Roswell Archives - Killingsworth Spencer, LLC

Are you planning to purchase a new vehicle soon?

kwscpa2020-12-21T16:59:46+00:00

A frequent mistake made by many business owners is with their auto expenses and tax deductions. The most common deduction method is the Mileage Method, and the deduction for 2020 is 57.5 cents per business-use mile. This deduction INCLUDES the costs for fuel and oil, maintenance, tires, car washes, and insurance. It is still a good idea to keep an eye on these expenses, but your tax preparer will not need them to calculate your tax deduction. You should keep accurate records as to how you use your vehicle in your business. Often times, we see where a taxpayer will “double [...]

Are you planning to purchase a new vehicle soon?kwscpa2020-12-21T16:59:46+00:00

“Helping Clients Understand the Choices that Matter” new trademark

kwscpa2020-10-22T20:47:12+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 trademarkkwscpa2020-10-22T20:47:12+00:00

Automatic Extension to FILE taxes

kwscpa2020-07-13T01:58:11+00:00

Hello everyone. Last year I did a podcast about using an automatic extension if you are not ready to file your returns by the April 15th deadline. Because of the Covid pandemic, this year's due date is July 15th. Other than substituting July 15th for April 15th for 2020, the balance of the information remains relevant. Lynn Spencer Watch it here https://www.youtube.com/watch?v=JpuVqjZx850&list=PLZHe19A1Qzz8eKpNivxgcoHt7UsaL1KuS&index=4&t=1s HAVE A GREAT WEEK

Automatic Extension to FILE taxeskwscpa2020-07-13T01:58:11+00:00

How GA Film Tax Credits Work

kwscpa2020-07-10T23:31:53+00:00

Hello there, Andrea Altman with Killingsworth Spencer here. Today I want to let you all know about how the Georgia Film Tax Credits work, and how they can save many GA residents on their state income taxes. Many people are unaware of just how big a deal the GA film industry is and how it benefits every citizen. GA currently ranks 3rd behind California and New York in the total number of film and television projects produced. Over 92,000 Georgians are employed by the film industry with over $4.6B in direct wages, and an estimated economic impact of $9.5B (these are [...]

How GA Film Tax Credits Workkwscpa2020-07-10T23:31:53+00:00

GA Film Tax Credits available for 2019 tax year

kwscpa2020-07-10T22:51:06+00:00

Hello everyone, We wanted to pass along some important information to you if still owe GA income taxes for 2019. Two updates as we approach July 15th: We currently have over 60 mil Georgia film credits that can be used for 2019 returns and extensions. We can close on credit transactions as long as a wire is received on or before Tuesday, July 14th. 2. Disney has asked us to place these remaining credits, so they are very competitively priced: 20th Century Fox Productions 2017 tax year credits 190,000 available (prefer to place with 1 or 2 buyers, [...]

GA Film Tax Credits available for 2019 tax yearkwscpa2020-07-10T22:51:06+00:00

Section 165(i) and deducting 2020 Covid losses on your 2019 tax return

kwscpa2020-06-30T21:00:41+00:00

On March 13, 2020, the President declared the Coronavirus pandemic of sufficient severity and magnitude to warrant an emergency declaration for all states, tribes, territories, and the District of Columbia. This declaration allows taxpayers to invoke Section 165(i) of the Tax Code turning 2020 losses into 2019 deductions. Small business owners may elect to deduct 2020 expenses directly attributable to COVID-19 on their 2019 returns, or amend 2019 if already filed. Qualifying losses must not be compensated by insurance or otherwise. Examples include costs for: additional office cleaning expenses personal protection equipment (PPE) costs to move employees to shelter at home [...]

Section 165(i) and deducting 2020 Covid losses on your 2019 tax returnkwscpa2020-06-30T21:00:41+00:00

PPP Flexibility Act of 2020

kwscpa2020-06-10T18:23:10+00:00

On June 5th, President Trump signed into law the PPP Flexibility Act (PPPFA) of 2020. Here are the highlights of the Act: Extension to 24 weeks to spend loan proceeds instead of the original 8 weeks Reduction of the required payroll spending from 75% to 60%. You may now use up to 40% for rent and utilities Lengthen the time to repay the “non-forgivable” portion of the PPP proceeds to 60 months at a 1% APR vs. the original 24 months Extend deferral of Social Security taxes until the end of 2020 even if PPP loan is forgiven Extend the period [...]

PPP Flexibility Act of 2020kwscpa2020-06-10T18:23:10+00:00

Did you throw money in the trash?

kwscpa2020-06-04T21:12:35+00:00

Sometimes trying to be too discreet can cause major headaches Did you receive your economic stimulus check from the CARES Act yet? If you qualified to receive a stimulus payment you may be one of the four million plus Americans who will receive an Economic Income Payment (EIP) debit card by mail. The Treasury department began sending the cards May 26th in a plain white envelope with the inscription “Money Network Cardholder Services in Omaha” in the return address portion. If you received an envelope like this, thought it was junk mail, and tossed it away, you are not alone. The [...]

Did you throw money in the trash?kwscpa2020-06-04T21:12:35+00:00

PPP LOAN FORGIVENESS

kwscpa2020-05-28T12:13:28+00:00

PPP Loan Forgiveness Butcher, Baker, Candlestick Maker Businesses that received PPP loans will have to comply with SBA guidelines and then IRS regulations to receive forgiveness and henceforward prepare books for 2020 taxes. Once the PPP funds are received, an 8-week time clock begins. Actions to properly account for that money need to be put into place A separate account is advised, but can be worked around if specific bookkeeping practices are instituted To receive full forgiveness, at least 75% of the loan must be used on payroll Employer FICA matches will not be considered, nor will payroll processing fees Owners [...]

PPP LOAN FORGIVENESSkwscpa2020-05-28T12:13:28+00:00

The IRS denies a Tax Deduction

kwscpa2020-05-03T16:28:12+00:00

“Like sands through the hourglass, so is the news surrounding the PPP loans.” As you may recall business owners have applied to borrow up to 2.5 times their average monthly payroll through the Payroll Protection Program. The CARES Act specifically states that the money must be used within 8 weeks of receipt for payroll and certain other expenses such as rent and utilities. If the loan proceeds are used correctly the loan can be forgiven. Generally when debt is canceled it results in gross income and becomes taxable. The CARES Act clearly states that forgiven debt under the PPP shall be [...]

The IRS denies a Tax Deductionkwscpa2020-05-03T16:28:12+00:00