Federal tax information for 2025

2025-02-06T17:56:26+00:00

We have compiled some charts with important  federal tax information for 2025 Source: IRS Disclaimer: This post is for general information only and should not be taken as legal or financial advice 2025 Tax Brackets: Tax rate Single Married filing joint Married filing separate Head of Household 10% $0 to $11,600 $0 to $23,200 $0 to $11,600 $0 to $16,550 12% $11,601 to $47,150 $23,201 to $94,300 $11,601 to $47,150 $16,501 to$63,100 22% $47,151 to $100,525 $94,301 to$201,050 $47,151 to$100,525 $63,101 to$100,500 24% $100,526 to $191,950 $201,051 to$383,900 $100,526 to$191,950 $100,501 to$191,950 32% $191,951 to $243,725 $383,901 to$487,450 $191,951 to$243,725 $191,951 [...]

Federal tax information for 20252025-02-06T17:56:26+00:00

Important Tax Deadline December 16th

2024-12-10T22:59:31+00:00

Greetings, Lynn Spencer here, CEO of Killingsworth Spencer CPAs. Monday, December 16th is the deadline to pay Georgia P-T-E 4th quarter estimates. To calculate the amount of tax owed, guestimate your net income for 2024 and multiply that result by 5.49%; then subtract the amount of GA PTE taxes you may have paid in the previous three quarters of 2024. We recommend that you pay PTE taxes online at gtc.dor.ga.gov. PTE is considered an estimated Corporate Income Tax. The tax period is Dec. 31st, 2024. For a more detailed explanation of PTE, see our March 2024 Blogpost here.   Clients of Killingsworth [...]

Important Tax Deadline December 16th2024-12-10T22:59:31+00:00

Summary of IRS inflation adjustments for 2025 Income Taxes

2024-11-04T18:03:36+00:00

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 [...]

Summary of IRS inflation adjustments for 2025 Income Taxes2024-11-04T18:03:36+00:00

Disaster Relief – Hurricanes Helene & Milton

2024-10-14T20:17:05+00:00

Many taxpayers have properties in the areas affected by hurricanes Helene and Milton. Flooding was the most common cause of damage, and most homes and businesses were not covered by flood insurance. Greetings, Lynn Spencer here from Killingsworth Spencer CPAs. Residents in several states are included in the federally declared disaster area. See list (IRS.gov). While extending deadlines for most returns can be helpful, there is also tax relief. Disaster Losses – individuals and businesses in the disaster area who suffered uninsured or unreimbursed disaster-related losses from the October 2024 hurricanes may choose to claim them either on their 2023 or [...]

Disaster Relief – Hurricanes Helene & Milton2024-10-14T20:17:05+00:00

Beneficial Ownership Information (BOI)

2024-10-01T22:08:37+00:00

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 [...]

Beneficial Ownership Information (BOI)2024-10-01T22:08:37+00:00

Related Party Transactions in Real Estate

2024-09-26T19:46:37+00:00

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 [...]

Related Party Transactions in Real Estate2024-09-26T19:46:37+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

Are you “Flirtin with Disaster” by using a CPA or a tax preparation firm that does not ask you the hard questions?

2024-05-13T22:25:44+00:00

You may recall the 1979 smash hit, “Flirtin` with Disaster” by the rock group, Molly Hatchett. “When we gamble with our time, we choose our destiny” is a line from the song; think about how you might be able to relate. Hello again, Lynn Spencer here. I am the co-owner and CEO of Killingsworth Spencer CPAs. Today I want to share a few things our firm is seeing with respect to new client engagements. Prospective clients who have come to us for help in recent months are sometimes surprised after our review of their past tax returns. Our staff has uncovered [...]

Are you “Flirtin with Disaster” by using a CPA or a tax preparation firm that does not ask you the hard questions?2024-05-13T22:25:44+00:00

Two weeks to go until April 15th tax filing deadline

2024-04-01T14:20:49+00:00

Hello everyone, Lynn Spencer here, CEO of Killingsworth Spencer, CPAs. The calendar may say it’s April 1st (April Fool’s Day), but we are two weeks away from the April 15th tax filing deadline. If you have not filed for the automatic six-month extension to October 15th, 2024, you have until midnight, Monday, April 15th, 2024, to do so. This is also the final day to file your taxes if you are due a refund from your 2020 income taxes and you failed to file for an extension to October 15th, 2021. Otherwise, the refund is lost forever. April 15th is also [...]

Two weeks to go until April 15th tax filing deadline2024-04-01T14:20:49+00:00

Beneficial Owner Information – BOI

2024-03-25T16:51:08+00:00

What is Beneficial Ownership Information? WHAT YOU NEED TO KNOW IN UNDER 3 MINUTES [Latest News – A federal district judge, Lyles C. Burke, ruled on March 1st, 2024, in favor of the plaintiffs’ motion for summary judgment in the case of National Small United v. Yellen. The court stated in its opinion that “while the legislation (below) may have sensible and praiseworthy ends.” The government’s argument that Congress has the power to regulate millions of entities and their stakeholders the moment they obtain a formal corporate status from a state are not supported by precedent.” The opinion further stated the [...]

Beneficial Owner Information – BOI2024-03-25T16:51:08+00:00
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