Accounting Archives - Killingsworth Spencer, LLC

Are you a Georgia resident looking for a Tax Credit?

kwscpa2025-06-17T20:47:59+00:00

The state of Georgia is an economic powerhouse. In terms of population size in the United States, GA is currently ranked 8th - up from 10th place only a few years ago. There are solid predictions, that Georgia will move into the 5th or 6th spot in under twenty years. One of the many factors attributable to Georgia’s rapid growth is the various tax incentives and credits for its businesses and residents. As one would expect, Killingsworth Spencer CPAs receives inquiries every week from clients and new Georgia residents looking for ways to reduce their state income taxes, which are 5.19%. The most [...]

Are you a Georgia resident looking for a Tax Credit?kwscpa2025-06-17T20:47:59+00:00

Have you thought about the kind of relationship you would like to have with your CPA?

kwscpa2025-05-20T20:01:45+00:00

Our world today is filled with all sorts of ways to avoid human contact (for convenience’s sake, right?). We can bank and pay our bills online and buy nearly everything without human intervention. Do you use the self-checkout features available in stores today, or are you willing to wait a few minutes for a human encounter? Hello, Lynn Spencer here with Killingsworth Spencer CPAs. Our firm was founded nearly 25 years ago by Janet Killingsworth, CPA, because she wanted to spend extra time with her clients to help them understand what matters most to them regarding their money, their business, and [...]

Have you thought about the kind of relationship you would like to have with your CPA?kwscpa2025-05-20T20:01:45+00:00

How to get credit for your charitable contributions in 2025 if you cannot itemize your deductions –

kwscpa2025-04-17T16:24:33+00:00

Are you 70 ½ or older and have a Traditional, Rollover, or inherited IRA, or other qualified retirement plan? Do you donate to qualified charities, but find that you can no longer receive a tax benefit on your tax return because you must use the standard deduction? Hello, my name is Patti Palmich. I am a Sr. Tax Accountant at Killingsworth Spencer CPAs. If you answered “yes” to these questions, then a Qualified Charitable Distribution (QCD) could help you reduce your taxable income while donating to your favorite charity. QCDs are distributions made from your eligible tax-deferred retirement plan directly to [...]

How to get credit for your charitable contributions in 2025 if you cannot itemize your deductions –kwscpa2025-04-17T16:24:33+00:00

Backdoor Roth IRA

kwscpa2025-04-07T13:40:15+00:00

ROTH IRAs continue to enjoy broad financial appeal to many Americans. ROTH IRAs are after tax investment accounts that grow tax free, are not subject to Required Minimum Distribution (RMD) calculations when you reach age 73, and distributions after age 59 ½ are also tax free as long as the assets being withdrawn have been held for at least 5 years. Greetings, Lynn Spencer here with Killingsworth Spencer CPAs. Clients continue to seek ways to further invest in their retirement plans, but ROTH IRA contributions can be complicated for those taxpayers whose income exceeds the stated limits in the chart below. [...]

Backdoor Roth IRAkwscpa2025-04-07T13:40:15+00:00

It’s That Time of Year Again

kwscpa2025-01-22T17:01:34+00:00

The ring of the New Year’s Eve celebrations is now a memory, and Killingsworth Spencer CPAs is gearing up for another busy tax season. Lynn Spencer here; the 2025 tax season boasts several changes due to the devastation of Hurricane Helene last fall. The IRS granted residents in Georgia and surrounding states extra time, until May 1, 2025, for: Extended individual 2023 tax returns 2024 tax returns (1040, 1065, 1120S) estimated tax payments for the first quarter of 2025 Not extended (due January 31, 2025): IRS Forms 1099s/1096 is due for each person who was paid $600 or more W2s/W3 and 4Q [...]

It’s That Time of Year Againkwscpa2025-01-22T17:01:34+00:00

Deducting Rental Property Tax Losses

kwscpa2025-01-21T15:02:03+00:00

Deducting your rental property tax losses against your other income is tricky, as you likely know. You have to get the tax law to treat you—say, a computer engineer—as a tax-code–defined real estate professional. Let’s say you get there. Does that status allow immediate use of suspended passive losses? Unfortunately, the answer is no. Here’s why. Understanding Passive Loss Rules The tax code limits passive loss deductions to passive income, with any excess carried forward to future years. You release the carried-forward losses when you · have offsetting passive income from the same or other passive activities, or · completely dispose [...]

Deducting Rental Property Tax Losseskwscpa2025-01-21T15:02:03+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

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

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