--- title: | Chandler and Knowles (2) description: Chandler & Knowles CPAs is dedicated to serving our clients with an integrated approach to financial success for businesses, families and individuals. (2) --- [![Chandler & Knowles, CPA](https://blog.chandlerknowlescpa.com/hubfs/Chandlerknowlescpa_January2018%20Theme/Images/chandler-knowles-logo-updated.png)](https://www.chandlerknowlescpa.com) - [Home](https://www.chandlerknowlescpa.com/) - [About](https://www.chandlerknowlescpa.com/about/) - [Case Studies](https://www.chandlerknowlescpa.com/case-studies/) - [Testimonials](https://www.chandlerknowlescpa.com/client-testimonials/) - [Services](https://www.chandlerknowlescpa.com/services/) - [Individual Tax Preparation](https://www.chandlerknowlescpa.com/services/tax-preparation/) - [Advanced Tax Planning](https://www.chandlerknowlescpa.com/services/advanced-tax-planning/) - [Financial Planning](https://www.chandlerknowlescpa.com/services/financial-planning/) - [Risk Assessment](https://www.chandlerknowlescpa.com/services/insurance-risk-assessment/) - [Business Structure & Entity Selection](https://www.chandlerknowlescpa.com/services/business-structure-and-entity-selection/) - [Business Accounting](https://www.chandlerknowlescpa.com/services/business-accounting/) - 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[Industries](https://www.chandlerknowlescpa.com/industries/) - [Physicians](https://www.chandlerknowlescpa.com/industries/physicians/) - [Dentists](https://www.chandlerknowlescpa.com/industries/dentists/) - [Small Business](https://www.chandlerknowlescpa.com/industries/small-business/) - [Real Estate](https://www.chandlerknowlescpa.com/industries/real-estate/) - [Veterinarians](https://www.chandlerknowlescpa.com/industries/veterinarians/) - [Attorneys](https://www.chandlerknowlescpa.com/industries/attorney-and-law-firms/) - [High Net Worth Individuals](https://www.chandlerknowlescpa.com/industries/high-net-worth-individuals/) - [Clients](https://www.chandlerknowlescpa.com/clients/) - [Make a Payment](https://www.chandlerknowlescpa.com/clients/payments/) - [Recommend Us](https://www.chandlerknowlescpa.com/clients/client-recommendation-program/) - [Submit Review](https://www.chandlerknowlescpa.com/clients/submit-a-review/) - [View Our Newsletter](https://www.chandlerknowlescpa.com/clients/view-our-newsletter/) - [Send Us Your Documents](https://www.chandlerknowlescpa.com/clients/client-secure-document-portal-2/) - [Resources](https://www.chandlerknowlescpa.com/resources/) - [Client Resources](https://www.chandlerknowlescpa.com/resources/client-resources/) - [Retirement Resources](https://www.chandlerknowlescpa.com/resources/retirement-resources/) - [Video Library](https://www.chandlerknowlescpa.com/video-library/) - [Blog](https://www.blog.chandlerknowlescpa.com) - [Locations](https://www.chandlerknowlescpa.com/locations/) - [Flower Mound, TX](https://www.chandlerknowlescpa.com/locations/flower-mound-tx-cpa/) - [Areas Served](https://www.chandlerknowlescpa.com/areas-served/) - [Dallas, TX](https://www.chandlerknowlescpa.com/areas-served/dallas-tx/) - [Plano, TX](https://www.chandlerknowlescpa.com/areas-served/plano-tx/) - [Nationwide](https://www.chandlerknowlescpa.com/areas-served/nationwide-cpa-services/) - [Contact](https://www.chandlerknowlescpa.com/contact-us/) # Financial Planning Insights ## Posts by Chandler and Knowles ## [Alternative Minimum Tax](https://blog.chandlerknowlescpa.com/alternative-minimum-tax) By [Chandler and Knowles](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles) | May 12, 2019 | [0](https://blog.chandlerknowlescpa.com/alternative-minimum-tax#comments-listing) [![2019-05-02_1528](https://blog.chandlerknowlescpa.com/hubfs/2019-05-02_1528.png)](https://blog.chandlerknowlescpa.com/alternative-minimum-tax) In 1969 Congress passed a law to stop a few high earners from avoiding paying any [income tax](https://blog.chandlerknowlescpa.com/taxable-vs.-non-taxable-income). 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.. [Read More](https://blog.chandlerknowlescpa.com/alternative-minimum-tax) ## [Taxation Guide to Stock Inheritance](https://blog.chandlerknowlescpa.com/taxation-guide-to-stock-inheritance) By [Chandler and Knowles](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles) | May 11, 2019 | [0](https://blog.chandlerknowlescpa.com/taxation-guide-to-stock-inheritance#comments-listing) [![2019-05-01_1523](https://blog.chandlerknowlescpa.com/hubfs/2019-05-01_1523.png)](https://blog.chandlerknowlescpa.com/taxation-guide-to-stock-inheritance) 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](https://www.chandlerknowlescpa.com/industries/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](https://blog.chandlerknowlescpa.com/taxation-guide-to-stock-inheritance) ## [Best Practices for Small Business Bookkeeping](https://blog.chandlerknowlescpa.com/best-practices-for-small-business-bookkeeping) By [Chandler and Knowles](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles) | May 10, 2019 | [0](https://blog.chandlerknowlescpa.com/best-practices-for-small-business-bookkeeping#comments-listing) [![2019-05-02_1542](https://blog.chandlerknowlescpa.com/hubfs/2019-05-02_1542.png)](https://blog.chandlerknowlescpa.com/best-practices-for-small-business-bookkeeping) Owning a **[small business](https://www.chandlerknowlescpa.com/industries/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. [![View Our Bookkeeping Services](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/2242316/7f3ca037-abb1-4dca-9644-e769f609afb5.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/2242316/7f3ca037-abb1-4dca-9644-e769f609afb5) [Read More](https://blog.chandlerknowlescpa.com/best-practices-for-small-business-bookkeeping) ## [Guide to Tax on Capital Gains](https://blog.chandlerknowlescpa.com/guide-to-tax-on-capital-gains) By [Chandler and Knowles](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles) | May 07, 2019 | [0](https://blog.chandlerknowlescpa.com/guide-to-tax-on-capital-gains#comments-listing) [![2019-05-02_1432](https://blog.chandlerknowlescpa.com/hubfs/2019-05-02_1432.png)](https://blog.chandlerknowlescpa.com/guide-to-tax-on-capital-gains) A capital gains tax is an [income tax](https://blog.chandlerknowlescpa.com/taxable-vs.-non-taxable-income) 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. [Read More](https://blog.chandlerknowlescpa.com/guide-to-tax-on-capital-gains) ## [Rules For a Roth IRA](https://blog.chandlerknowlescpa.com/rules-for-a-roth-ira) By [Chandler and Knowles](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles) | April 29, 2019 | [0](https://blog.chandlerknowlescpa.com/rules-for-a-roth-ira#comments-listing) [![2019-04-29_1123](https://blog.chandlerknowlescpa.com/hubfs/2019-04-29_1123.png)](https://blog.chandlerknowlescpa.com/rules-for-a-roth-ira) 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](https://www.chandlerknowlescpa.com/services/advanced-tax-planning/tax-free-retirement/) in the same year but the total contributed cannot exceed the limit allowed. That limit changes from year to year so.. [Read More](https://blog.chandlerknowlescpa.com/rules-for-a-roth-ira) ## [Taxable vs. Non-Taxable Income](https://blog.chandlerknowlescpa.com/taxable-vs.-non-taxable-income) By [Chandler and Knowles](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles) | April 16, 2019 | [0](https://blog.chandlerknowlescpa.com/taxable-vs.-non-taxable-income#comments-listing) [![2019-04-15_1343](https://blog.chandlerknowlescpa.com/hubfs/2019-04-15_1343.png)](https://blog.chandlerknowlescpa.com/taxable-vs.-non-taxable-income) No one wants to pay more income tax than they should.  With good tax advice from a reputable firm like [Chandler & Knowles CPA Firm](https://lp.chandlerknowlescpa.com/tax-accountants-near-me), you can feel confident that you will be not making mistakes and overpaying. The [tax laws](https://blog.chandlerknowlescpa.com/trumps-tax-plan-guide) change from year to year and you can count on our experience to keep up with the times.    [Read More](https://blog.chandlerknowlescpa.com/taxable-vs.-non-taxable-income) ## [Overhead Cost Reduction](https://blog.chandlerknowlescpa.com/overhead-cost-reduction) By [Chandler and Knowles](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles) | April 12, 2019 | [0](https://blog.chandlerknowlescpa.com/overhead-cost-reduction#comments-listing) [![accounting-bill-black-53621](https://blog.chandlerknowlescpa.com/hubfs/accounting-bill-black-53621.jpg)](https://blog.chandlerknowlescpa.com/overhead-cost-reduction) [Business accounting](https://www.chandlerknowlescpa.com/services/business-accounting/) is a necessary task to ensure growth and financial stability for any company across all industries. 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.. [Read More](https://blog.chandlerknowlescpa.com/overhead-cost-reduction) ## [5 Tips When Transferring the Family Business](https://blog.chandlerknowlescpa.com/5-tips-when-transferring-the-family-business) By [Chandler and Knowles](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles) | April 12, 2019 | [0](https://blog.chandlerknowlescpa.com/5-tips-when-transferring-the-family-business#comments-listing) [![adult-cheerful-clipboard-1089549](https://blog.chandlerknowlescpa.com/hubfs/adult-cheerful-clipboard-1089549.jpg)](https://blog.chandlerknowlescpa.com/5-tips-when-transferring-the-family-business) 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](https://blog.chandlerknowlescpa.com/5-tips-when-transferring-the-family-business) ## [What is Tax Liability?](https://blog.chandlerknowlescpa.com/what-is-tax-liability) By [Chandler and Knowles](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles) | April 11, 2019 | [0](https://blog.chandlerknowlescpa.com/what-is-tax-liability#comments-listing) [![accounting-761599_1920](https://blog.chandlerknowlescpa.com/hubfs/accounting-761599_1920.jpg)](https://blog.chandlerknowlescpa.com/what-is-tax-liability) 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.. [Read More](https://blog.chandlerknowlescpa.com/what-is-tax-liability) ## [Trump's Tax Plan Guide](https://blog.chandlerknowlescpa.com/trumps-tax-plan-guide) By [Chandler and Knowles](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles) | April 10, 2019 | [0](https://blog.chandlerknowlescpa.com/trumps-tax-plan-guide#comments-listing) [![accounting-finance-hand-921783](https://blog.chandlerknowlescpa.com/hubfs/accounting-finance-hand-921783.jpg)](https://blog.chandlerknowlescpa.com/trumps-tax-plan-guide) 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. [Read More](https://blog.chandlerknowlescpa.com/trumps-tax-plan-guide) [« Newer Posts](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles/page/1) [Older Posts »](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles/page/3) ### Recent Posts ### Subscribe to Our Blog #### 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! ### Recent Posts Chandler & Knowles CPAs 7370 Hawk Rd Flower Mound, TX 75022 (817) 369-3681 Hours of Operation: Monday - Friday 8:30 a.m. – 4:00 p.m. Saturday & Sunday: Closed Other times Available by Appointment ![](https://px.ads.linkedin.com/collect/?pid=3265964&fmt=gif) ![](https://px.ads.linkedin.com/collect/?pid=3265964&fmt=gif)