As the year progresses, it’s important for individuals and businesses alike to consider the impact of their financial decisions—not just on their wallets, but on the world around them. Charitable giving is one such decision that can make a significant difference to others while providing potential tax benefits. Understanding Charitable Contributions Charitable contributions are donations [...]
Deciding on a payroll schedule is crucial not only for operational efficiency and employee satisfaction but also for maintaining tax compliance. At KDK Accountancy, we specialize in providing the insights and support you need to choose the most effective financial structures tailored to both your business needs and tax obligations. Here’s a deeper look into [...]
Sales tax audits can feel like an unwelcome surprise for any business. No one wants the stress, disruption, and potential penalties that come with an audit. Understanding what triggers these audits and knowing how to avoid them can help you stay compliant and protect your bottom line. In this guide, we will explore what a [...]
For most of the nation, the tax deadline was April 15. However, some people need more time to file, so a tax extension is possible. On April 12, 2024, the IRS estimated that around 19 million taxpayers would file for an automatic extension. Filing for an income tax extension gives you extra time to prepare [...]
The child and dependent care tax credit can be a game-changer for families. However, if you don’t know how to apply the credit to your taxes, you might not get the full benefit. KDK Accountancy is here to shed light on this valuable tax credit and how it can impact your finances. What Is the [...]
Preparing and filing your personal income tax return can be overwhelming, especially for individuals and small business owners. The good news is that this process can become smoother and more efficient with the right information and planning. With this article, we aim to provide you with the essential items needed to prepare your tax return, [...]
As we turn the page and welcome the new year, it's important to reflect on your business's financial status and plan to make the most of 2024. Accounting is a central cog of any business, and by setting accounting resolutions, you can ensure that your financial goals are met. In this blog post, we'll discuss [...]
Most people understand that they need to pay taxes to the government, but many are unaware of the IRS gift tax. The IRS imposes a gift tax on certain transfers of property that involve no exchange of value, such as giving money or assets to someone without receiving anything in return. Understanding the gift tax [...]
Small businesses, start-ups, and entrepreneurs face many challenges, and one of the most significant challenges is managing finances. Preparing financial statements, managing bank account operations, analyzing financial data, and preparing outgoing invoices are crucial tasks that need to be done at an affordable rate. Here's where outsourcing accounting and bookkeeping services comes into the picture. [...]
Operating your own business has many advantages but also brings unique stresses and challenges, especially at tax time. Unfortunately, while wealthy corporations know how to seize every tax advantage, small companies and independent contractors often end up paying more taxes than necessary. Small businesses are vital to the economy, which is why the government provides [...]
