Details and Dates Matter in Taxes
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As we wrap up this tax season and begin planning for the next, here’s something every business owner needs to remember: DETAILS AND DATES MATTER IN TAXES. A great example is the new bonus depreciation law. Under the new law, 100% bonus depreciation was permanently restored for qualifying property acquired and placed in service after January 19, 2025. That means when you tell me, “Oh, I bought it and started using it at the beginning of the year,” I’m going to ask: What was the actual date? Was it January 1st or January 31st? That detail can make a significant difference in determining whether an asset qualifies for the 20% bonus depreciation rules that applied to certain property or the new 100% bonus depreciation deduction. And that’s just one example. Tax planning isn’t just about knowing what you purchased or how much you spent. Dates, documentation, and details matter. Make sure you’re keeping accurate books and records throughout the year—not scrambling during tax season trying to track down dates, receipts, and documentation we need to maximize the deductions you’re legally entitled to take. If you need help properly planning before the end of the year to reduce your tax liability and take advantage of available tax-saving opportunities, schedule your appointment today. Warm regards, Karitsa Kerns, CPA, EA
I help private practice owners heal costly tax problems, reduce taxes legally, and prevent future tax issues with proactive tax strategies and expert tax resolution. DEADLINES October 15th -
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Welcome to the KNK Tax & Accounting Blog
A lot of business owners come to me asking about LLCs, trusts, S Corporations, and other strategies they've heard can help them save on taxes. The truth is this: An LLC by itself does not help you save on taxes. A trust by itself does not save you taxes either. Those are legal structures, and their tax treatment depends on how they are set up, used, and specific facts of your situation. Those are not one size fit all or copy and paste strategies. That's why when you become a new client, we...
Have you ever been shopping during a sale, gotten to the register, and the cashier says: “Actually, I can give you another 25% off.” It wasn’t advertised. You didn’t know about it. But the cashier did. Would you say, “No thanks. I’d rather pay full price”? Of course not. Yet private practice owners do something similar with taxes all the time. They wait until tax season to talk to a tax professional. They get hit with a large tax bill and immediately start figuring out how to pay it. Or they...
Running a profitable private practice does not automatically mean you are paying the lowest amount of tax legally required. In fact, many private practice owners overpay—not because they did anything wrong, but because their tax strategy has not kept pace with the growth of their practice. Here are five common reasons: 1. Your business entity no longer fits the practice The entity that worked when your practice first opened may not be the most tax-efficient structure now. As revenue and...