Palmetto Accounting

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

If you run your business as an S-Corporation, mid-year is your deadline to check your salary.The IRS requires owner-empl...
08/31/2026

If you run your business as an S-Corporation, mid-year is your deadline to check your salary.

The IRS requires owner-employees to pay themselves "Reasonable Compensation" via W-2 wages. But as your business grows, what was considered reasonable two years ago might now trigger an IRS audit flag.

If your revenue has jumped this year, but your W-2 pay is still set to a baseline low:

• You risk IRS scrutiny and back payroll taxes
• You may be underfunding your retirement contributions
• Your year-end distributions could be reclassified as wages

Reviewing your profit mid-year gives you time to adjust your payroll allocations over the remaining months of the year, keeping you fully compliant while maximizing tax efficiency.

Let's evaluate your S-Corp structure before the year closes out.

📩 [email protected]

It’s one of the most frustrating feelings as a business owner:Sales are up. The team is stretched thin. Everyone is work...
08/28/2026

It’s one of the most frustrating feelings as a business owner:

Sales are up. The team is stretched thin. Everyone is working non-stop.

Yet, when you look at the bank account at the end of the month, the cash just isn't there.

Being busy is not the same as being profitable.

When a business scales, complexity increases fast. Working capital gets trapped in inventory, accounts receivable lag behind, and hidden overhead quietly eats your margins.

A Fractional CFO dives deep into your operational metrics to answer the hard questions:

• Where is cash actually getting tied up?
• Are your highest-volume services actually your least profitable?
• What exact levers do we need to pull to turn revenue into actual profit?

If your business is growing but cash flow feels tight, it's time to look deeper than your P&L.

Let's find the leak and fix it.

📩 [email protected]

The reason bookkeeping feels overwhelming for most business owners is simple:They try to do three months of work in one ...
08/26/2026

The reason bookkeeping feels overwhelming for most business owners is simple:

They try to do three months of work in one sitting.

When you wait 90 days to reconcile transactions, you forget what that $450 vendor payment was for, receipts go missing, and the task becomes a chore you dread.

Shift from a "quarterly marathon" to a 15-minute weekly habit:

1. Every Friday afternoon: Review pending transactions.
2. Match receipts to bank feeds while memory is fresh.
3. Flag anything weird or unfamiliar immediately.

15 minutes a week eliminates 15 hours of chaos in March.

If you don't even have 15 minutes to spare, that's your sign to outsource it to a team that handles it seamlessly for you.

Let us take bookkeeping off your plate completely.

📩 [email protected]

If your books for January through June aren't reconciled yet, you are setting yourself up for a nightmare first quarter....
08/24/2026

If your books for January through June aren't reconciled yet, you are setting yourself up for a nightmare first quarter.

Trying to audit six months of missing receipts and uncategorized expenses while running a business in the middle of tax season is exhausting—and expensive.

Right now is the ideal window to get fully caught up:

✔ Reconcile every bank and credit card account through mid-year
✔ Clear out "uncategorized expense" dumping grounds
✔ Verify owner draws vs. actual W-2 wages
✔ Collect updated W-9s from all your contractors

Getting your financials 100% current today means Q4 is smooth, and tax prep next year is as simple as sending a clean report to your CPA.

Don't carry a bookkeeping backlog into the end of the year. Let us clean it up for you.

📩 [email protected]

Many business owners think a CFO is a luxury saved for $20M+ enterprises.So they rely solely on a bookkeeper for past da...
08/21/2026

Many business owners think a CFO is a luxury saved for $20M+ enterprises.

So they rely solely on a bookkeeper for past data and a tax CPA for year-end compliance.

The problem? Neither of those roles is looking at where your business is going.

That leaves a massive strategic gap in the middle:

• Who is running scenario models before you sign that expensive lease?
• Who is optimizing your pricing to protect profit as costs rise?
• Who is mapping out cash flow so payroll never feels tight?

You don't need to hire a $250,000 executive to get enterprise-level direction.

A Fractional CFO gives you high-level financial leadership, forecasting, and strategic clarity, at a fraction of the cost of a full-time hire.

Stop making strategic decisions on gut feeling alone.

📩 [email protected]

You open your mobile banking app, see $40,000 in checking, and feel great.So you make that new equipment purchase or sig...
08/19/2026

You open your mobile banking app, see $40,000 in checking, and feel great.

So you make that new equipment purchase or sign that software agreement.

Two weeks later, cash feels tight. What happened?

Your bank balance only tells you what happened in the past. It doesn't account for:

• Uncleared checks or pending credit card charges
• Upcoming payroll and payroll tax liabilities
• Sales tax you collected that isn't actually yours
• Quarterly estimated tax payments due next month

Your bank balance is a temporary snapshot. Your reconciled books are your actual map.

Operating off your bank app is guessing. Operating off reconciled books is leading.

Never make a major spending decision based on a bank balance alone.

📩 [email protected]

Nothing hurts quite like filing your return in April, discovering you owe $20,000, and getting hit with an underpayment ...
08/17/2026

Nothing hurts quite like filing your return in April, discovering you owe $20,000, and getting hit with an underpayment penalty on top of it.

Why does this happen? Because your quarterly estimated tax payments were based on last year's income.

If your business has grown this year, your old estimated payments aren't covering your current liability.

A mid-year tax review fixes this before it becomes an emergency:

• Compare your actual YTD net profit against last year's performance
• Recalculate your remaining Q3 and Q4 estimated payments
• Adjust your withholdings so you keep cash flowing smoothly

You shouldn't have to guess what you’re going to owe the IRS next April.

Let’s run a mid-year projection so there are zero surprises.

📩 [email protected]

If your "receipt management system" is a digital folder full of uncategorized screenshots or a physical box in your truc...
08/14/2026

If your "receipt management system" is a digital folder full of uncategorized screenshots or a physical box in your truck...

You're leaving money on the table every single month.

Missing receipts don't just create headache at tax time. They cost you real dollars:

• Unclaimed deductions: If you can't prove the expense, you can't write it off.
• Audit vulnerability: The IRS requires documentation, not just bank statements.
• Inflated CPA fees: Paying an accountant hourly to clean up shoeboxes is the most expensive way to handle bookkeeping.

The fix isn't complicated:
Use a receipt-scanning app, snap a photo the moment you pay, and tag the business purpose immediately.

Two seconds today saves you thousands in lost write-offs tomorrow.

If your bookkeeping process feels disorganized, let us build a system that works.

📩 [email protected]

Throwing every software subscription, office purchase, and hardware run into "General Business Expenses"?It seems harmle...
08/12/2026

Throwing every software subscription, office purchase, and hardware run into "General Business Expenses"?

It seems harmless, but miscategorizing transactions is like driving with a dirty windshield.

When your chart of accounts is a dumping ground, you lose visibility into:

• Your true gross margins (confusing Direct Cost of Goods Sold with Operating Expenses)
• Hidden expense leaks (recurring subscriptions you no longer use)
• Tax-deductible categories (like meals vs. entertainment vs. office supplies)

Clean bookkeeping isn't about being picky.
It's about having clean data so you can actually lead your business.

If your Profit & Loss statement looks like a wall of random numbers, it's time to clean up your Chart of Accounts.

We can help you get it sorted: [email protected]

Most small business owners don’t start thinking about tax season until January.By then, 80% of your tax-saving opportuni...
08/10/2026

Most small business owners don’t start thinking about tax season until January.

By then, 80% of your tax-saving opportunities are already locked in stone.

Tax planning isn't something you do when you file. It's something you execute while the year is still happening.

Using the mid-year mark as a tax checkpoint allows you to:

• Project your end-of-year tax bracket while you still have time to adjust
• Accelerate or defer income to keep your taxable exposure low
• Time major equipment purchases to leverage Section 179 depreciation
• Adjust your S-Corp reasonable compensation before payroll closes out

When you prepare in Q3, tax season is a quick confirmation.
When you wait until March, tax season is a costly surprise.

Let’s review your year-to-date numbers and build a tax strategy now.

📩 [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

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