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Unearned income can be taxed at 37%

2020-01-03T06:26:49+00:00

QuickBooks can be dangerous in the the wrong hands Congress first enacted the so-called Kiddie Tax rules as part of the 1986 tax reform. Yes, ancient history but the reason given was to prevent parents and grandparents who were in high income tax brackets from shifting income (especially from investments) to children and grandchildren who were in a lower tax bracket. Congress revamped this tax under the new Tax Act (TCJA). Hello again, Lynn Spencer here. The Kiddie Tax remains in place, but the rate structure has changed effective January 1st, 2018 and sunsets at the end of 2025. The [...]

Unearned income can be taxed at 37%2020-01-03T06:26:49+00:00

A true story about hiring a Quick books professional

2020-01-03T06:30:13+00:00

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 true story about hiring a Quick books professional2020-01-03T06:30:13+00:00