Are You Driving Your Finances Looking Backwards?
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Hello Wealth Builders! Most high earners approach taxes like they're driving a car - only looking in the rearview mirror. They send their tax professional their financial reports after the year is over, cross their fingers, and hope for the best. At your income level, hope is not a strategy, and it's definitely not how the wealthy build and protect their wealth. Rearview mirror thinking is simply filing your taxes. You're reporting what happened in the previous year behind you. It gives you a limited view aka options to do anything about the tax liability you could be faced with. Windshield thinking is tax planning. When you look ahead with a proactive tax strategy you:
As a high income business owner or professional, the difference isn't just a few dollars, it's five to six figures a year. Wealthy people look through the windshield. Are you? If you are ready to stop overpaying and start optimizing, let's map out your custom tax plan to help you reach your goals faster:
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Welcome to the KNK Tax & Accounting Blog
Hello Wealth Builders! High earners excel at building their business and bringing in revenue. That's your superpower. The downside is many don't think about taxes until March, or even September/October. If that's you, you could be leaving thousands on the table, or worse, in the IRS treasury. Smart high earners review, adjust, and take action in Q4 to redirect money from the IRS back to their bank accounts. Here's what you need to do: Review your financial reports - Accurate, up-to-date...
Hello Wealth Builders! After three long years of studying and testing, three months completing all the application requirements, I am proud to share that I am officially a Certified Public Accountant (CPA)! What's Changing? Several people asked, "Now that you're a CPA, what's changing?" The truth is nothing much about the quality of my work is changing. Even though I'm a newly licensed CPA, I've been in business and doing the work almost a decade. This coming January will mark 10 years. For...
Hello Wealth Builders! I promise I've heard this hundreds of times, "Just set up an LLC or S Corp and write everything off". The complaint I hear from taxpayers and new clients is, "I just need some more write-offs". Of course you want to accurately report your income and expenses, but that's not always enough. The truth is real tax strategy isn't about write-offs. That's the bare minimum. Real tax strategy is about wealth building. Wealthy people don't lower their taxes by spending...