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Taxes | David Knoble, CPA, PLLC

David Knoble, CPA, PLLC

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Individual’s Health Care Requirements — Final Rules Issued

The IRS has now released the final reg­u­la­tions gov­ern­ing the require­ments for indi­vid­u­als to carry health care insur­ance.  There has been leg­is­la­tion and edi­to­r­ial mat­ter daily since the orig­i­nal act was passed.  The end result is the leg­is­la­tion will help some and hurt oth­ers.  One of the keys to under­stand­ing these IRS reg­u­la­tions is … → Read More: Individual’s Health Care Require­ments — Final Rules Issued

3.6 Million Social Security Numbers Compromised in South Carolina

The South Car­olina Depart­ment of Rev­enue announced in a press release on Octo­ber 26, 2012 that not only were 3.6 mil­lion social secu­rity num­bers exposed as the result of a for­eign cyber attack, but approx­i­mately 387,000 debit and credit card num­bers were also exposed.  Addi­tion­ally, some of the data was not encrypted and those any­where in the United States or abroad that filed a South Car­olina tax return between 1998 and 2011 are at risk.  The South Car­olina Depart­ment of Rev­enue has setup a web page  » Read more about 3.6 Mil­lion Social Secu­rity Num­bers Com­pro­mised in South Carolina »

© 2012, david.knoble
by David Kno­ble, CPA, PLLC
Serv­ing Non-Profits, Busi­nesses & Indi­vid­u­als
Rock Hill, SC

1099’s Must Be Sent Out!

There are new ques­tions on 2011 tax forms for Cor­po­ra­tions, S-Corporations and Sched­ule C busi­nesses that should encour­age you to be sure and send out your 1099’s.  The ques­tions on the tax returns ask if a) you made any pay­ments in 2011 that would require you to file 1099’s and b) if yes, did you file all 1099’s?  » Read more about 1099’s Must Be Sent Out! »

© 2012, david.knoble
by David Kno­ble, CPA, PLLC
Serv­ing Non-Profits, Busi­nesses & Indi­vid­u­als
Rock Hill, SC

When are Individual Taxes Due in 2011?

So the biggest buzz about tax sea­son in 2011 is deter­min­ing when your tax return must really be filed!  This comes into play most often when you owe the IRS a check because you want to write that check at the last pos­si­ble moment.  Here is the skinny on this year’s due date.  » Read more about When are Indi­vid­ual Taxes Due in 2011? »

© 2011, david.knoble
by David Kno­ble, CPA, PLLC
Serv­ing Non-Profits, Busi­nesses & Indi­vid­u­als
Rock Hill, SC

Taxpayers Itemizing Must Wait!

We are all glad that the new tax law has extended some of the sun­set pro­vi­sions that were going to increase almost all our taxes in 2011 and beyond.  There is a glitch, how­ever, with pass­ing this leg­is­la­tion at such a late hour.  » Read more about Tax­pay­ers Item­iz­ing Must Wait! »

© 2010, david.knoble
by David Kno­ble, CPA, PLLC
Serv­ing Non-Profits, Busi­nesses & Indi­vid­u­als
Rock Hill, SC

Is the End of the S-Corporation Near?

For years now a great vehi­cle for start­ing a small busi­ness was the S-Corporation.  Losses can be passed through to the owner dur­ing the startup years.  Then, when prof­its begin, as long as the owner takes a ‘Rea­son­able Salary,’ the remain­ing prof­its are not sub­ject to self-employment.  Well, this may be the last year this holds true.  Here’s why.  » Read more about Is the End of the S-Corporation Near? »

© 2010, david.knoble
by David Kno­ble, CPA, PLLC
Serv­ing Non-Profits, Busi­nesses & Indi­vid­u­als
Rock Hill, SC

Penalties From Using Tax Software

A fre­quent ques­tion we are asked is “Why can’t I do my own taxes on Turbo Tax® or Tax Cut® soft­ware?”  We came across a Tax Court case in which an indi­vid­ual was assessed a 20% penalty even though she used tax soft­ware to pre­pare her taxes.  The indi­vid­ual argued she should not have … → Read More: Penal­ties From Using Tax Software

A New Hire Tax Credit

The IRS tends to release some great indi­vid­ual tax cred­its — take the new homeowner’s credit now on it’s third revi­sion.  Most often, the new busi­ness cred­its are hard to take full advan­tage of for small busi­nesses.  How­ever, there is a new tax credit out and the IRS has released the nec­es­sary forms to apply for the credit.  Most impres­sive is the abil­ity for many small busi­ness to take advan­tage of the credit.  Here’s the basics.  » Read more about A New Hire Tax Credit »

© 2010, david.knoble
by David Kno­ble, CPA, PLLC
Serv­ing Non-Profits, Busi­nesses & Indi­vid­u­als
Rock Hill, SC

Make Sure Your Charitable Contributions are Deductible

We all have char­i­ties that we con­tribute to.  How­ever, did you know that with­out proper doc­u­men­ta­tion, the IRS can dis­al­low your con­tri­bu­tion even from a rec­og­nized char­ity?  There are a few guide­lines to be sure get fol­lowed when mak­ing con­tri­bu­tions.  If you find a char­ity you sup­port does not fol­low these guide­lines, then let them know what changes they should make.  Below are the most fre­quently missed requirements.

 » Read more about Make Sure Your Char­i­ta­ble Con­tri­bu­tions are Deductible »

© 2009, david.knoble
by David Kno­ble, CPA, PLLC
Serv­ing Non-Profits, Busi­nesses & Indi­vid­u­als
Rock Hill, SC

Don't Forget To Write Your Mileage!

Many small busi­ness own­ers know that auto expenses are deductible, but many hate the record keep­ing nec­es­sary in order to get the deduc­tion.  What if your deduc­tion was twice as large?  Would the record keep­ing bother you as much?  Let’s com­pare the two options and we’ll show you how easy it is to get a siz­able deduc­tion when dri­ving for your busi­ness.  » Read more about Don’t For­get To Write Your Mileage! »

© 2009, david.knoble
by David Kno­ble, CPA, PLLC
Serv­ing Non-Profits, Busi­nesses & Indi­vid­u­als
Rock Hill, SC