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Why a GOOD Bookkeeper is vital to the ongoing success of your small business

2024-08-22T13:53:06+00:00

By: Rebekah Littleton, MAcc Hello there. I'm Rebekah Littleton, a senior tax Accountant at Killingsworth Spencer CPAs. My clients often ask how they can better control their business finances and make more confident financial decisions. Small business owners must wear many hats to make their enterprise prosperous, including driving revenue and controlling expenses. As a Sr. Tax Accountant who specializes in working with successful business owners and high net worth individuals, bookkeeping should be viewed as an investment in your business and not an expense. Either having no bookkeeper or someone who does not know what they are doing can cost money in [...]

Why a GOOD Bookkeeper is vital to the ongoing success of your small business2024-08-22T13:53:06+00:00

Road trips, ice-cream trucks, beach days … and TAXES (due)

2024-06-10T18:12:31+00:00

Greetings!  The summer is heating up, and 2nd quarter tax estimates are due.  If you make estimated tax payments to the IRS or the state, your next payment is due by Monday, June 17, 2024.  If you do not pay enough tax in a timely manner, either by payroll withholding or estimated payments, you may incur an underpayment penalty.  To avoid this, aim to pay 100% of your previous year’s taxes or at least 90% of this year’s taxes, UNLESS 2023’s adjusted gross income (AGI) was more than $150,000 (MFJ) or $75,000 (Single & MFS)…in that case, you need to pay [...]

Road trips, ice-cream trucks, beach days … and TAXES (due)2024-06-10T18:12:31+00:00

What is YOUR Exit strategy from your business?

2023-09-18T15:44:48+00:00

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

IRS has updated the business mileage deduction for 2022

2022-07-11T15:22:31+00:00

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

Beware the Ides of March

2022-03-12T18:29:09+00:00

There is a little background as to how the Ides (around the middle) of March ties directly into why we pay our taxes on March 15th and April 15th each year in the United States. In Caesar’s day, the Ides of March was the date on the calendar when ALL tax debts with the emperor and the state must be settled. When the income tax was enacted by Congress in 1912, the first due date for all tax settlements was March 1st, 1913. It was changed to the Ides of March in 1918 for both personal and corporate income taxes and [...]

Beware the Ides of March2022-03-12T18:29:09+00:00

Looking to make a change with your tax preparer or CPA in 2022?

2022-01-18T15:17:40+00:00

https://youtu.be/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. The Infrastructure Bill, signed into law by President Biden in the Fall of 2021, contains numerous tax changes that will affect the majority of Americans. From Tax Credits to crypto currency, A CPA firm continues to monitor the updates and changes and how these will affect their clients. No matter who prepares your tax return, the responsibility for its accuracy falls to the taxpayer. Give me [...]

Looking to make a change with your tax preparer or CPA in 2022?2022-01-18T15:17:40+00:00

Would you like to reduce your 2021 tax liability?

2021-11-29T19:44:29+00:00

Have you sold any investments this year from sales of assets held for over one year? If so, this will be taxed at 0%, 15%, or 20% under Long-Term Capital Gains tax rates depending on your taxable income. If you hold long-term appreciated-in-value assets, consider selling enough of them to generate long-term capital gains that can be sheltered by the 0% rate. The 0% rate generally applies to net long-term capital gain to the extent that, when added to regular taxable income, it is not more than the maximum zero rate amount (e.g., $80,800 for a married couple). If, say, $10,000 [...]

Would you like to reduce your 2021 tax liability?2021-11-29T19:44:29+00:00

Frequently asked questions to a CPA

2021-10-20T16:26:07+00:00

https://youtu.be/zrTcp4gIgbg Have you ever wondered what types of questions other curious people have for their CPA? Perhaps you have felt a bit intimidated to ask certain questions? Watch this video as Lynn Spencer of Killingsworth Spencer CPAs tackles some of the most frequent topics from potential clients looking for a new CPA firm. Here are a few examples of what you will discover: Learn how doing your Bookkeeping and financial reporting correctly will save you money in the long run and why a chart of accounts is so vital to the owners of a financial enterprise How the proper tax structure [...]

Frequently asked questions to a CPA2021-10-20T16:26:07+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

Bookkeeping for Latino businesses

2021-09-23T16:20:27+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 businesses2021-09-23T16:20:27+00:00
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