Financial Planning Insights

Medical problems or disabilities can strike anyone, at any time. A Special Needs Trust is a trust you can set up to help a loved one who is disabled or has chronic medical difficulties. The SNT may consist of any number of types of assets, including cash, patents, jewelry, real estate, stocks, businesses, or other property. 

If you’re a small business getting ready to file business taxes for the first time, it’s a daunting process. But it doesn’t have to be — as long as you understand some of the subtle nuances. Here are some quick tips for novice taxpayers, brought to you by Chandler & Knowles CPAs.

Property tax is a type of tax that many individuals as well as legal entities, such as a corporation, need to deal with. When you own any type of property, you must understand all the applicable taxes which may come into play. Knowing these taxes, how the calculation is done, as well as what the payment of them goes towards is valuable..

There are a million little nuances when it comes to business tax law. Each one of these can make a big difference in if you owe, and if so, how much. Startup businesses especially are prone to miss deductions or to misinterpret regulations. This is true when it comes to calculations as well. To help navigate these muddy waters, Chandler & Knowles..

It is tax time. For some, this is an exciting time because it means a big refund and new furniture or home upgrades. However, for some, it is a nerve-racking, nail-biting, fear-instilling season. Businesses and individuals often find that the amount of taxes they are paying simply isn't enough. At Chandler & Knowles, CPAs, we work with our clients..

Few things strike fear in small business owners' thoughts more than an IRS tax audit. Although only about 2.5% of us are ever audited, small businesses don't have the time or resources to prepare for this dreaded encounter. Even knowing that you have performed all the checks and balances to ensure that your return is correct doesn't always mean..

The Paycheck Protection Program has assisted many small businesses in these difficult COVID-19 times. The Small Business Administration, together with the Treasury Department, have been able to provide this under the CARES Act. Second Draw PPP Loans are now available. Application acceptance for these loans began on January 13, 2021. Second Draw..

One question that many taxpayers are asking is 'how will the election results affect my tax planning?" It is obvious there will be some drastic changes, so getting prepared now is a wise decision. Changes most likely won't affect you this year, but certainly, starting with reporting for 2022, you can expect to see a difference. President Biden's..

As the owner of a business, it is critical to be aware of federal income tax rules as they pertain to depreciation. When you have eligible assets, you can use first-year depreciation write-offs in the current tax year to your benefit. While this may not always be the right thing to do, there are opportunities here for you to take advantage of and..

Sometimes, self-employed folks are so busy running their business that they forget to plan for retirement. If you are self-employed, don't let that happen to you. Those who work for large and medium-sized corporations are regularly reminded by their employers to contribute to their 401-K's, often with an employer match to boot. If you are..