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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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.
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 [...]
https://www.youtube.com/watch?v=KZwfgY___l0 Our economy is reliant upon service businesses more than ever before. We have all come to realize that we can do our best work when we specialize. Killingsworth Spencer CPAs is here to help you understand what is behind the numbers in your family business so you can make informed decisions regarding the future of your enterprise. Our clients enjoy that they are free to call us anytime to answer simple questions without being charged. To find out more, give me a call at 770-552-8286.
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 [...]