Just Because It Was Accepted Doesn't Mean It was Accurate
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If the IRS accepted your tax return, congratulations—your return made it through the IRS processing system. But here’s what many private practice owners don’t realize: An accepted return is not the same as an accurate return. Many people are confused when I review prior tax returns, identify errors, missed deductions/opportunities, and explain how it's supposed to be done accurately and LEGALLY. This is also why many returns are later audited, amended, or assess additional taxes even though they were accepted without issue. Don’t confuse accepted with accurate. A return can be accepted today and still create expensive tax problems tomorrow. That's why I focus on helping private practice owners heal costly tax problems, reduce taxes legally, and prevent future tax issues with proactive tax strategies and expert tax resolutions. Working with me will get you right. If you’ve never had your tax return reviewed from a strategic perspective, it may be worth asking whether your taxes are simply filed—or truly healthy. Schedule a consultation if you’d like to discuss your current tax strategy or schedule a tax return assessment. 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 September 15th -
October 15th -
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Welcome to the KNK Tax & Accounting Blog
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?...
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...