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Posts by Chandler and Knowles

Furlough vs Layoff

By Chandler and Knowles | | 0

Times have become uncertain in almost every industry. This has required employers to make difficult decisions. Working from home has allowed some employers to continue to do business as usual but this is not possible in every type of business. Two options for cutting back on staff are furlough and layoff. Both of them have implications for the..

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Should I Adjust My Payroll Withholding?

By Chandler and Knowles | | 0

The question of adjusting your payroll withholding is one that everyone who files a federal tax return needs to consider. Not paying attention to your selections can have an adverse effect on your finances. Withholding is one of those things that needs to be looked at yearly, preferably early in the year so that the correct amount of money can..

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Guide to Retirement Plan Tax Benefits

By Chandler and Knowles | | 0

When you retire, you will likely pay income tax. One exception could be Social Security. If you have no other income, you pay no taxes on your monthly Social Security benefits.

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Tax Advice for Entrepreneurs

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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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Guide to Tax on Capital Gains

By Chandler and Knowles | | 0

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.

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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 & 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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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!

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