Tax 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

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

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

May 17th is the tax filing deadline for 2020 taxes

kwscpa2021-05-11T20:35:44+00:00

Monday, May 17th is the deadline for filing 2020 tax returns and paying 2020 taxes. Taxpayers can easily apply for a 5-month extension to file returns, pushing the due date to October 15, 2021. However, all taxes owed for 2020 are still due next week. Any amounts unpaid will begin to accrue interest on May 18th at the current federal short-term rate plus 3%, and be assessed a failure-to-pay penalty of .5% of the tax owed for each month the tax remains unpaid, up to 25%. Short video on tax extensions Regardless of receiving an extension, H.S.A.s, I.R.A.s (both Roth & [...]

May 17th is the tax filing deadline for 2020 taxeskwscpa2021-05-11T20:35:44+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

Order More – Pay Less

kwscpa2021-04-13T20:04:01+00:00

Last week, the Treasury Department and the IRS issued notice of a temporary exception to the 50% limit on the amount that businesses may deduct for meals. Beginning on January 1, 2021 through December 31, 2022, businesses can claim 100% of their food and beverage expenses paid to restaurants, provided the business’s owner or one of its employees is present when food or beverages are served, and the expense is not lavish or extravagant under the circumstances. Note that restaurants do not include businesses that primarily sell pre-packaged goods not for immediate consumption, such as grocery stores and convenience stores. Killingsworth [...]

Order More – Pay Lesskwscpa2021-04-13T20:04:01+00:00