Headquartered in Wrightsville, BAS has been offering income tax preparation, all business taxes services, payroll processing, business consultations, financial statements, and all types of accounting services to meet the needs of individuals and small business owners. We recently opened our newest office in the Stonegate Square shopping center in Hanover. We offer free consultations and would love to meet with you to answer your accounting and tax questions and provide a price quote in a free, no-obligation meeting! Give us a call at 717-698-3034 For more information, check out our website www.BrennerAccounting.com
IRS just announced 2016 tax rates for more than 50 tax provisions, including standard deductions, exemptions, tax tables, and income limitations for various tax provisions. Many items remain the same as 2015, those that changed increased very slightly, due to the low rate of inflation. Need details? Contact me!
April is almost over! Employers: Don't forget to file your first quarter payroll tax returns by April 30th! Non-profit groups: only two weeks left until the May 15th deadline for filing form 990 for calendar year 2014. Tax season may be over, but the tax deadlines never end!
Good news for small business owners! The IRS has made it easier to apply repair regulations to 2014 and future years. A simplified procedure to elect a de minimus safe harbor capitalization threshold of $500 is now available. The IRS is also waiving the requirement to complete and file form 3115 to comply with the final tangible property regulations. Not sure if your business qualifies as a small business? Contact me!
Tax Season set to open on time this year! The IRS will begin accepting tax returns electronically on January 20th. Still, it's best to wait until after January 31st to file your returns, just in case you receive an unexpected tax document in the mail. It's not too early to schedule your tax appointment with Brenner Accounting Services-Hanover. Call me today!
Since today is the last day of 2014, business owners who operate on a calendar year basis should remember to take inventory before the end of the day! Have a very Happy New Year!
Year-end IRA reminders from Brenner Accounting Services:
1. Do not exceed the IRA contribution limits ($5,500 max or $6,500 if you are age 50 or older for 2014 traditional or Roth IRAs). If you contribute too much, your are subject to a 6% tax on the access, so be sure to withdrawal the excess by the due date of your return.
2. Take your required minimum distribution by 12/13/14 (the deadline is 4/1/15 if you turned 70-1/2 in 2014). If you fail to take the RMD, the penalty is 50% excise tax! Contact your financial advisor for the amount of your 2014 RMD.
3. Thanks to legislation passed this month, you may be eligible to take a qualified charitable distribution by 12/31/14 and exclude the distributed amounts from your income. This QCD can be counted as part of your RMD!
4. Don't forget to claim the saver's credit if you contributed to a qualified retirement account in 2014 and your income falls below the threshold. Contact me for more information!
Tax extender package finally passes the Senate! The president is expected to sign it by the end of this week. Once signed, the bill will extend through 12/31/14 the 50% bonus depreciation, $250 above-the-line educator expenses, exclusion of debt forgiveness on principle residence, deductibility of mortgage insurance premiums, sales tax deduction, qualified tution deduction,and some other tax provisions that expired at the end of last year. Most notably, the 2014 maximum section 179 amount will remain at the 2013 limit of $500,000. Good news for business owners!
New standard mileage rates justed announced for 2015, and the business mileage rate has increased to 57.5 cents per mile (up from 2014's rate of 56 cents per mile). The rate for charitable driving remains at 14 cents per mile while the rate for medical or moving purposes for 2015 will be 23 cents per mile (a slight decrease from 2014's rate). Remember to use these rates starting in the new year, but use the 2014 rates when preparing your 2014 tax returns!
Here is a year end tax planning tip from Brenner Accounting Services: Maximize your 2014 state and local tax deductions by paying your 4th quarter estimated taxes (due in January) by 12/31/14. Need some other tax-savings ideas? Contact me now to set up a tax planning meeting! Appointments are still available
The Hanover branch of Brenner Accounting services wishes you and your family/friends a Happy Thanksgiving and wonderful holiday season!
Today is the annual Day of Giving, and in that spirit, here are some important tips for deducting your charitable donations: First, you must itemize deductions to claim a tax deduction for your gift. You can only deduct gifts to qualified charities, you need to have a record of the donation (receipt, cancelled check, etc.), and if the gift is for $250 or more you need an acknowledgement from the chairty. You can deduct the donation when you make it, so as long as you mail the check or charge the credit card in 2014, you can deduct the donation, even if it clears in 2015. And don't forget to deduct your donation of household items and clothing on your tax return! Have questions or need more detail? Contact me!
Thank you McKee Insurance Agency - Allstate for liking the Brenner Accounting Services-Hanover page!
Happy Halloween! Don't let taxes scare you...contact Brenner Accounting Services for a year end review and estimate of your 2014 tax liability so there are no horrors on April 15th!
Procrastinators-time is running out! All 2013 individual returns on extension must be filed by next Wednesday, October 15th! If you haven't filed your 2013 taxes yet, I still have time to fit you in my schedule! Call now!
It's September! Only 10 days left until the September 15th deadline for filing corporate, partnership, and LLC returns on extension. If you haven't yet, please contact our office now to make arrangements for fililng your business return!
Attention truckers and owners of heavy use vehicles: Don't forget to file your federal form 2290 (Heavy Highway Vehicle Use Tax) on or before Tuesday, September 2, 2014. Although this tax, up to $550 per vehicle, is usually due the last day of October, taxpayers get a break in 2014 due to the holiday weekend. The tax is due the day after labor day this year. Not sure if you need to file form 2290? Contact me!
Reminder to all you semi-monthly sales tax filers - your January through June 2014 PA sales tax return is due next Wednesday, August 20th! That's an easy one to forget, since you only do it twice a year! Feel free to contact me if you have any questions about your sales tax. Our fee for filing a sales tax return is just $35!
Don't be surprised at tax time! Now is the time to review the federal withholding on your most recent pay stub to make sure you are having enough tax withheld to cover your 2014 liability. If you're not, there's still time to submit a new W-4 to your employer to adjust your withholding. This is especially true if you've had a change of jobs or change in life circumstance (marriage, divorce, purchased a home, etc.) Not sure what you need to have withheld? Contact me?
Does your teen have a summer job? The good news is that unless he or she earns more than $6,200, the youth may not have to file a federal tax return (although he or she may want to file to get a refund if there is federal tax withheld). The bad news is in Pennsylvania, a state tax return is required if the individual earns more than $35. And a local earned income tax return may also be required! Nor sure if your kid needs to file a tax return? Contact me!
Reminder: If you have employees, don't forget to file your 2nd quarter payroll tax returns by next Thursday, July 31st. Federal form 941, state withholding and unemployment returns, local earned income tax returns, and local services tax returns are all due by the end of the month. Tired of the hassels of preparing your own payroll taxes? Our payroll tax filing service here at Brenner Accounting is convenient and affordable. Contact me for details!
Avoid summertime tax scams! The three most common tax scams are (1) identity theft, (2) phone scams, and (3) phishing scams. For tips on identity theft protection, visit the identity protection page at www.irs.gov, To protect against phone scams, remember the IRS always contacts you by mail first. Phishing scams involve e-mails that look like they are from the IRS, but are really from scammers. Remember, the IRS never contacts people by e-mail. Not sure if you're be scammed? Contact me!
Everyone at Brenner Accounting Services wishes you a safe, happy July 4th holiday. Let the weekend festivities begin!
Did you know the fees you pay for your child to attend summer day camp could be tax deductible? Day camp costs could qualify for a child care credit if both parents work and are eligible for the credit. But be careful, no overnight camps qualify, just day camps (which provide valuable child care services while parents work). So hold onto those day camp receipts! Need more info...contact me!
Reminder: Monday, June 16th is the deadline to file your 2nd quarter 2014 individual estimated income tax payment (form 1040ES). The due dates for the quarterly payments are April 15th, June 15th, September 15th and January 15th. We have an extra day due to June 15th falling on a Sunday.
It's vacation season! Is your vacation tax-deductible? Part of it may be, if there is a business purpose to it. But be careful, the IRS rules can be complicated. Need more detail? Contact me! We are here year-round at Brenner Accounting Services.
The IRS just announced the successful start of its new web-based system IRS DIRECT PAY! Now you can pay you tax bills or make estimated payments online at www.irs.gov. Just click on the "Pay Your Tax Bill" icon and proceed through five simple steps. Not sure which taxes you can now pay online? Contact me!
Reminder: The filing deadline for form 990 (calendar year 2013) for tax exempt/non-profit organizations is next Thursday, May 15th! Even the organization's gross receipts fall below the filing threshold, it is important the organization submit an on-line filing (form 990-N) or it risks loss of tax exempt status! Need more information? Contact me!
"Oh no, I just filed my taxes and now I found...." Has this ever happened to you? You realize you forgot a deduction or just received a tax form that will change a tax return you already filed? Well if so, you're not alone. The IRS estimates almost 5 million taxpayers will amend their returns this year. If your one of them, contact me! We can make the process of amending a tax return quick and painless here at Brenner Accounting Services!
Tax season is officially closed! Back to a normal 40 hour work week! Thank you to BAS clients and friends for making this tax season, our first one for the Hanover office, a big success! Now on to sales tax and payroll tax returns...
It's a boy! An April Fools Day gift! Congratulations to Eric and Courtney! Eric is Brenner Accounting's newest employee, and he welcomed his newborn son Luke Alan Maul at 7:24 p.m. on Tuesday. We'll let Eric take a little time off, but then back to work on those tax returns!
Spring has sprung! The April 15th deadline is drawing near. Contact us ASAP if you haven't yet scheduled your tax appointment!
Don't forget Monday, March 17th is the deadline to file your federal corporate tax returns. If you're not ready to file, it's not too late to file an extension. Contact me this weekend and we'll file for an automatic 6 months extension for you!
Are your social security benefits taxable? That's a common question taxpayers ask me, and the answer is 'it depends." Some people must pay taxes on most of their social security benefits, some pay on only a small part, and many find that their benefits aren't taxable. The rules for when you social security benefits are taxed can be complicated, and we are here to help you sort it all out. Not sure if your benefits are taxable? Not sure if you have to file an income tax return this year? Contact me!
Does an accountant cost money? Of course, and it’s one of the main reasons preventing entrepreneurs from seeking the services of a professional accountant. But I think startups should consider their services investment, not an expense.
The IRS just released early 2014 tax filing season statistics that show 15% more refunds were already issued this year compared to this time last year, and the average federal refund totaled $3,211, up $190 from last year's average refund as of mid-February. Have you filed your taxes yet? Looking for top-notch tax preparation? Contact me!
Did you know that the President's Day week is the busiest time for the IRS? They get the most calls the Tuesday after President's Day than any other day of the year. Perhaps even more this year as those who were snowed in yesterday took advantage of the day off and began working on their taxes! Avoid being put on hold with the IRS---have your taxes professionally prepared at Brenner Accounting Services. You'll be glad you did!
Did you change your name last year? Did your dependent have a name change? If the answer to either question is yes, be sure to notify the Social Security Administration before your file your tax return. If the name of your tax return does not match SSA records, you may have problems e-filing, and your tax refund could be delayed. So, be sure to file Form SS-5 with the SSA to notify them of the name change before you file your taxes this year!
Congratulations to Lorraine Nagy for being voted onto the board of directors for the Hanover YWCA. Serving on the board is a great way to get involved in the local community!
As we gear up for the start of tax season, we want to warn all our clients and friends to watch out for tax season scams. Click on the link below for some valuable hints from the IRS so you don't become a victim:
http://www.irs.gov/uac/Newsroom/Watch-Out-for-Tax-Scams-as-Filing-Season-Opening-Nears
IRS YouTube Videos:Tax Scams: English | Spanish | ASLID Theft: Are You a Victim of Identity Theft? English | Spanish | ASLID Theft: Protect Yourself From Identity Theft English | Spanish | ASLID Theft: IRS Efforts on Identity Theft English | Spanish
Does your business pay an individual or non-incorporated business for services rendered or rent? If so, don't forget to issue form 1099-misc. to the individual/business on or before the end of January! Or better yet, contact me to prepare the 1099s!
Thanks, Sandy Bare for liking the Brenner Accounting Services - Hanover Branch page!
Business Owners: Tired of the hassle of preparing your W-2 forms in-house? Are your sure you prepared them accurately? Save time and frustration by having Brenner Accounting Services prepare your W-2s for you. Even if we didn't prepare your payroll, we can prepare your W-2s and year-end payroll reports, for a reasonable rate. Want more information? Contact me!
Snowed in? Now would be a great time to start organizing your 2013 tax documents! And if you own a business, did you remember to take inventory on 12/31/13? If not, take it now and back off the January activity! Paperwork is a great way to stay productive indoors, especially as we gear up for tax season!
Hot off the IRS press: new repair and capitalization regulations! All companies need to have a written policy for 2014 in place by 12/31/13 which states the dollar threshold at which equipment and improvements will be expensed versus capitalized. Need help writing your capitalization policy? Contact me!
Merry Christmas to all our clients, friends, and associates!
1010 Eichelberger St, Ste 3
Hanover, PA
17331
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