Financial Planning Insights

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 are..

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,..

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.

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 coin collection, and your home.

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 so..

No one wants to pay more income tax than they should.  With good tax advice from a reputable firm like Chandler & 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.   

What are Overhead Costs?

Overhead costs are the expenses associated..

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.

Tax liability refers to the money owed to the IRS or to state and local collection authorities. The liability could be a result of underpayment (or nonpayment) of taxes. Tax liability also results from ownership of a business, as well as from profits earned on the sale of real property or other assets. Some tax liabilities are on a pay-as-you-go..

In December of 2017, President Trump signed a new tax reform bill into law. With this bill came a number of significant tax changes to tax paying citizens. With all these new changes, we understand how you might be feeling overwhelmed.