What is YOUR Exit strategy from your business?


Most business owners do not realize they own either a high-paying JOB, a lifestyle business, or one that is run so well, that it can sell for a premium in the marketplace. Can you vacation for a couple of weeks and leave your cell phone at home? When you come back to the office will it be the same or better than when you left? If the answer is NO, then you have a high-paying job. A lifestyle business is where you are making the money you need to pay your bills, enjoy nice vacations, and own some toys. A business [...]

What is YOUR Exit strategy from your business?2023-09-18T15:44:48+00:00

Is a Roth IRA better than a traditional IRA or 401(k)?


Have you ever heard of the expression, “Would you rather pay taxes on your seeds or your crops?” Let’s put it another way, would you rather pay taxes at the beginning of your retirement plan investment or the end of a twenty-to-forty-year investment cycle? My name is Rebekah Littleton, MAcc a Senior Staff Accountant at Killingsworth Spencer CPAs. In this article, I want to point out the key differences between a Roth IRA account and a traditional IRA, or 401(k) retirement plan. In a Roth plan, there is no tax savings with your contribution; however, gains within the account are not [...]

Is a Roth IRA better than a traditional IRA or 401(k)?2023-09-12T17:23:16+00:00

You MUST prepare for the unexpected!


YES! This can be a difficult subject to discuss with your business partner(s) and/or your spouse. It is critical for you to learn from each other as to wishes and next steps when it comes to disposition of legacy assets at death. This is NOT something you want to be guessing at or doing hastily at the end of a loved one’s life. When is the last time you reviewed your: Buy/Sell agreements – Wills/Trust agreements Business documents IRA/Retirement plans – including beneficiary designations Life insurance policies – including beneficiary designations Computer/Cell phone/Banking passwords/Tax records Power of Attorney/Health care directives If [...]

You MUST prepare for the unexpected!2023-08-23T14:56:24+00:00

Take hold of the 4th quarter now and make the year all come together before it’s too late


Business owners are pulled in many different directions each day. The business must be nurtured for it to grow and remain strong and healthy. Successful business owners also realize they cannot take this journey alone. They must surround themselves with a great team where everyone is aligned for success. One of the greatest challenges business owners must face is to have access to critical financial information in real time to make good decisions. This information comes from having a talented team of advisors who work in concert to help the owner gain access to knowledge. Killingsworth Spencer CPAs sees its role [...]

Take hold of the 4th quarter now and make the year all come together before it’s too late2022-10-04T18:05:38+00:00

Work Opportunity Tax Credit


Recently, the IRS released updated information on the Work Opportunity Tax Credit. This federal tax credit is equal to 40% of up to $6,000 in wages paid, or a maximum of $2,400 to targeted groups of individuals who have faced significant barriers to employment. The Tax Credit includes ten categories of workers to hire: Qualified Needy Families Certain Veterans Ex-felons Designated Community Residents Vocational rehabilitation referrals Summer youth employment Food stamp recipients Supplemental Security Income recipients Long-term family assistance recipients, & Qualified unemployment recipients Most employers have had a difficult time hiring employees in this Covid economy. Killingsworth Spencer CPAs can [...]

Work Opportunity Tax Credit2022-09-28T16:46:50+00:00

Welcome Rebekah Littleton, MAcc


I began my working career in retail and eventually found myself as a cake decorator for roughly 5 years. Finally, with the support of a very close friend, I decided to go to college. This helped fulfill a dream I never thought was possible. I graduated from the University of Washington with a Bachelors in Business Administration with an emphasis in accounting in 2018. Shortly after, in 2020, I graduated with a Masters of Accountancy.   I have worked in public accounting since 2019, during which I worked with a variety of business owners; doctors, contractors, retailers, manufacturers, veterinarians, and real [...]

Welcome Rebekah Littleton, MAcc2022-08-02T13:02:10+00:00

100% Bonus Depreciation Expiring Soon


Lynn Spencer here again with Killingsworth Spencer CPAs  and another important tax tip. The 100% bonus depreciation deduction goes away on December 31, 2022. Business owner’s looking to buy a large new vehicle, for example, have likely heard there is a big tax write-off for purchasing a vehicle over 6000 pounds.  Buying a large vehicle in 2022 will “fuel” a large tax deduction, but there are some caveats.  The vehicle must be used for more than 50% business.  This is a one-time huge deduction, but with cautions in future years.  Once this method is used, the business owner cannot use mileage [...]

100% Bonus Depreciation Expiring Soon2022-07-22T18:47:38+00:00

IRS has updated the business mileage deduction for 2022


In recognition of recent gasoline price increases, the IRS made a special declaration (IRS Announcement 2022-13):  For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate at the beginning of the year. For business vehicles, using mileage at the IRS rate is an option in lieu of tracking actual costs like payments, gasoline, depreciation, and maintenance.  Killingsworth Spencer’s CPAs work these numbers with each client each year and generally see mileage as the better and easier-to-track deduction, but we may see a swing to actual [...]

IRS has updated the business mileage deduction for 20222022-07-11T15:22:31+00:00

Welcome Karen Greenfield


I have 10 years’ experience of bookkeeping in the construction industry and since then expanded into 1040 tax preparation.  I am looking forward to growing my skills with business tax returns using my accounting and bookkeeping background and the wealth of knowledge of my teammates here at Killingsworth Spencer.  Like many people whom I have met in Georgia, I am a northern transplant, hailing from Michigan.  There I enjoyed raising my 2 grown daughters.  My oldest now lives here as well, and we are looking forward to my youngest moving here next year.  I love the challenges I face solving financial [...]

Welcome Karen Greenfield2022-06-16T15:08:41+00:00

Moving Expenses post TCJA


“We’re hiring” signs are everywhere in Georgia. Georgia’s unemployment #s are very low, and there are twice as many jobs than there are seekers. One way to fill an open job is to hire from out of state. Who pays for the move? Employees are no longer allowed to deduct job-related moving expenses, (unless they are military). Employers will likely pay for the move, but there is a risk that the new hire doesn’t stay long enough to recoup the expenses. One way to mitigate is to have the new hire sign an agreement to pay the employer back for all [...]

Moving Expenses post TCJA2022-05-04T14:17:08+00:00
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