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IRS has updated the business mileage deduction for 2022

2022-07-11T15:22:31+00:00

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 [...]

IRS has updated the business mileage deduction for 20222022-07-11T15:22:31+00:00

Moving Expenses post TCJA

2022-05-04T14:17:08+00:00

“We’re hiring” signs are everywhere in Georgia. Georgia’s unemployment #s are very low, and there are twice as many jobs than there are seekers. One way to fill an open job is to hire from out of state. Who pays for the move? Employees are no longer allowed to deduct job-related moving expenses, (unless they are military). Employers will likely pay for the move, but there is a risk that the new hire doesn’t stay long enough to recoup the expenses. One way to mitigate is to have the new hire sign an agreement to pay the employer back for all [...]

Moving Expenses post TCJA2022-05-04T14:17:08+00:00

Beware the Ides of March

2022-03-12T18:29:09+00:00

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 [...]

Beware the Ides of March2022-03-12T18:29:09+00:00

Expand your business outreach in 2022

2022-03-02T16:46:03+00:00

In January 2021, the Treasury Department and the IRS issued a notice of a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages.  From then through December 31, 2022, businesses can claim 100% of their food and beverage expenses paid to restaurants, provided the business owner or one of its employees is present when food or beverages are served, and the expense is not lavish or extravagant under the circumstances.  Note that restaurants do not include businesses that primarily sell pre-packaged goods not for immediate consumption, such as grocery stores and convenience stores. [...]

Expand your business outreach in 20222022-03-02T16:46:03+00:00

Time to get ready for Tax Season 2022

2022-01-07T22:19:17+00:00

Time to get ready for Tax Season 2022. A quick resource to gather your financial information to get your taxes done. Each year, January marks the beginning of the new tax season for CPAs and tax preparers. You should be receiving your W-2’s, 1099’s, and mortgage statements (1098’s) by the end of the month. Lynn Spencer here with Killingsworth Spencer CPAs. Below is a checklist to use as a guideline: Verify that your W-2s and your 1099’s are correct. If not, you need to contact the appropriate entities immediately to get corrected statements. Gather your mortgage account statements. Add IRS Letters [...]

Time to get ready for Tax Season 20222022-01-07T22:19:17+00:00

Would you like to reduce your 2021 tax liability?

2021-11-29T19:44:29+00:00

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 [...]

Would you like to reduce your 2021 tax liability?2021-11-29T19:44:29+00:00

How to find a good tax preparer & CPA firm

2023-07-20T18:36:42+00:00

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.

How to find a good tax preparer & CPA firm2023-07-20T18:36:42+00:00

2021-09-01T01:34:36+00:00

I am Geirson Bejarano of Killingsworth Spencer CPAs. I am a Senior Staff Accountant and am studying for my Enrolled Agent (EA) license later this year. I am also working towards earning my CPA license by the end of next year. https://www.youtube.com/watch?v=xrezOskQrLA If you are a business owner in the Latino community and become frustrated because you cannot locate an excellent company to do your tax work at a reasonable price, then look no further than Killingsworth Spencer CPAs. We have an outstanding tax department, and we are bilingual.  We offer our clients a unique service: proper training on critical [...]

2021-09-01T01:34:36+00:00

GA Film Tax Credits explained in 90 seconds

2021-07-12T20:01:11+00:00

Did you know that you can use GA Film Tax Credits to actually reduce the effective state income tax rate? Click on the video and in 90 seconds you will discover how the process works. https://www.youtube.com/watch?v=E_ox7TWC8L8 Killingsworth Spencer CPAs is your go to source to learn how the GA Film tax credits work for Georgia residents. Give us a call at 770-552-8286

GA Film Tax Credits explained in 90 seconds2021-07-12T20:01:11+00:00

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
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