Eleven Questions


Introduction to Killingsworth Spencer   Hello everyone. Janet Killingsworth here. Today I wanted to share with you all a list of questions we either get asked or ones that we raise during the interview process when someone new comes to our office. In fact, you can use these questions as a guideline for most any professional you are looking to enter into a long term relationship.   ELEVEN Questions you should be asking when you interview your next tax preparer or CPA 1. What is your educational background? 2. How long have you been preparing tax returns 3. Any certificates or special designations Do [...]

Eleven Questions2020-01-03T06:09:29+00:00

Georgia Heart 180 update


Hello again, Janet Killingsworth here. I want to THANK YOU ALL so much for the overwhelming response to my blog earlier this week. Our client, Drew Owen has expressed his gratitude of our willingness to help the rural hospitals in our growing state. Drew has been kind enough to put together some "talking points" to make it easier to explain how we as citizens of Georgia can do our part to help through our GA income tax payments. It takes less than 3 minutes to sign up at: There are ZERO service fees or charges to go through this site. Here are [...]

Georgia Heart 180 update2020-01-03T06:23:40+00:00

HELOC interest is STILL deductible


QuickBooks Training You may have heard radio advertisements that Home Equity Lines of Credit (HELOCs) are no longer deductible after 12/31/17 as a result of the new tax law. The announcer says that you should roll up your HELOC into your current debt and refinance your new mortgage now. Hello again, Lynn Spencer here; today I want to discuss why it may not be advantageous for you to refinance as the ads suggest. Interest expense from HELOCs IS still deductible for home improvements up to $100,000 or for the funds necessary to purchase another home. The final regulations should be out this [...]

HELOC interest is STILL deductible2020-01-03T06:24:54+00:00

How well do you know the firm who prepares your tax return?


We are teachers_ tax planners_ and tax preparers Think for a moment what a CPA has on a client. In addition to social security numbers for the entire family, birth dates, income from all sources, bank account numbers, investment accounts and balances, we also have credit card information, and all filer's drivers' licenses.  We frequently have usernames and passwords into various financial accounts too. Vicki, a new client, came to our office prepared with her 2017 tax information as well as copies of her 2014, 2015, & 2016 tax returns.  We found a mistake in the 2016 tax return where [...]

How well do you know the firm who prepares your tax return?2020-01-03T06:27:47+00:00

Back door Roth IRAs help those taxpayers with high MAGI


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 [...]

Back door Roth IRAs help those taxpayers with high MAGI2020-01-03T06:36:14+00:00

The IRS and the state have been using the mail for over 100 years


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 [...]

The IRS and the state have been using the mail for over 100 years2020-01-03T06:31:19+00:00

Questions to ask your CPA or Tax Preparer.


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 [...]

Questions to ask your CPA or Tax Preparer.2020-01-03T06:39:54+00:00