Kilroy Accounting, LLC

07/31/2025

Get funding to grow 📈 or expand ↔️ your business!

Connect with an SBA-approved lender: https://www.sba.gov/lendermatch

07/26/2025

SCAM ALERT: The IRS will not email you!

Beware of phishing schemes aimed at stealing your identity through fake emails, including those directing you to click on fraudulent links to obtain your tax documents or “account summary.” See: www.irs.gov/phishing

07/17/2025

Interesting article from BDO USA regarding the new Tax Bill and how it may impact you.

Changes in tax laws can significantly impact financial planning and operational strategies. Stay informed and prepared.

07/22/2021

If your business is organized as a sole proprietorship or a wholly owned limited liability company, you’re subject to both income tax and self-employment (SE) tax. There may be a way to cut your tax bill by operating as an S corporation. SE tax is imposed on 92.35% of SE income at a 12.4% rate for Social Security up to $142,800 for 2021 and at a 2.9% rate for Medicare. An extra 0.9% Medicare tax is imposed on income exceeding $250,000 for married filers and $200,000 for singles. If you conduct business as an S corp, you’re subject to income tax, but not SE tax, on your share of business income. But the S corp must pay you a reasonable salary. Contact us if you want to discuss these issues.

03/20/2020

https://www.cnbc.com/2020/03/20/ccoronavirus-mnuchin-says-irs-will-move-tax-filing-deadline-to-july-15.html

President Donald Trump ordered the IRS federal income tax filing extension to help deal with the coronavirus pandemic's economic fallout, Treasury Secretary Steven Mnuchin said.

03/17/2020

https://www.cpapracticeadvisor.com/tax-compliance/news/21129660/2020-tax-season-payment-deadline-extended-to-july-15-as-nation-fights-coronavirus-irs-news?utm_source=CPA+Other+Communications&utm_medium=email&utm_campaign=CCSN200317002&o_eid=6667F7108445H5K&rdx.ident=%5Bobject+Object%5D

Taxpayers and businesses will have until July 15, 2020 to pay their taxes this year, but the filing deadline is still April 15, for now. The change was announced on Tuesday afternoon, by Treasury Secretary Steven Mnuchin ...

04/15/2019

How to avoid getting another tax bill you can't pay.

04/14/2019

For starters, I've always lived below my means.