Knight & Company CPAs

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Tax Return Preparation, Accountants-Certified Public, Accounting Services

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Today: 8:30 am - 5:00 pm

25 Years

in Business

(650) 948-8737Visit WebsiteMap & Directions425 1st StLos Altos, CA 94022 Write a Review

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Hours

Regular Hours

Mon - Fri:	8:30 am - 5:00 pm

Places Near Los Altos with Tax Return Preparation

Mountain View (3 miles)
Sunnyvale (7 miles)
Stanford (7 miles)
Palo Alto (8 miles)
Cupertino (9 miles)
Menlo Park (11 miles)
Atherton (12 miles)
Alviso (14 miles)
Santa Clara (14 miles)
Saratoga (15 miles)

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Email

Extra Phones

Phone: (510) 948-8737

Phone: (650) 948-3023

Fax: (650) 948-3023

TollFree: (888) 400-8808

Payment method

amex, cash, check, debit, discover, invoicing available, master card, visa

Neighborhood

North Los Altos

AKA

Knight And Company

Knight & Company CPA’s

Other Links

http://www.knightandcompany.com

https://www.knightandcompany.com/contact

Categories

Tax Return Preparation, Accountants-Certified Public, Accounting Services, Bookkeeping, Financial Planning Consultants, Financial Services, Investments, Payroll Service, Taxes-Consultants & Representatives

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Certifications: Certified Public Accountants

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Details

Phone: (650) 948-8737

Address: 425 1st St, Los Altos, CA 94022

Website: http://www.knightandcompany.com

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Knight & Company CPAs

Tax Planning
Charitable Giving
You cannot deduct contributions made to specific individuals, political organizations and candidates, the value of your time or services and the cost of raffles, bingo, or other games of chance. To be deductible, contributions must be made to qualified organizations. Cash contributions must be substantiated by a bank record, or a receipt, letter or other written communication from the donee organization indicating the name of the organization, the date of the contribution, and the amount of the contribution. In addition, if the contribution is $250 or more, a written acknowledgement showing the amount of cash contributed, any property contributed, and a description and a good faith estimate of the value of any goods or services provided in return for the contribution or statement that no goods or services were provided in return for the contribution, is required. Non-cash contributions over $500 must be supported by an attachment to the return which states the kind of property contributed, along with the method used to determine its fair market value. Form 8283, Non-cash Charitable Contributions is required for contributions with a claimed value of more than $5,000. Contributions which exceed the 10% limitation can be carried over for five years.
Estate Taxes
IRS Representation
During our years of dealing with many taxing authorities, we have achieved a level of competence that can assure our clients they are being properly represented before the various federal and state tax agencies.
Avoiding Probate
Joint tenancy, with the privilege of survivorship. Two or more people have equal ownership. The property is passed to the joint owner upon death. This should be used to effectively avoid probate.
Tax Services
Earlier is better when it comes to working on your taxes. The IRS encourages everyone to get a head start on tax preparation. Not only do you avoid the last-minute rush, early filers also get a faster refund.
Roth IRA
Retirement Savings Contribution Credit Eligible individuals may be able to claim a credit for a percentage of their qualified retirement savings contributions, such as contributions to a traditional or Roth IRA or salary reduction contributions to a SEP or SIMPLE plan. To be eligible, you must be at least age 18 at the end of the year and not a full-time student or an individual for whom someone else claims a personal exemption. Also, your adjusted gross income (AGI) must be below a certain amount. For more information, see chapter three in Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).
Real Estate Taxes
Deductible real estate taxes are usually any state, local, or foreign taxes on real property. If a portion of your monthly mortgage payment goes into an escrow account and your lender periodically pays your real estate taxes to local governments out of this account, you can deduct only the amount actually paid during the year to the taxing authorities. Your lender will normally send you a Form 1098, Mortgage Interest Statement, at the end of the tax year with this information.
Form 1065
Partnerships - File a previous calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then file Form 1065 by September 15.
Tax Deductions
The IRS reminds taxpayers that specific rules apply for taking a tax deduction for donating cars to charities. If the claimed value of the donated motor vehicle, boat or plane exceeds $500, you can deduct the smaller of the vehicle's FMV on the date of the contribution or the gross proceeds received from the sale of the vehicle.
Income Tax
The interest gained from state and local bonds is usually exempt from federal income taxes. These investments generally pay back at a lower interest rate than commercial bonds of similar quality.
Tax Deferral
Capital Gains Taxes
Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $77,200 for joint filers and surviving spouses, $51,700 for heads of household, $38,600 for single filers, $38,600 for married taxpayers filing separately, and $2,600 for estates and trusts

Mutual Funds
The total return is the amount of money that a fund makes after reinvesting and receiving dividends. This will deliver the most benefit from the compounding interest. The total return is a way to accurately gauge the real return on investment that you will get with a mutual fund.
Bonds
Wealth Management
Our clientele has expanded to include all manner of entities and individuals, and our service offering has expanded to include all types of tax and accounting engagements, as well as consulting for operations management and wealth management services.
Money Market Funds
The yield is the amount paid annually by an investment. The yield is most commonly a percentage of the market price of an investment, which does not take into account the appreciation. Since money market funds and certificates of deposit don't fluctuate like stocks and bonds do, the yield would be the same as the total return.

Accounting Services
You or your staff can access your Quickbooks on a high speed website online anytime and from anywhere. We maintain the software, the system, and the back-ups. Allows for multiple simultaneous users; we can meet with users online for consultations and live bookkeeping assistance.
Payroll Services
For the convenience of our clients, we "host" ADP payroll services. Hosting consists of our acting as interface between ADP and our client, handling the day to day communication and problem solving.
Bookkeeping Services

Financial Planning
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Retirement Planning
On IRA accounts, life insurance policies, pension plans, 401(k) plans, and other retirement accounts make sure to modify the beneficiaries.
Annuities
Employers - Nonpayroll taxes. File Form 945 to report income tax withheld for this year on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 12 to file the return.
Long Term Care
With long-term care insurance (LTCI), you are guaranteed to be paid a certain amount of money towards care for a specified length of time.
Asset Management
Diversification is similar to asset allocation, but within the asset class. For instance, diversification would be buying 15 or 20 different stocks, with the same purpose in mind as asset allocation, to minimize risk and to make sure that if something tanks, it doesn't take your entire portfolio down with it.
Reverse Mortgages
A reverse mortgage is a way for you to take advantage of some of the equity that is currently tied up in your home. A reverse mortgage works in the same manner as a normal one, reversed, and the homeowner is paid monthly versus having to pay. The major difference between this and a home equity loan is that you aren't required to pay anything back to the lender as long as you retain ownership of the home.

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