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NAVIGATING THE COMPLEXITIES OF MULTI-STATE TAXATION

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  Running a business across multiple states? While exciting, that also means dealing with a web of different tax laws. From sales tax rules to income tax requirements, multi-state taxation can quickly become overwhelming if you’re unprepared. At Draffin Tucker, we help businesses like yours cut through the red tape and stay compliant without unnecessary headaches. In this blog, we’ll explore what you need to know about handling taxes across state lines. WHY MULTI-STATE TAXATION MATTERS Each state plays by its own rules when it comes to taxes. If your business operates in multiple states, you could be responsible for: Income Tax Nexus : If you have a physical presence, employees, or even significant sales in another state, you might owe state income tax. Sales Tax Compliance : Selling products or services in multiple states? You may need to collect and remit sales tax based on each state’s rules. Payroll & Employment Taxes : Do you have remote employees ? Expanding your...
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WHAT’S THE DIFFERENCE BETWEEN AN AUDIT, A REVIEW, & A COMPILATION?

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  When it comes to financial reporting, not all services are created equal. If you’re a business owner, nonprofit leader, or financial officer, you’ve likely heard the terms audit, review, and compilation tossed around, especially when applying for a loan, preparing for a board meeting, or meeting regulatory requirements. But what exactly do these terms mean, and which one is right for your situation? At Draffin Tucker, we often help clients navigate this very question with a full range of resources. Understanding the differences between these assurance services  isn’t just helpful but essential for making the right financial decisions and staying compliant. In this blog, our Charleston accounting and tax team will explore each service so you can feel confident about what your business needs. WHAT IS AN AUDIT? An audit is the highest level of assurance a CPA can provide. It’s a thorough examination of your financial statements, conducted in accordance with generally ...
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UNDERSTANDING THE TAX BENEFITS OF RETIREMENT CONTRIBUTIONS

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  Planning for retirement is one of the smartest financial moves you can make. However, contributing to a retirement account doesn’t just set you up for the future; it also gives you some serious tax advantages today. Whether prepping for retirement yourself or running a business that offers plans to your employees, understanding the tax perks that come with retirement contributions can help sharpen your financial strategy. Continue below to learn more. EXPLORE THE DIFFERENT TYPES OF RETIREMENT ACCOUNTS There are several retirement accounts that offer tax benefits, each with its own set of rules and advantages. Below, we’ll break down the most common ones: TRADITIONAL IRA (INDIVIDUAL RETIREMENT ACCOUNT) Contributions to a Traditional IRA are tax-deductible, which means they lower your taxable income for the year. Plus, the money in the account grows tax-deferred, meaning you don’t pay taxes on any gains until you start withdrawing the funds in retirement. The idea is to delay taxe...
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