Accounting Archives - Killingsworth Spencer, LLC

Bookkeeping for Latino businesses

kwscpa2021-09-23T16:20:27+00:00

If you are a business owner in the Latino community and you need help with your business bookkeeping, then look no further than Killingsworth Spencer CPAs. My name is Geirson Bejarano, and I am a Senior Staff Accountant with Killingsworth Spencer. I take calls every week from frustrated business owners because they do not understand what their financials mean. Some are making money, but they don’t know it. Others are losing money when they believe they are making a lot of it. Sometimes we get a referral from a banker who tells us their client could qualify for a business loan [...]

Bookkeeping for Latino businesseskwscpa2021-09-23T16:20:27+00:00

Butcher, Baker, Candlestick Maker for the 21st Century

kwscpa2021-09-16T00:43:13+00:00

https://www.youtube.com/watch?v=KZwfgY___l0 Our economy is reliant upon service businesses more than ever before. We have all come to realize that we can do our best work when we specialize. Killingsworth Spencer CPAs is here to help you understand what is behind the numbers in your family business so you can make informed decisions regarding the future of your enterprise. Our clients enjoy that they are free to call us anytime to answer simple questions without being charged. To find out more, give me a call at 770-552-8286.

Butcher, Baker, Candlestick Maker for the 21st Centurykwscpa2021-09-16T00:43:13+00:00

S-Corp’s in the IRS crosshairs again

kwscpa2021-09-13T15:10:45+00:00

The IRS announced on August 24th that is has stepped up efforts to collect employment taxes from S-Corp. shareholders and officers. I am Lynn Spencer, and over the years I have spent a fair amount of time writing about and providing real life examples as to how small business owners can get large tax breaks by structuring their businesses as a Sub-Chapter S Corporation. This is a corporation from where the earnings and losses flow through on a pro-rata basis to the shareholders to their personal tax returns. The shareholder employees must pay themselves a “paycheck”, and the compensation must be [...]

S-Corp’s in the IRS crosshairs againkwscpa2021-09-13T15:10:45+00:00

kwscpa2021-09-01T01:34:36+00:00

I am Geirson Bejarano of Killingsworth Spencer CPAs. I am a Senior Staff Accountant and am studying for my Enrolled Agent (EA) license later this year. I am also working towards earning my CPA license by the end of next year. https://www.youtube.com/watch?v=xrezOskQrLA If you are a business owner in the Latino community and become frustrated because you cannot locate an excellent company to do your tax work at a reasonable price, then look no further than Killingsworth Spencer CPAs. We have an outstanding tax department, and we are bilingual. We offer our clients a unique service: proper training on critical [...]

kwscpa2021-09-01T01:34:36+00:00

Would you have confidence in a Surgeon who answered his own office phone?

kwscpa2021-08-23T17:42:50+00:00

Sounds kind of silly, but in all seriousness, have you stopped long enough to determine your own time’s worth in your business, or what functions would be best for you to push down so you can properly focus on what you do best? Lynn Spencer here with Killingsworth Spencer CPAs. Having a great Bookkeeper working on your behalf is actually an investment so you can – make more money, enjoy what you are doing, benefit from your free time to spend with your family and friends, and provide you the opportunity to simply relax with time to think. Helen, a successful [...]

Would you have confidence in a Surgeon who answered his own office phone?kwscpa2021-08-23T17:42:50+00:00

GA Film Tax Credits explained in 90 seconds

kwscpa2021-07-12T20:01:11+00:00

Did you know that you can use GA Film Tax Credits to actually reduce the effective state income tax rate? Click on the video and in 90 seconds you will discover how the process works. https://www.youtube.com/watch?v=E_ox7TWC8L8 Killingsworth Spencer CPAs is your go to source to learn how the GA Film tax credits work for Georgia residents. Give us a call at 770-552-8286

GA Film Tax Credits explained in 90 secondskwscpa2021-07-12T20:01:11+00:00

Advanced Child Tax Credits

kwscpa2021-07-10T13:36:25+00:00

Advanced Child Tax Credits – What are they and who gets them? by Lynn Spencer Beginning July 15, 2021, and continuing for the remainder of this year, the IRS will send advanced Child Tax Credits (CTC) to eligible families via direct deposit, check, or debit card. Monthly payments will be $250 per child ages 6 to 17, and $300 for children 5 and under. To qualify, married filing joint households must have modified AGI of $150,000 or less, Head of Household under $112,500 and less than $75,000 if filing alone. Higher income amounts will result in phaseouts of the credit. Past [...]

Advanced Child Tax Creditskwscpa2021-07-10T13:36:25+00:00

Employee Retention Credit

kwscpa2021-07-07T20:30:25+00:00

Employee Retention Tax Credits – does your business qualify for this substantial tax credit? by Lynn Spencer Business owners may be eligible for a very significant tax break, the Employee Retention Tax Credit (ERTC). It was first introduced in March 2020, under the CARES Act, but has since expanded twice in eligibility and tax credit and extended through December 31, 2021. Eligible businesses can deduct up to 70% of up to $10,000 in qualified wages paid, per employee, per qualifying quarter, which is a potential credit of $28,000 per employee in 2021, up from $5,000 per employee in 2020 (most businesses [...]

Employee Retention Creditkwscpa2021-07-07T20:30:25+00:00

Welcome Geirson Bejarno

kwscpa2021-07-07T19:36:32+00:00

Hola. Geirson Bejarano here with Killingsworth Spencer, CPAs in Roswell. If you have a tax problem with the IRS or the GA Department of Revenue, give me a call. I am fluent in both Spanish and English, and I have a team of experts ready to help you get your life back on track. Many times, we see that what the IRS, and or the state, says you owe them is more than the actual amount. Let us help take the heavy burden of what will happen next so you can get on with your life. We help clients every day [...]

Welcome Geirson Bejarnokwscpa2021-07-07T19:36:32+00:00

Are crowdfunding proceeds taxable?

kwscpa2021-05-05T13:04:51+00:00

To determine if a gift on a crowdfunding site (like GoFundMe) has taxable or deductible consequences, the organizer’s intent and situation must be considered. Donations made to campaigns like individual life events or medical bills, with no resemblance to business activities, are considered personal gifts and not taxed as income to the recipient, nor are they tax deductible for the donor. Donations must be used for the cause listed on the fundraiser, and donee's cannot give anything to the donor in exchange for the contribution. If the crowdfunding site issues a Form 1099-K, which is likely if the sum of transactions [...]

Are crowdfunding proceeds taxable?kwscpa2021-05-05T13:04:51+00:00