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"IRS has set the new retirement plan guidelines for 2019"

"IRS has set the new retirement plan guidelines for 2019"
 
Introduction to Killingsworth Spencer
Introduction to Killingsworth Spencer

 
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:
  • 401(k) Deferral Limit - Increase from $18,500 to $19,000
  • Catch-up Deferral Limit - Remains at $6,000
  • Defined Contribution Plan Maximum Annual Additions - Increase from $55,000 to $56,000 (or $62,000 with catch-up)
  • Defined Benefit Plan Maximum Annual Benefit - Increase from $220,000 to $225,000
  • Annual Compensation Limit - Increase from $275,000 to $280,000
  • HCE Compensation Limit - Increase from $120,000 to $125,000
  • Key Employee Limit - Increase from $175,000 to $180,000
  • Social Security Wage Base - Increase from $128,400 to $132,900
 
 Have a great week 
 
ALLOW US TO DEMONSTRATE
HOW WE MIGHT BE ABLE TO HELP YOU
 
TO SCHEDULE AN IN-PERSON MEETING 
 
CALL Lynn Spencer
(770) 552-8286
email @ This email address is being protected from spambots. You need JavaScript enabled to view it.
 
TO RECEIVE YOUR NO OBLIGATION 
CONSULTATION 
 
We can schedule Saturday appointments if necessary
Appointments available between 11am and 4pm
 
(For more details see the following link)
 
S
11115 Houze Rd., Suite 100
Roswell, GA 30076
(770) 552-8286
www.killingsworthspencerllc.com

Questions to ask your CPA or Tax Preparer.

"Questions to ask your CPA or tax preparer"

 

 
Introduction to Killingsworth Spencer
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 see and review the last year's tax return not only to understand the nuts and bolts of the client, but also to check for accuracy. We are constantly amazed at the mistakes we see on a regular basis. 
  • Do you carry Errors and Omission's insurance?
  • How long have you been preparing tax returns?
  • What is your educational background?
  • How do you stay on top of all the new tax law changes?
  • What steps do you and your firm take to stay current on the things going on in MY business or industry?
  • Is your firm Pro-active or Re-active?
We make it a point to be as proactive an advisor to our clients as possible. We understand that you are busy and that you are not able to think of everything. This is one of the reasons we encourage our clients to call us with questions or concerns as they arise because often times we are able to correct a situation before it turns into a crisis. This is also why we maintain relationships with other professional advisors that our clients can benefit from their expertise.
 
Next time I will focus on security issues and other important questions to in your CPA relationship.
 
Have a safe week

ALLOW US TO DEMONSTRATE
HOW WE MIGHT BE ABLE TO HELP
YOU
 
TO SCHEDULE AN IN-PERSON MEETING 
 
 
CALL Lynn Spencer
(770) 552-8286
email @ This email address is being protected from spambots. You need JavaScript enabled to view it.
 
TO RECEIVE YOUR NO OBLIGATION 
CONSULTATION, 
 
We can schedule Saturday appointments if necessary
Appointments available between 11am and 4pm
 
(For more details see the following link)
 

 

"Interesting facts about taxes - first in a series of useful information "

 


Lynn Spencer here. Today I want to share a tidbit of information many taxpayers do not understand when it comes to preparing and signing your federal and state tax return. YOU are the only responsible party to this very important transaction between the feds and the state.
 
If you owe extra money due to not declaring income (from whatever source), or taking too generous tax deductions, or failing to tell your preparer "all the facts", you and only you will receive a notice thru the U.S. Postal Service (not any other way) of the deficiencies.
 
At Killingsworth Spencer, we make certain to have at least two sets of eyes on every tax return before it goes out to our client. Yes, we do make a mistake from time to time, and when you receive a notice of a deficiency, we are available YEAR-ROUND to set the record straight and make things right.
 
Next up - Discover how the IRS flags tax returns for further review
Have a great week

ALLOW US TO DEMONSTRATE
HOW WE MIGHT BE ABLE TO HELP YOU
 
IF YOU LIKE WHAT YOU HEAR
WE WILL REVIEW YOUR DOCUMENTS
WITHOUT COST OR OBLIGATION
 
TO SCHEDULE AN IN-PERSON MEETING OR PHONE CALL
 
 
CALL Lynn Spencer
(770) 552-8286
email @ lynn@killingsworthspencerllc.com
 
TO RECEIVE YOUR NO OBLIGATION 
30 MINUTE CONSULTATION, 
 
We can schedule Saturday appointments if necessary
Appointments available between 10am and 4pm
 
(For more details see the following link)
 
S
11115 Houze Rd., Suite 100
Roswell, GA 30076
(770) 552-8286
www.killingsworthspencerllc.com

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


Introduction to Killingsworth Spencer
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 DOR have many modern tools available to help them keep the tax system functioning. However, they still use an "old fashioned" tool of communication, the United States Postal Service. You may receive a personal visit from a Revenue Officer if you continue to ignore their letters or if there is tax fraud involved on your part.
 
At Killingsworth Spencer we strive to help our clients become better informed in all aspects of their taxes so that they can make better decisions for their businesses and their families. We take the time to explain the what and the why and ways to improve their situation. We have surrounded ourselves with like-minded professionals who have the same goal - to help our clients get what they want.
 
 Next Week - Do you or someone you know have "1099 employees?" You won't want to miss this one as we will explain why this can become a major headache for an employer

Have a safe week

ALLOW US TO DEMONSTRATE

 

HOW WE MIGHT BE ABLE TO HELP
YOU

 

 

 

TO SCHEDULE AN IN-PERSON MEETING 

 

 

 

 

 

 

CALL Lynn Spencer

 

(770) 552-8286

 

email @ This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

TO RECEIVE YOUR NO OBLIGATION 

 

CONSULTATION, 

 

 

 

We can schedule Saturday appointments if necessary

 

Appointments available between 11am and 4pm

 

 

 

(For more details see the following link)

 

 

 

 

"Back door Roth IRAs help those taxpayers with high MAGI

Killingsworth Spencer_ LLC
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 points, a Roth IRA is a retirement savings plan where "after tax" contributions are made, assets grow tax free, and then upon your retirement, distributions are also tax free. In addition, distributions are not subject to RMDs or Required Minimum Distributions. Stop for a moment to think how valuable an investment could become in your lifetime if you never again had to pay income taxes. This is a big reason why Roth IRA's have become so popular, and you can pass them down to a future generation (however, they must begin taking RMDs by Dec 31st of the year following your death).
 
The way a Backdoor contribution works is that you and/or your spouse contribute $5,500 each on an AFTER-TAX basis to an IRA ($6,500 each if you are age 50 or over). You may wait as little as a day and then roll over the money to your Roth IRA. If your MAGI income exceeds the amount stated above, the only way to roll over to a Backdoor Roth IRA is if you are a participant in an Employer sponsored retirement plan such as a 401(k) or 403(b).
 
At Killingsworth Spencer we help our clients understand the complex and often misunderstood nuances of the tax code to help improve their lives. We work in concert with your financial advisor to help you get the most out of what you work so hard to accomplish. When you need to understand complex tax ideas, be sure to give us a call.

Have a great week

ALLOW US TO DEMONSTRATE
HOW WE MIGHT BE ABLE TO HELP YOU
 
IF YOU LIKE WHAT YOU HEAR
WE WILL REVIEW YOUR DOCUMENTS
WITHOUT COST OR OBLIGATION
 
TO SCHEDULE AN IN-PERSON MEETING OR PHONE CALL
 
 
CALL Lynn Spencer
(770) 552-8286
email @ This email address is being protected from spambots. You need JavaScript enabled to view it.
 
TO RECEIVE YOUR NO OBLIGATION 
30 MINUTE CONSULTATION, 
 
We can schedule Saturday appointments if necessary
Appointments available between 10am and 4pm
 
(For more details see the following link)
 
 
 

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Roswell GA CPA

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