JanetKillingswortVideo Janet Killingsworth here. Not too long ago, members of Congress were saying the the NEW tax reform package would enable most American taxpayers to do their own taxes on a large postcard. As we all know, this was not the case, even though more than 80% of Americans will see a reduction in what we pay in our own taxes beginning with 2018. And yes, the state of Georgia has also passed a reduction in income taxes. Yes, there was a time when most Americans could prepare their own taxes; however, each year the tax code becomes increasingly [...]
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We are teachers_ tax planners_ and tax preparers Hello again, Lynn Spencer here. We just completed our busiest tax season ever at Killingsworth Spencer. We can feel the energy and the excitement from the TCJA (Tax Cuts and Jobs Act of 2017/18), which will add to our growth this year. Businesses are expanding their footprint, and new businesses are opening all around us. Have you noticed the growth of new residents to the metro area in the past year? Our Realtor clients continue to sell houses like hotcakes, and we are taking an increasing number of calls from people who [...]
A backdoor Roth IRA contribution is a way for taxpayers to put money into a Roth IRA who may not otherwise be able to do so; and yes, it is 100% legal. Hello again, Lynn Spencer here. Today I wanted to share how Backdoor Roth IRA contributions are becoming a popular financial tool to save more money towards your retirement. If your Modified Adjusted Gross Income (MAGI) exceeds $135,000 (single) and $199,000 (married filing joint) for 2018, you are NOT permitted to contribute to a Roth IRA - unless it's through the Backdoor. Just so we are clear on a few important [...]
Introduction to Killingsworth Spencer Lynn Spencer here. Did you know the only way the IRS or the State Department of Revenue (DOR) will ever make initial contact with you, the taxpayer? Our staff at Killingsworth Spencer wants our community to avoid getting conned by people who say they are from these agencies. When taxscammers try to contact you via email, text, or phone call, simply delete the message or hang up the phone because it is a SCAM, and here is why. If you are a regular reader of our blogs then you know that the IRS and the state [...]
Lynn Spencer here. Today I want to share a tidbit of information many taxpayers do not understand when it comes to preparing and signing your federal and state tax return. YOU are the only responsible party to this very important transaction between the feds and the state. If you owe extra money due to not declaring income (from whatever source), or taking too generous tax deductions, or failing to tell your preparer "all the facts", you and only you will receive a notice thru the U.S. Postal Service (not any other way) of the deficiencies. At Killingsworth Spencer, we make [...]
Introduction to Killingsworth Spencer Lynn Spencer here. Today I want to focus on some important questions to ask your CPA or tax preparer, whether you are seeking a new relationship or have been with your current advisor for a while. Do you work alone, or do you have a staff? Who checks your work for accuracy? Who steps for you in an emergency? To elaborate a bit here, you should ask who checks the return to make certain nothing has been glossed over or you are not overpaying your taxes. Whenever we take on a new client, we ask to [...]
It's that time of year again. Janet Killingsworth here. As we all begin planning for the Thanksgiving celebrations and Christmas and Hanukah in a few weeks, we also must think about planning for our retirement plan limitations for 2019. Below are just released numbers from the IRS. As always, should you have any questions regarding your personal situation, please do not hesitate to call us. The Internal Revenue Service (IRS) has announced cost-of-living adjustments for 2019, which affect dollar limitations for retirement plans and other retirement-related values. Almost all limits increased from 2018 to 2019.The 2019 limits are as follows: [...]