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For years now a great vehicle for starting a small business was the S-Corporation. Losses can be passed through to the owner during the startup years. Then, when profits begin, as long as the owner takes a ‘Reasonable Salary,’ the remaining profits are not subject to self-employment. Well, this may be the last year this holds true. Here’s why. » Read more about Is the End of the S-Corporation Near? »
© 2010, david.knoble
Providing Tax Preparation, Bookkeeping and Financial Statement Service
in Pineville, Ballantyne, Matthews, South Charlotte, Rock Hill and Fort Mill
A frequent question we are asked is “Why can’t I do my own taxes on Turbo Tax® or Tax Cut® software?” We came across a Tax Court case in which an individual was assessed a 20% penalty even though she used tax software to prepare her taxes. The individual argued she should not have to pay a penalty since she used the software. The IRS showed her mistake was from inputting information incorrectly, not a miscalculation through the software (Lam, TC Memo. 2010–82).
With increasing complexity of the Tax Law, personal tax software must also become more complex. A single type of income or deduction may be input in to three or four different areas with completely different outcomes. Thus, our answer to question about preparing taxes on one’s own is simple — you get what you pay for. As a CPA with trained tax professionals, our job is to stay informed about the tax code and apply it to your facts and circumstances.
Be sure you talk with your CPA before making a tax based decision in your personal or business finances.
© 2010, david.knoble
Providing Tax Preparation, Bookkeeping and Financial Statement Service
in Pineville, Ballantyne, Matthews, South Charlotte, Rock Hill and Fort Mill
The IRS tends to release some great individual tax credits — take the new homeowner’s credit now on it’s third revision. Most often, the new business credits are hard to take full advantage of for small businesses. However, there is a new tax credit out and the IRS has released the necessary forms to apply for the credit. Most impressive is the ability for many small business to take advantage of the credit. Here’s the basics. » Read more about A New Hire Tax Credit »
© 2010, david.knoble
Providing Tax Preparation, Bookkeeping and Financial Statement Service
in Pineville, Ballantyne, Matthews, South Charlotte, Rock Hill and Fort Mill
Always be careful opening email from sources you do not know. Now you have to be careful watching for email from the IRS. With very few exceptions, the IRS does not send email to individuals and businesses. Here is how to tell if your email is fraudulent or a scam.
» Read more about Watch for Scam Emails that look like the IRS! »
© 2010, david.knoble
Providing Tax Preparation, Bookkeeping and Financial Statement Service
in Pineville, Ballantyne, Matthews, South Charlotte, Rock Hill and Fort Mill
For anyone that uses Act! to manage contacts, the software is fantastic. The largest drawback for our use has been the poor ability to synchronize with microsoft outlook. Most software we have found to accomplish this is either standalone or integrates into Act! Well, we recently found some software that installs as an Outlook add-in and this software is not only flexible, but very fast » Read more about Act! Contact Synchronization »
© 2010, david.knoble
Providing Tax Preparation, Bookkeeping and Financial Statement Service
in Pineville, Ballantyne, Matthews, South Charlotte, Rock Hill and Fort Mill
We all have charities that we contribute to. However, did you know that without proper documentation, the IRS can disallow your contribution even from a recognized charity? There are a few guidelines to be sure get followed when making contributions. If you find a charity you support does not follow these guidelines, then let them know what changes they should make. Below are the most frequently missed requirements.
» Read more about Make Sure Your Charitable Contributions are Deductible »
© 2009, david.knoble
Providing Tax Preparation, Bookkeeping and Financial Statement Service
in Pineville, Ballantyne, Matthews, South Charlotte, Rock Hill and Fort Mill
Many small business owners know that auto expenses are deductible, but many hate the record keeping necessary in order to get the deduction. What if your deduction was twice as large? Would the record keeping bother you as much? Let’s compare the two options and we’ll show you how easy it is to get a sizable deduction when driving for your business. » Read more about Don’t Forget To Write Your Mileage! »
© 2009, david.knoble
Providing Tax Preparation, Bookkeeping and Financial Statement Service
in Pineville, Ballantyne, Matthews, South Charlotte, Rock Hill and Fort Mill
C-Corporations are typically reserved for larger, multi-owner companies. Public companies are almost always C-Corporations and for good reasons. However, a small business frequently has more tax advantages as an LLC, Partnership or an S-Corporation. That being said, now may be a good time to move away from your C-Corporation structure. » Read more about Is Your Small Business a C-Corporation? »
© 2009, david.knoble
Providing Tax Preparation, Bookkeeping and Financial Statement Service
in Pineville, Ballantyne, Matthews, South Charlotte, Rock Hill and Fort Mill
I am a HUGE fan of the personal, handwritten note. I believe that the time taken for any note that is handwritten shows the recipient how important they are. While my opinion hasn’t changed, I have found a service that I may use to replace some of my typed and handwritten notes.
Imagine receiving an envelope with a stamp affixed at the top and a normal post mark — not a bulk mail postmark. Imagine that the envelope has your name and address in what looks like my handwriting. You look closer and realize it was printed by a printer, but it sure looks like my handwriting (you’ve received handwritten notes from me before). You open up the envelope and pull out a card that easily could have come from Target or WalMart. Imagine opening the card and reading a note from me in my handwriting and with my signature. You see again that it was printed by a printer, but it looks like I wrote it when you hold it back.
 This isn’t fantasy — this is real. There are some upfront costs for this service and I said I still believe in the handwritten note. However, there are clearly some great applications for this type of service. You can login, type a quick card and send it in less than five minutes. Your recipient will get a personal card like I described above at a cost that is less than a typical card at the store.
Take a look at SendOutCards. While SendOutCards allows members to profit from signing up new customers, we have decided not to advertise in that manner here to keep with our tradition of providing quality information.
© 2009, david.knoble
Providing Tax Preparation, Bookkeeping and Financial Statement Service
in Pineville, Ballantyne, Matthews, South Charlotte, Rock Hill and Fort Mill
Does your business revolve around tracking time and billing customers for that time? Do you provide service? Warranty calls? Research? Any business that needs to track the time spent and bill for that time may find this website useful. Apparently a group has gotten together and created an online time and expense tracker (Note: time and expense is frequently referred to as ‘T&E’). The best part about this group is that their service is FREE! » Read more about Low Cost Time & Expense Management »
© 2009, david.knoble
Providing Tax Preparation, Bookkeeping and Financial Statement Service
in Pineville, Ballantyne, Matthews, South Charlotte, Rock Hill and Fort Mill
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Helpful Links We thought the links below would be helpful to you. We grouped them together by category to organize them as we add more. Enjoy!
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