Kim Hall, CPA, PLLC

09/14/2026

💰 Why Does My Business Make Money But I Have No Cash?

Have you ever looked at your financial statements and thought:

“We're profitable… so where did all the money go?”

You're not alone. Profit and cash flow are not the same thing.

Your business can show a profit while your cash is tied up in:

✔️ Accounts receivable that haven't been collected
✔️ Inventory sitting on the shelves
✔️ Equipment and other large purchases
✔️ Loan principal payments
✔️ Owner distributions
✔️ Rapid business growth

For example, you could have $100,000 in sales and $70,000 in expenses, giving you $30,000 of profit—but if your customers haven't paid you yet, you may not actually have $30,000 sitting in your bank account.

Profit tells you whether your business is making money.
Cash flow tells you where the money is going.

That's why reviewing your financial statements regularly is so important. Good bookkeeping isn't just about preparing your tax return—it can help you understand what's really happening in your business.

If your business is profitable but you're constantly wondering where the cash went, let's look at the numbers together.

📧 [email protected]
📞 336-338-8038
🌐 www.kimhallcpa.com

09/11/2026

09/10/2026

🌎 Doing Business in More Than One State? You May Need More Than One Tax Return.

One common surprise for business owners is finding out that having a business in one state doesn't necessarily mean you only file taxes in that state.

A business may have a tax filing requirement in another state when it has sufficient connection—or “nexus”—with that state.

Some situations that can create a multistate filing requirement include:

✔️ Having employees working in another state
✔️ Owning or renting business property in another state
✔️ Operating an office or other business location in another state
✔️ Traveling to another state to perform services
✔️ Making sales to customers in another state
✔️ Meeting a state's economic nexus threshold

And it isn't always as simple as “I made sales there, so I owe tax there.” Each state has its own rules regarding income tax, franchise tax, sales tax, withholding, and nexus.

For example, a business based in North Carolina that sends employees to South Carolina to perform work may have tax or registration obligations in South Carolina—even though the business itself is located in North Carolina.

The important part: Don't wait until you receive a notice from another state to find out you had a filing requirement.

If your business is expanding across state lines, hiring remote employees, or selling services to customers in other states, it's worth reviewing your multistate tax obligations before they become a problem.

📧 [email protected]
📞 336-338-8038
🌐 www.kimhallcpa.com

09/08/2026

💼 S-Corp Owners: Are You Paying Yourself a Reasonable Salary?

One of the biggest tax benefits of an S-corporation is that not all of the business's profit is subject to Social Security and Medicare taxes.

But there's an important rule:

If you work in the business, you generally can't simply pay yourself a tiny salary and take the rest as distributions.

The IRS requires shareholder-employees who provide services to the corporation to receive reasonable compensation for those services.

So, what is “reasonable”?

There isn't one magic salary amount. It can depend on factors such as:

✔️ Your job duties and responsibilities
✔️ The amount of time you work
✔️ Your experience and qualifications
✔️ What similar businesses pay for comparable work
✔️ The size and profitability of the business
✔️ Whether you're performing most of the day-to-day work

For example, if you are the owner of a successful construction company and you're working 40+ hours a week managing jobs, employees, customers, and finances, paying yourself $20,000 a year may be difficult to justify as reasonable compensation.

The goal isn't to pay yourself the lowest salary possible. The goal is to establish a salary that can be reasonably supported.

If you're an S-corp owner and aren't sure whether your current compensation is reasonable, we can help you evaluate your situation and develop a defensible compensation strategy.

📧 [email protected]
📞 336-338-8038
🌐 www.kimhallcpa.com

09/07/2026

📅 BUSINESS OWNERS: SEPTEMBER 15TH IS A TAX DEADLINE!

If you extended your business tax return, don't forget that the extension gave you additional time to file—not additional time to pay.

For many businesses, September 15, 2026 is the deadline to file extended returns, including:

✔️ Partnerships — Form 1065
✔️ S Corporations — Form 1120-S

If you haven't already, now is the time to make sure your books are up to date and your tax return is ready to go.

Don't wait until September 15th! 📌

Need help getting your business return filed? Contact Kim Hall, CPA, PLLC.

📧 [email protected]
📞 336-338-8038
🌐 www.kimhallcpa.com

09/03/2026

Are You 65 or Older? You May Qualify for an Additional $6,000 Deduction!

A new tax benefit from the One Big Beautiful Bill gives eligible taxpayers age 65 and older an additional deduction of up to $6,000 per person for tax years 2025 through 2028.

That means a married couple where both spouses are 65 or older could potentially receive up to a $12,000 additional deduction!

But there are some important limitations:

🔹 Income matters. The deduction begins to phase out when modified adjusted gross income (MAGI) exceeds $75,000 for single filers or $150,000 for married filing jointly.

🔹 The deduction is reduced as income increases. For example, a single taxpayer with MAGI of $100,000 would not receive the full $6,000 deduction.

🔹 Age matters. You must be 65 or older by the end of the tax year.

🔹 Filing status matters. Married taxpayers generally must file married filing jointly to claim the deduction. A valid Social Security number is also required for each qualifying individual.

🔹 It is a deduction—not a $6,000 tax credit. It reduces taxable income, so the actual tax savings will depend on your tax situation.

If you're 65 or older, don't assume you don't qualify. Let's look at your numbers and determine whether you can take advantage of this new deduction.

📧 [email protected]
📞 336-338-8038
🌐 www.kimhallcpa.com

08/19/2026

💰 How Much Should You Set Aside for Taxes?

One of the biggest questions we hear from business owners is:

“How much of my income should I be setting aside for taxes?”

The answer isn't the same for everyone. Your tax liability can depend on your income, business structure, deductions, filing status, and other sources of income.

As a general starting point, many self-employed business owners consider setting aside 25%–30% of their net business income for federal and state taxes. However, higher-income taxpayers may need to set aside more.

And don't forget about estimated tax payments. Setting money aside is important, but making timely payments can help you avoid an unexpected tax bill and potential penalties.

📌 The best approach? Don't guess. Plan.

A tax projection can help you estimate what you are likely to owe and determine how much you should be setting aside throughout the year.

If you're making money but aren't sure how much you should be saving for taxes, let's take a look at your numbers.

📧 [email protected]
📞 336-338-8038
🌐 www.kimhallcpa.com

08/17/2026

☀️ Is summer slowing down your business? Use the time to improve, plan, and prepare—or if you’re busy, let’s talk about managing growth!

Join us for Link & Lead TOMORROW! 🤝
📍 Colonial Grind | 🕛 12–1 PM
6329 Unity St, Ste F, Thomasville, NC

07/22/2026

👨‍👩‍👧‍👦 Good News for Families: The Child Tax Credit Has Increased

The One Big Beautiful Bill Act increased the maximum Child Tax Credit from $2,000 to $2,200 per qualifying child beginning with the 2025 tax year. The credit is also indexed for inflation in future years, helping it keep pace with rising costs.

For many eligible families, this means:

✅ Up to $200 more per qualifying child
✅ Greater potential tax savings
✅ More money staying in your family's budget

Keep in mind that eligibility still depends on factors such as:

📌 Your income
📌 Your filing status
📌 Your child's age and other IRS qualifying rules
📌 Other IRS requirements

Every family's tax situation is different, so the amount of credit you receive may vary.

If you'd like to understand how these tax law changes could affect your family or your 2025 or 2026 tax return, we're here to help.

📞 Kim Hall CPA PLLC
336-338-8038
🌐 https://www.kimhallcpa.com/

Our team stays current on tax law changes so you don't have to. Let us help you maximize every credit and deduction you're entitled to.

07/20/2026

💡 Tax Planning Isn't Just for Tax Season—It's a Year-Round Strategy

Many business owners don't think about taxes until it's time to file a return. Unfortunately, by then, many opportunities to reduce taxes have already passed.

Proactive tax planning can help you:

✅ Minimize your tax liability legally
✅ Avoid unexpected tax bills and penalties
✅ Improve cash flow throughout the year
✅ Make informed decisions about equipment purchases, retirement contributions, and business growth
✅ Stay prepared for estimated tax payments and changing tax laws

The best tax strategies happen before the end of the year, not after.

Whether you're a new business owner or an established company, regular tax planning meetings can help you keep more of what you earn and avoid costly surprises.

At Kim Hall CPA PLLC, we work with business owners year-round to develop tax strategies that align with their goals—not just prepare tax returns.

📞 Call us today: 336-338-8038
🌐 Learn more: https://www.kimhallcpa.com/

Don't wait until tax season to start planning. Your future self—and your bottom line—will thank you.