I Solve Tax Problems-Not Just Prepare Returns
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Hello Wealth Builders! For years, I've said that my role goes far beyond preparing tax returns. My job is to help business owners solve tax problems and prevent future ones. Most people think of tax planning as reducing taxes, optimizing entities, or implementing strategies to keep more of what you earn. And while that's certainly part of it, planning is really about preventing problems before they happen. But here's what I've learned: The business owners who benefit most from tax planning are often the ones who are already dealing with a tax issue. Maybe you're receiving IRS notices. Maybe you owe more than they expected. Maybe penalties and interest have been piling up. Maybe you've fallen behind on filings and aren't sure what to do next. The reality is that solving tax problems and preventing tax problems are two sides of the same coin. Whether I'm helping a client navigate an IRS issue, get back into compliance, reduce a tax liability, or implement proactive tax-saving strategies, the goal remains the same: Solve the problem in front of you and create a plan so it doesn't happen again. If you're dealing with a tax issue, don't wait until it becomes a bigger problem. And if you want to be proactive and avoid future surprises, let's have that conversation too. Because the best tax strategy isn't just about saving money. It's about creating peace of mind. Don't let taxes keep you up at night. Karitsa Kerns, CPA, EA
I help women business owners keep more of what they earn because too many brilliant women are losing wealth to taxes they don't have to pay. DEADLINES June 15th -
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Welcome to the KNK Tax & Accounting Blog
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...
The IRS recently announced a change that could make it easier for some taxpayers to get penalty relief. Starting this summer, the IRS will begin automatically removing certain penalties for taxpayers who have a strong history of filing and paying on time. In the past, you generally had to contact the IRS and request the First Time Penalty Abatement. Under the new process, called the Automatic Exemption from Penalty, eligible taxpayers will not have to ask. You may qualify if you filed your...