Turn 100% Bonus Depreciation into a Winning Tax Strategy for Your Small Business

2026-03-03T15:40:58+00:00

"Should I wait to buy new equipment?"  Why would you? Greetings from Killingsworth Spencer in Roswell. The One Big Beautiful Bill Act (OBBBA) was signed into law July 4th, 2025, and brought back 100% bonus depreciation; this time, it's permanent. If you bought qualifying business property last year, you may be able to deduct the entire cost on your 2025 tax return instead of spreading it out over three to twenty years. The same applies for any equipment purchased in 2026 and beyond. What Actually Changed The Tax Cuts and Jobs Act (TCJA) back in December 2017 introduced 100% bonus depreciation [...]

Turn 100% Bonus Depreciation into a Winning Tax Strategy for Your Small Business2026-03-03T15:40:58+00:00

Introducing three new employees

2025-03-03T20:56:04+00:00

Pattie PalmichHello. My name is Patti Palmich. I am a Senior Staff Accountant at Killingsworth Spencer and a proud graduate of the J.M. Tull School of Accounting at the University of Georgia.Go Dawgs!!I began my accounting career at what is now one of the Big Four accounting firms.After taking time off to raise a family, I returned to the accounting industry and have been working at a local CPA firm for the past 17 years.I am excited to be at Killingworth Spencer and look forward to meeting and serving our clients.When not working, I enjoy spending time with my family, volunteering [...]

Introducing three new employees2025-03-03T20:56:04+00:00

Welcome Karen Greenfield

2022-06-16T15:08:41+00:00

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

How to find a good tax preparer & CPA firm

2023-07-20T18:36:42+00:00

https://www.youtube.com/watch?v=7Dfa864BIS0 Did you know that the IRS has published a checklist guide on choosing a good tax preparer? Watch the video to learn more about this checklist to see what questions you should be asking. If they cannot answer YES to these critical questions, you should look elsewhere. No matter who prepares your tax return, the responsibility for its accuracy falls to the taxpayer. Give me a call at 770-552-8286 to learn more about Killingsworth Spencer CPAs.

How to find a good tax preparer & CPA firm2023-07-20T18:36:42+00:00

Roswell Arts Fund

2021-07-06T14:26:24+00:00

I want to put a big SHOUT OUT to the Roswell Arts Fund. Killingsworth Spencer CPAs is now a sponsor, and we want to get the word out about the Beaucoup Jazz & Blues Festival on Saturday, July 31st. For more information, click the link to the festival page - Festival - Roswell Arts Fund. We hope to see you enjoying Roswell this Summer! Make it a Great Week

Roswell Arts Fund2021-07-06T14:26:24+00:00

When can I File my 2020 Tax Return?

2021-01-15T20:36:24+00:00

The IRS announced today that the opening date to begin filing your 2020 tax returns has been moved back to Friday, February 12th.  Here is a quick synopsis as why. “The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits. This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in [...]

When can I File my 2020 Tax Return?2021-01-15T20:36:24+00:00

What happens when a W-2 employee needs to deduct work related expenses due to Covid-19?

2020-10-11T23:21:57+00:00

Our previous blog discusses the home office deduction and how it is not available to W2 employees working at home due to COVID. In addition, at-home employees cannot deduct equipment, such as computers, printers and supplies, postage, business meals, and miles driven for business, not even telephone and internet expenses, even though they are using them for work. How does an employee get made whole for using their own items for business usage?  The only way is through their employer.  The employer will get the deduction for such expenses.  However, there is a caveat as to how this reimbursement is handled [...]

What happens when a W-2 employee needs to deduct work related expenses due to Covid-19?2020-10-11T23:21:57+00:00

IRS has set the new retirement plan guidelines for 2019

2020-01-03T06:42:02+00:00

It's that time of year again. Janet Killingsworth here. As we all begin planning for the Thanksgiving celebrations and Christmas and Hanukah in a few weeks, we also must think about planning for our retirement plan limitations for 2019. Below are just released numbers from the IRS. As always, should you have any questions regarding your personal situation, please do not hesitate to call us. The Internal Revenue Service (IRS) has announced cost-of-living adjustments for 2019, which affect dollar limitations for retirement plans and other retirement-related values. Almost all limits increased from 2018 to 2019.The 2019 limits are as follows: [...]

IRS has set the new retirement plan guidelines for 20192020-01-03T06:42:02+00:00
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