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..Read More
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..Read More
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,..Read More
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..Read More
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..Read More
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.Read More
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..Read More
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.Read More