Make Sure You Maximize Your Deductions This Year!
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Hello High Earners and Future High Earners, The tax filing deadline for S Corps and Partnerships was Friday, March 15th. If you did not file your extension or tax return, the penalty is $235 per shareholder/partner per month. So please file as soon as possible. H.R. 7024 Tax Relief for American Families and Workers Act of 2024 We filed several extensions for our clients due to pending legislation. H.R. 7024 Tax Relief for American Families and Workers Act of 2024 has been passed by the House, but has to be passed by the Senate next before it's signed into law (if it makes it). You just never know how things will change by the time it reaches the President's desk. Title II - American Innovation and Growth One of the main reasons we chose to file extensions is because of Title II - American Innovation and Growth. Part of this title extends the allowance for depreciation, amortization, or depletion in determining the limitation of the business interest deduction. It also extends 100% bonus depreciation, and increases the limitations on expensing of depreciable business assets. This is HUGE! The bonus depreciation rate was 80% for 2023, and it dropped to 60% for 2024 as part of the phase out. Instead of having to go back and do a bunch of amendments, we extended them so we can get the maximum deduction the first time. This is why it is important to work with someone who understands tax law. It's all a part of the strategy to help our clients pay the least amount in taxes. Next up is the April 15th deadline in less than 30 days. When many tax professionals are winding down, I'm ramping up. This is the time to hire a tax strategist and start tax planning for maximum savings in 2024. If you are a H.E.N.R.Y (High Earner, Not Rich Yet), or have a tax bill over $50,000 looking to increase your net worth through tax savings, we are accepting new clients. Schedule your consultation today to secure your spot for our exclusive services.
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Welcome to the KNK Tax & Accounting Blog
by Karitsa Kerns - Enrolled Agent and Tax Advisor
Hello High Earners and Future High Earners, It's the 5th month and I want to help 5 people who paid over $25,000 in taxes to significantly reduce their taxes this month. We are 33.3% of the way through the year. Many people feel a sigh of relief after they've filed their taxes, and think all is well until next tax season. That is until they receive that next tax bill. The key to paying less taxes is not what you do at tax time, it's what you do throughout the year. Join Jennifer White with...
Hello High Earners and Future High Earners, There are many reasons why people pay more than they have to in taxes. A few include: They only look at their numbers when they file They don't make quarterly estimated tax payments They aren't organized They don't meet with their tax professional throughout the year They don't understand what's causing the high tax bill so they repeat it year after year. If you wait until you are reviewing your return when it's time to file, there is little that...
Hello High Earners and Future High Earners, EVERYONE has something they aren’t good at. I’m good at tax and accounting because it’s something I’ve done and studied for YEARS!!! If you include corporate payroll, tax, and accounting it’s over 20 years getting close to 30. Add degrees, license, certifications, and countless hours of continuing education. When I started with my business coach I felt so bad and beat myself up because I thought I should know more, and be further along. She said why...