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Welcome to the KNK Tax & Accounting Blog

by Karitsa Kerns - Enrolled Agent and Tax Advisor

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Featured Post

I Have to Share This

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...

6 days ago • 1 min read

Hello High Earners and Future High Earners, I've seen too many times where people file their taxes and forget about them until next year. Not this year though. More and more people are understanding the benefits of proactive tax planning and paying the least amount in taxes. In my years of experience navigating the tax code, I have honed my skills to help clients like you to mitigate tax burdens, and uncover opportunities for substantial savings and strategic wealth preservation. Whether...

13 days ago • 1 min read

Hello High Earners and Future High Earners, We are in the final stretch of the deadline with one week away. Do not forget, if you're unable to file by the deadline please file an extension. An extension to file is not an extension to pay. Your tax payment is still due by April 15th as well. If you filed an extension for a business return, the deadline is September 15th. The deadline is October 15th for individuals. It's still best to file as soon as possible if you file an extension. We are...

20 days ago • 1 min read

Hello High Earners and Future High Earners, It is the first day of the 2nd quarter. That means it's a wrap for 1st quarter, and it's almost time to make your quarterly estimated tax payment on April 15th. Many people use the general rule of setting aside 30% for taxes when you file. If you're expected to owe over $1,000 at tax time, you're required to make quarterly estimated tax payments to avoid penalties. I've seen people pay wayyy more in taxes than they have to using this method. All due...

27 days ago • 1 min read

Hello High Earners and Future High Earners, Many people wait until the last minute or don't file at all due to the unknown of how much they'll owe. Those who consistently receive a refund rush to file their taxes in anticipation of that direct deposit. That is not the case for business owners and high earners. Many dread filing taxes. When they do file they either write a check the size of brand new luxury vehicle, or a really nice investment property. If they can't pay in full, they end up...

about 1 month ago • 1 min read

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,...

about 1 month ago • 1 min read

Hello High Earners and Future High Earners, First I wanted to provide a couple of reminders: The S Corp and Partnership deadline is Friday, March 15th. If you filed an extension for your S Corp, be sure to pay your state franchise fee (if applicable). An extension to file is not an extension to pay. If you requested your organizer and did not receive it, please let me know. I was told some were not received in their inbox or spam. About those letters.... When you receive a letter in the mail...

about 2 months ago • 1 min read

Hello High Earners and Future High Earners, Are you finding yourself navigating the complexities of business and effective tax planning as a high earner, striving to maximize your wealth potential? Let's cut through the noise and explore a more streamlined approach that caters specifically to your needs.Picture this: every dollar counts in your journey toward financial freedom, and overpaying the IRS will not help you get there any faster. As someone who values finances and wealth, you...

about 2 months ago • 1 min read

Hello High Earners and Future High Earners, I wanted to circle back and continue the topic around charitable contributions. The last time we spoke about how it makes a difference (or not) on your individual return. This week the focus is on the business side. As business owners, we all want to make sure we are maximizing our deductions. However, it's more important to do it correctly. A common error I see on business tax returns is deducting charitable contributions. First let's talk about...

2 months ago • 1 min read

Hello High Earners and Future High Earners, We are less than 30 days from a couple of deadlines: March 15th: S Corp tax returns Partnership tax returns Extension if you are unable to file the return by March 15th S Corp Election deadline for 2024 Individual tax preparation documents & payment (internal deadline to meet the April 15th deadline) We are less than 60 days away from the April deadline: April 15th: Individual tax returns C Corp tax returns Tax returns are processed in the order...

2 months ago • 1 min read
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