kwscpa, Author at Killingsworth Spencer, LLC

What’s New for GA Residents on State Income Tax

kwscpa2025-01-14T20:14:26+00:00

WHAT’S NEW Source: GA DOR – 2024 GA Individual Income Tax – page 9 2024 Income Tax Changes: Effective January 1, 2024, the income tax rate is 5.39%. Additionally, personal exemptions have been repealed except for the $4,000 dependent exemption. Finally, Georgia standard deductions have increased to $24,000 for Married filing jointly returns and $12,000 for Single, Head of household, and Married filing separately returns. The Department encourages taxpayers to review their estimated tax payments and wage withholdings for 2024. Georgia Resident Itemizer Tax Credit: Full-year and part-year residents who itemize their deductions shall be entitled to a credit up to [...]

What’s New for GA Residents on State Income Taxkwscpa2025-01-14T20:14:26+00:00

In the market for a new car?

kwscpa2024-12-18T17:01:59+00:00

If you are in the market for a new car, the federal government would like you to purchase an electric vehicle (EV) or plug-in hybrid EV (PHEV). As a result of the Inflation Reduction Act, there are four ways you can benefit from a federal EV tax credit: Purchase an EV and claim the clean vehicle credit. Purchase a used EV that qualifies for the previously owned clean vehicle credit. Purchase an EV for business use and claim the commercial clean vehicle credit. Lease an EV and benefit from a discount from the dealer. Leasing an EV is the most popular [...]

In the market for a new car?kwscpa2024-12-18T17:01:59+00:00

Important Update on FinCEN and BOI

kwscpa2024-12-11T20:21:31+00:00

Business entities that were formed or first registered prior to 2024 were required to file their initial Beneficial Ownership Interests (BOI) reports by January 1st, 2025. As of December 3rd, 2024, a preliminary injunction against enforcement of this requirement of the Corporate Transparency Act (CTA) was filed by Federal Judge Amos Mazzant for the Eastern District of Texas. Hello, everyone. I'm Gus Martinez, a CPA and senior tax Manager at Killingsworth Spencer CPAs. According to Matthew Erskine, JD, a trusts and estate attorney, “it would be reasonable for reporting companies to pause submitting new filings to the FinCEN database.” If you [...]

Important Update on FinCEN and BOIkwscpa2024-12-11T20:21:31+00:00

Important Tax Deadline December 16th

kwscpa2024-12-10T22:59:31+00:00

Greetings, Lynn Spencer here, CEO of Killingsworth Spencer CPAs. Monday, December 16th is the deadline to pay Georgia P-T-E 4th quarter estimates. To calculate the amount of tax owed, guestimate your net income for 2024 and multiply that result by 5.49%; then subtract the amount of GA PTE taxes you may have paid in the previous three quarters of 2024. We recommend that you pay PTE taxes online at gtc.dor.ga.gov. PTE is considered an estimated Corporate Income Tax. The tax period is Dec. 31st, 2024. For a more detailed explanation of PTE, see our March 2024 Blogpost here. Clients of Killingsworth [...]

Important Tax Deadline December 16thkwscpa2024-12-10T22:59:31+00:00

Don’t forget about Gifting as a planing tool

kwscpa2024-11-08T17:17:23+00:00

Tis the season for giving, including end of year gifts to family, charity, and friends. In fact, your mailbox may be getting full from charities requesting funding. Hello again, Judy Bernhard, CPA, and Resident Tax Manager at Killingsworth Spencer CPAs. The first question to ask yourself is what is the purpose of the gift and how much do you want to give away? If your intent is to unload some cash to family or friends, the Annual Exclusion (AE) Gift is $18,000 per person in 2024 and is unlimited as to the number of gifts per Donor. No gift tax return [...]

Don’t forget about Gifting as a planing toolkwscpa2024-11-08T17:17:23+00:00

Summary of IRS inflation adjustments for 2025 Income Taxes

kwscpa2024-11-04T18:03:36+00:00

The IRS has issued its annual statement of tax changes for 2025. Greetings from Gus Martinez, CPA and Tax Manager at Killingsworth Spencer CPAs. Below are the major tax inflation adjustments that affect most business owners and higher income taxpayers. 2025 Federal Income Tax Brackets Rate For Single Filers For Married Filing Joint For Heads of Households 10% $0 to $11,925 $0 to $23,850 $0 to $17,000 12% $11,925 to $48,475 $23,850 to $96,950 $17,000 to $64,850 22% $48,475 to $103,350 $96,950 to $206,700 $64,850 to $103,350 24% $103,350 to $197,300 $206,700 to $394,600 $103,350 to $197,300 32% $197,300 to $250,525 [...]

Summary of IRS inflation adjustments for 2025 Income Taxeskwscpa2024-11-04T18:03:36+00:00

GA Film Tax Credits – 2024 Update

kwscpa2024-10-24T15:29:09+00:00

Up until a few years ago, it was possible to get taxes prepared (even at the October 15th tax deadline) and buy Film Credits from a Broker to reduce state income taxes for the previous year. Nowadays, a GA resident wanting to buy tax credits must plan well in advance. Greetings from Rebekah Littleton, MAcc and Senior Tax Accountant at Killingsworth Spencer CPAs. The way a Film Tax Credit works in GA is that a movie studio or TV production company can save up to 20% if principal filming and production are done within the state, and an additional 10% (maximum [...]

GA Film Tax Credits – 2024 Updatekwscpa2024-10-24T15:29:09+00:00

The Future Tax

kwscpa2024-10-22T19:30:05+00:00

January 1, 2026, is an important date to remember. On that day the tax saving mechanisms from TCJA in 2017 revert to pre-2018 levels, including the federal estate tax lifetime exemption, unless Congress takes action. Currently, the lifetime exemption for federal estate tax is $13.61 million per person. The new lifetime exemption amount is projected to be reduced to $7M beginning on January 1, 2026. Granted, this is not something most Americans will need to concern themselves with, but if you a own a business, significant investable assets, or valuable real estate….. Hello again, Judy Bernhard, CPA and Resident Tax Manager [...]

The Future Taxkwscpa2024-10-22T19:30:05+00:00

Disaster Relief – Hurricanes Helene & Milton

kwscpa2024-10-14T20:17:05+00:00

Many taxpayers have properties in the areas affected by hurricanes Helene and Milton. Flooding was the most common cause of damage, and most homes and businesses were not covered by flood insurance. Greetings, Lynn Spencer here from Killingsworth Spencer CPAs. Residents in several states are included in the federally declared disaster area. See list (IRS.gov). While extending deadlines for most returns can be helpful, there is also tax relief. Disaster Losses – individuals and businesses in the disaster area who suffered uninsured or unreimbursed disaster-related losses from the October 2024 hurricanes may choose to claim them either on their 2023 or [...]

Disaster Relief – Hurricanes Helene & Miltonkwscpa2024-10-14T20:17:05+00:00

Beneficial Ownership Information (BOI)

kwscpa2024-10-01T22:08:37+00:00

Beneficial Owners (shareholders/partners who own at least 25% of an entity) now have less than 90 days to complete the form without incurring a Civil penalty up to $591/day beginning in January 2025. Greetings from Killingsworth Spencer CPAs, Lynn Spencer here. Earlier this year, we wrote a post detailing BOI. You may read that here – BOI Post If you own a Georgia business, you may have received an email from the GA Secretary of State Corporations Division reminding you to complete the BOI registration. You can do it now by clicking here - https://www.fincen.gov/boi. This should take about 10 minutes [...]

Beneficial Ownership Information (BOI)kwscpa2024-10-01T22:08:37+00:00

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