taxes

Are you 70 ½ or older and have a Traditional, Rollover, or inherited IRA, or other qualified retirement plan? Do you donate to qualified charities, but find that you can no longer receive a tax benefit on your tax return because you must use the standard deduction? Hello, my name is Patti Palmich. I am a Sr. Tax Accountant at Killingsworth Spencer CPAs. If you answered “yes” to these questions, then a Qualified Charitable Distribution (QCD) could help you reduce your taxable income while donating to your favorite charity. QCDs are distributions made from your eligible tax-deferred retirement plan directly to [...]

The IRS has issued its annual statement of tax changes for 2025. Greetings from Gus Martinez, CPA and Tax Manager at Killingsworth Spencer CPAs. Below are the major tax inflation adjustments that affect most business owners and higher income taxpayers. 2025 Federal Income Tax Brackets   Rate For Single Filers For Married Filing Joint For Heads of Households 10% $0 to $11,925 $0 to $23,850 $0 to $17,000 12% $11,925 to $48,475 $23,850 to $96,950 $17,000 to $64,850 22% $48,475 to $103,350 $96,950 to $206,700 $64,850 to $103,350 24% $103,350 to $197,300 $206,700 to $394,600 $103,350 to $197,300 32% $197,300 to $250,525 [...]

Beneficial Owners (shareholders/partners who own at least 25% of an entity) now have less than 90 days to complete the form without incurring a Civil penalty up to $591/day beginning in January 2025. Greetings from Killingsworth Spencer CPAs, Lynn Spencer here. Earlier this year, we wrote a post detailing BOI. You may read that here – BOI Post If you own a Georgia business, you may have received an email from the GA Secretary of State Corporations Division reminding you to complete the BOI registration. You can do it now by clicking here - https://www.fincen.gov/boi. This should take about 10 minutes [...]

Hello again, Judy Bernhard, CPA and Resident Tax Manager with Killingsworth Spencer CPAs. Recently, our firm has been faced with the challenges of educating clients on the ins and outs of related party transactions. “Related Parties,” as defined by the IRS, are children, grandchildren, nieces, nephews, aunts, uncles, etc. The IRS Tax Code is designed to limit the use of transactions to manipulate tax benefits between related parties. Though the intent in transacting business and personal matters between family members is as old as time, the IRS has “strings” attached per the tax code that can adversely impact the intent of [...]