Palmetto Accounting

Palmetto Accounting A Charleston-based accounting firm specializing in small & mid-size business consulting.

The transition from employee to business owner comes with a lot of freedom, and one giant shock: Quarterly Estimated Tax...
06/17/2026

The transition from employee to business owner comes with a lot of freedom, and one giant shock: Quarterly Estimated Taxes.

When you're a W-2 employee, taxes are quietly taken out of every paycheck. When you’re self-employed, the IRS expects you to pay your taxes in four chunks throughout the year (April, June, September, and January). If you wait until April of the following year to pay it all, you’re going to get hit with underpayment penalties.

Don't get caught off guard. As a rule of thumb, set aside 25-30% of your net profit into a separate savings account every single month. When quarterly tax month rolls around, the money is already sitting there waiting.

The absolute biggest perk of an S Corp is saving money on self-employment taxes. But you can't just pay yourself $0 in w...
06/15/2026

The absolute biggest perk of an S Corp is saving money on self-employment taxes. But you can't just pay yourself $0 in wages and take everything else as tax-free distributions. The IRS is onto that game.

The IRS requires S Corp owners to pay themselves a "Reasonable Compensation" (a regular W-2 salary) for the actual work they do before taking distributions.

If your salary is suspiciously low, the IRS can audit you, reclassify your distributions as wages, and hit you with hefty back taxes and penalties.

To set a defensible salary, look at what it would cost to hire someone else to do your exact job. Check Bureau of Labor Statistics (BLS) data for your area and document your research. Your salary should reflect your actual role, not just a random guess.

"Just write it off!" We hear it all the time on TikTok and Instagram, but a lot of viral tax advice is flat-out wrong an...
06/12/2026

"Just write it off!" We hear it all the time on TikTok and Instagram, but a lot of viral tax advice is flat-out wrong and could land you in hot water with the IRS.

A business deduction must be both ordinary (common in your industry) and necessary (helpful for your business). No, you cannot write off your entire everyday wardrobe just because you wear it to work. No, you cannot write off a luxury vacation just because you thought about business for five minutes on the beach.

If a deduction feels like a stretch, it probably is. Keep detailed, contemporaneous receipts and write the specific business purpose directly on the back of the receipt (or in your digital banking notes) the day it happens.

Are you mixing your personal and business bank accounts?When you’re first starting out, it’s tempting to swipe whatever ...
06/10/2026

Are you mixing your personal and business bank accounts?

When you’re first starting out, it’s tempting to swipe whatever card is closest. But running personal groceries through your business account, or paying a business vendor from your personal checking, creates a massive headache.

Why? Because it cracks your "corporate shield" (putting your personal assets at risk) and turns your tax preparation into an expensive, time-consuming nightmare.

Instead, open a dedicated business checking account today. Run every single business dollar through it, and pay yourself a clean, documented transfer. Keep the wall up!

Did you know that election years often bring a hidden tax-saving loophole? Historically, the uncertainty leading up to m...
06/08/2026

Did you know that election years often bring a hidden tax-saving loophole?

Historically, the uncertainty leading up to midterm elections tends to cause temporary stock market dips. While a down market feels stressful, it actually opens a premier window for Roth IRA Conversions.

Converting traditional retirement funds to a Roth while asset prices are lower means you pay taxes on a depressed valuation, allowing the subsequent market recovery to happen entirely tax-free.

The Catch? IRMAA.
An aggressive Roth conversion can accidentally spike your Adjusted Gross Income (AGI), triggers a massive jump in your Medicare premiums (known as IRMAA) two years down the road.

Timing is everything, send us a message to see if a conversion makes sense for your portfolio this year.

The right financial guidance isn’t just about taxes.It’s about helping businesses:• Grow intentionally• Protect cash flo...
06/05/2026

The right financial guidance isn’t just about taxes.

It’s about helping businesses:
• Grow intentionally
• Protect cash flow
• Plan major purchases
• Understand long-term impact

Better decisions start with better visibility.

📩 [email protected]

Good financial strategy supports the CEO, not just the accounting department.That means helping leadership:• Understand ...
06/03/2026

Good financial strategy supports the CEO, not just the accounting department.

That means helping leadership:
• Understand the numbers
• Evaluate opportunities
• Plan growth responsibly
• Make informed decisions

Financial clarity improves leadership confidence.

📩 [email protected]

Strong businesses don’t just react to financial problems.They prepare for them.A Fractional CFO helps businesses forecas...
06/01/2026

Strong businesses don’t just react to financial problems.

They prepare for them.

A Fractional CFO helps businesses forecast ahead, identify risks earlier, and make proactive decisions instead of reactive ones.

Planning ahead creates stability.

📩 [email protected]

Many business owners wait too long to seek financial guidance.Not because they don’t care, but because they assume strat...
05/29/2026

Many business owners wait too long to seek financial guidance.

Not because they don’t care, but because they assume strategic financial support is only for large corporations.

It’s not.

Even small and growing businesses benefit from better forecasting, planning, and visibility.

📩 [email protected]

One of the biggest benefits of a Fractional CFO?Perspective.When business owners are deep in day-to-day operations, it’s...
05/27/2026

One of the biggest benefits of a Fractional CFO?

Perspective.

When business owners are deep in day-to-day operations, it’s easy to miss long-term financial trends.

A strategic financial partner helps you step back, review the bigger picture, and make decisions with more clarity.

📩 [email protected]

Address

Mount Pleasant, SC

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

Telephone

(843) 608-1008

Website

Alerts

Be the first to know and let us send you an email when Palmetto Accounting posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share