The Right Clients Understand the Difference
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Hello Wealth Builders! Over the course of tax season, I spoke with a lot of people looking for the cheapest option to get a return filed. And honestly? That’s okay. There will always be a market for bargain tax preparation. But recently, I had a consultation that reminded me exactly who I’m called to serve. This business owner said:
That conversation felt different. Because they weren’t looking for someone to simply “file taxes.” They were looking for a trusted advisor. Someone who understands strategy. That is the type of client relationship I value most. I’m not trying to be the cheapest. The clients who get the best results are usually the ones who understand that tax planning is not an expense — it’s part of building wealth and protecting what they’ve worked hard for. If you’re looking for: …then we may be a great fit. And to my existing clients who already operate and think this way: thank you. You are deeply appreciated. Karitsa Kerns, CPA, EA
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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...