to help you understand and answer any questions you may have. Before you start to pull out your hair, follow this..

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Alternative Minimum Tax

By Chandler and Knowles | | 0

In 1969 Congress passed a law to stop a few high earners from avoiding paying any income tax. The original intent was good, to take away some of the loopholes that millionaires were using to avoid paying income tax but over the years, without allowing for inflation, the implementation became punitive to not only top earners but households that..

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Taxation Guide to Stock Inheritance

By Chandler and Knowles | | 0

Unless you leave or inherit an estate of $11 million, stock inheritance is not subject to income tax until it is sold. So, only high-net worth individuals and their heirs need to be concerned about estate and inheritance taxes. In fact, under IRS rules, most inheritance is not considered income, and need not be reported. If you sell the stock,..

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Best Practices for Small Business Bookkeeping

By Chandler and Knowles | | 0

Owning a small business can be very time consuming and stressful. Keeping your financial records in order is vital to the success of your business. Here are a few small business bookkeeping tips to save you from getting overwhelmed by the day to day tasks that can help you to succeed.

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Net Unrealized Appreciation Rules

By Chandler and Knowles | | 0

Net unrealized appreciation (NUA) is one of those lesser-known IRS retirement fund taxation rules. In fact, NUA is really important for people heading towards retirement and planning to take a lump-sum distribution of their company-sponsored stock sharing plan.

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Guide to Tax on Capital Gains

By Chandler and Knowles | | 0

Capital gains taxes are taxes on profits.

A capital gains tax is an income tax the IRS imposes on proceeds from a sale of an asset. Basically, a capital gain is the difference between what you paid for an asset and the amount of the subsequent sale. The assets targeted for a tax on capital gains are capital assets like stocks, bonds, jewelry, a..

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Rules For a Roth IRA

By Chandler and Knowles | | 0

The rules for a Roth IRA are basically the same basic rules that apply to a traditional IRA. Roth IRAs however, are designed to help out younger, lower-income individuals. You can contribute to both a traditional IRA and a Roth IRA in the same year but the total contributed cannot exceed the limit allowed. That limit changes from year to year..

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Taxable vs. Non-Taxable Income

By Chandler and Knowles | | 0

No one wants to pay more income tax than they should.  With good tax advice from a reputable firm like Chandler and Knowles CPA Firm, you can feel confident that you will be not making mistakes and overpaying. The tax laws change from year to year and you can count on our experience to keep up with the times.   

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Overhead Cost Reduction

By Chandler and Knowles | | 0
 Overhead costs are unavoidable expenses that every business incurs, but there are ways you can reduce your overhead costs so you have a larger profit margin.  

What are Overhead Costs?

Overhead costs are the expenses associated with operating your business that have no direct impact on creating or producing your product or service. These are..

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5 Tips When Transferring the Family Business

By Chandler and Knowles | | 0

If you own a business and are past age 50, you are probably thinking about how to eventually transfer your family business to your heirs. The business you built and the reputation you nurtured can be a legacy that will continue past your lifespan.

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About Chandler & Knowles CPAs:

Chandler & Knowles CPAs is dedicated to serving our clients with an integrated approach to financial success for businesses, families and individuals. Our knowledgable team is committed to providing you with the most detailed information to answer your biggest financial questions and to help make your life less taxing.

Learn more about achieving financial success by reading our blog!