Advanced Child Tax Credits

2021-07-10T13:36:25+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 Credits2021-07-10T13:36:25+00:00

Employee Retention Credit

2021-07-07T20:30:25+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 Credit2021-07-07T20:30:25+00:00

Welcome Geirson Bejarno

2021-07-07T19:36:32+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 Bejarno2021-07-07T19:36:32+00:00

May 17, 2021 is the final date to claim your tax refund

2021-04-07T14:50:15+00:00

Are you one of the 1.3 million taxpayers who did not file for your tax refund in 2017?  Unclaimed income tax refunds worth more than 1.3 BILLION dollars await, however time is swiftly fleeting by to claim these refunds.   The IRS allows three years to do so; the window closes on May 17 for tax year 2017.  On May 18, the unclaimed money becomes the property of the U.S. Treasury.  The Georgia Department of Revenue has $44 MILLION in unclaimed 2017 refunds for 46,300 taxpayers who earned income in Georgia. Taxpayers stand to lose more than just their refund.  Many low- [...]

May 17, 2021 is the final date to claim your tax refund2021-04-07T14:50:15+00:00

Important Tax Reminder

2021-03-18T19:20:14+00:00

You have likely heard by now that the IRS has moved the 2020 individual tax filing deadline from April 15th, 2021, to Monday May 17th, 2021. The state of Georgia has yet to announce if it will conform to the new federal tax filing deadline; however, we expect that announcement at any time. If you pay quarterly estimates, the 1st quarterly installment for 2021 is still due on April 15th, 2021. There remains the possibility that the IRS may also extend this filing deadline to May 17th, but for now, plan to pay that 1st estimate by April 15th.   Stay [...]

Important Tax Reminder2021-03-18T19:20:14+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

There are No Magic Bullets!

2021-01-10T21:59:02+00:00

If you owe back taxes to the IRS or the state, there is little doubt that you may feel anxious and vulnerable. If you have not filed your taxes for several years, you also know that the day will soon come when “Shylock comes for his pound of flesh.” If you received a Notice of Tax(es) Due from the IRS and it was a complete surprise to you then you are probably saying to yourself, “What?” and you quickly call or text your tax preparer for an explanation. Either way, the IRS and or the state DOR have you in their [...]

There are No Magic Bullets!2021-01-10T21:59:02+00:00

The Tax Man and COVID-19

2020-12-15T14:25:58+00:00

We have a few key tips and ideas if you owe back taxes to the IRS and or the state. The COVID-19 pandemic has disrupted nearly everyone and everything around the world in 2020; the IRS and the GA Department of Revenue were not immune to the fallout. If you happened to mail a check to the IRS or the state to pay a tax debt early in the spring, you probably saw it leave your bank account sometime this past summer. The IRS has stated in a recent communication that it estimates it has nearly 2.5 million hard copy tax [...]

The Tax Man and COVID-192020-12-15T14:25:58+00:00

“Helping Clients Understand the Choices that Matter” new trademark

2020-10-22T20:47:12+00:00

Hello again, Lynn Spencer here. I am taking this opportunity to announce that Killingsworth Spencer in Roswell has a new registered trademark with the United States Patent & Trademark Office that ties nicely to what we do, “Helping Clients Understand the Choices that Matter.” ™  This is the cornerstone of what we do each and every day at Killingsworth Spencer, and we are proud that we can forever tie this phrase to our firm. Of course, we prepare tax returns while also providing tax planning, bookkeeping, payroll, and business consulting. We also go to bat for our clients with the IRS [...]

“Helping Clients Understand the Choices that Matter” new trademark2020-10-22T20:47:12+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
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