Maximize Your Savings by Minimizing Your Tax Return

  As a Certified Public Accountant (CPA) firm, we understand the importance of sound financial planning and effective wealth management. At the same time, we also understand the complexities involved and how that creates confusion for some. Luckily, we’re here to help clear the air and guide you to financial success. Join us below as we unravel the secrets to building, preserving, and transferring your wealth— empowering you to make informed decisions that continue for generations. UNDERSTANDING WEALTH MANAGEMENT Wealth management goes beyond simple money management; it involves a coordinated approach to building, preserving, and transferring wealth. As CPAs, we play a crucial role in helping you make informed decisions regarding your finances. Whether you’re an individual, business owner, or high-net-worth individual, our wealth management services aim to optimize your financial situation. WEALTH MANAGEMENT BEGINS WITH THESE OPERATIVE STEPS Beginning your wealth management journey...

  As the year draws to a close, business owners everywhere prepare for one of the most crucial times on the financial calendar: year-end reporting. This process can often feel daunting, involving a deep dive into your financials and ensuring everything is for tax season. Luckily, QuickBooks can be your best ally in this endeavor. In this blog, our accounting professionals will explore how QuickBooks can streamline your year-end financial reporting and help you finish the year strong. We’ll also explore how the accounting team at Draffin Tucker can help with this and most other accounting needs. 1. AUTOMATED FINANCIAL STATEMENTS QuickBooks makes generating financial statements more convenient than ever. You can access profit and loss statements, balance sheets, and cash flow statements with just a few clicks. These automated reports save you time and reduce the likelihood of human error in manual calculations. Customize the date range, and you’ll have the necessary documents to rev...

  In our post-pandemic era, many people have shifted their schedules and found that returning to the daily grind of full-time employment just isn’t their forte. But being self-employed means that you are responsible for paying taxes on your own. There was something comforting about your former company taking care of it all and just writing you a check – but fear not, you can navigate your taxes easily with this guide! KNOW YOUR ENTITY The first and most critical step to your new life of being self-employed is making the decisions about how you want to structure your business. It can be a sole proprietorship, S-corporation, C-corporation, a partnership, or a Limited Liability Company which may be taxed as be a sole proprietorship, S-corporation, C-corporation, a partnership depending upon the number of its members. The type of business structure that you choose will directly relate to how taxable income translates to your personal taxes. SOLE PROPRIETOR As a sole proprieto...

  With tax season in the rearview mirror, it’s time to start preparing for next year. For many of us, filing taxes can be a daunting task. But with a little preparation, you can make tax time less stressful next year. Here are seven steps from our expert CPA in Charleston to help you file your taxes quickly and easily next year! GET ORGANIZED The key to successful tax filing is staying organized throughout the year. That includes keeping track of all your income sources and deductible expenses, such as charitable donations and medical bills. Keeping this information in one place is a great way to stay organized and make sure nothing slips through the cracks. CHECK YOUR WITHHOLDING Make sure you’re having enough money withheld from each paycheck to cover your taxes when they come due next year. If not, you may find yourself owing more than expected come April 15th! USE ONLINE SOFTWARE Gone are the days of filling out paper forms by hand! Most taxpayers can use online...