Shearer's Accounting & Tax Services

04/02/2020

Restaurant Employee Relief Fund

For all restaurant workers, here is a potential $500 grant for those that have been affected by COVID19. If you are having issues accessing the site, keep trying as it is under heavy load.
https://rerf.us/

The Restaurant Employee Relief Fund (RERF) provides grants to restaurant industry employees experiencing hardship in the wake of the coronavirus (COVID-19) outbreak. Grants will be made to restaurant industry employees who have demonstrated being financially impacted by COVID-19, whether through a d...

04/01/2020

Message me if you have any questions! There is a lot of information going around about the loans and unemployment benefits that are available.

03/15/2020

While we are still taking appointments and meeting with clients at this time, we do encourage anyone who is sick or not feeling well to reschedule their appointment. Trust is key in this business, and making sure you feel comfortable is of the utmost importance to us. We offer several options when it comes to having your taxes prepared depending on your situation and comfort level. They are:
- Meet face-to-face at our office (personal meeting)
- Drop paperwork off at our office (dropping paperwork off at front desk)
- Drop paperwork off at our office through mailslot on the door (no contact, documents are inside a locked building)
- Upload your documents to a secure portal online (no contact needed, upload at home)
The tax deadline has not officially been moved at this time and may not be, so we are operating as though the April 15th deadline still is our end date.
As always, if you have any questions, please feel free to contact us and thank you!

02/12/2020

Westminster Small Business Conference

I will be presenting two workshops on different accounting topics at this event alongside many other speakers throughout the day. Consider attending this event for the speakers and networking opportunities that will be presented here.

https://www.facebook.com/WSBC2020/

Our mission is to create an environment central to Pennsylvania, Maryland and D.C that will provide education, funding and networking for small businesses.

02/03/2020

Did you know that we offer 3 convenient ways to have your taxes prepared?
- One is the traditional office appointment where you come to our office and we meet for about a half-hour.
- Another option is to simply drop your taxes off at our office at your convenience, no appointment needed!
- Finally, for those who are further away or just like doing things online, we offer a 100% virtual option where you can upload everything via a secure portal!

Schedule your appointment online today at the link below or message us to discuss your other options!

https://square.site/book/3WBQ1RKQNFA56/shearer-s-accounting-tax-service-hanover-pa

01/25/2020

If you see this viral post going around, please understand that it is not a form to help those who may have had their refund withheld like some are claiming. This is simply a form that some tax preparers use if they can't or don't want to e-file their clients' tax returns. The IRS requires any tax preparer who prepares more than 10 returns to e-file them. This form allows some to not do this and that is all this form can do. I highlighted the part that says Preparer to show this as well. Hope this helps!

01/21/2020

Save Money on Taxes and College with a 529 Plan – Shearers Accounting – Hanover, PA Taxes and Accountant

Learn how to save money for your child's college education while also saving money on taxes at the same time!

Save Money on Taxes and College with a 529 Plan No Comments on Save Money on Taxes and College with a 529 PlanPosted in Personal By bshearer82Posted on January 18, 2020January 16, 2020 Paying for a child’s education is certainly one of the greatest gifts you can give. But the costs of higher educa...

01/17/2020

8 Tips to Help Your Small Business Save in Taxes – Shearers Accounting – Hanover, PA Taxes and Accountant

Learn some ways that you can save money on taxes if you own a small business!

8 Tips to Help Your Small Business Save in Taxes No Comments on 8 Tips to Help Your Small Business Save in TaxesPosted in Business By bshearer82Posted on January 16, 2020January 17, 2020 Personal taxes can be complicated. Business taxes can be even more difficult. If you own a small business, tax ti...

01/16/2020

Article I wrote about which is the better option to take in regards to the mileage deduction on your vehicle.

https://bryanshearer.accountant/irs-standard-mileage-deduction-or-actual-expenses-which-one-is-better-for-you/

01/15/2020

The 2020 standard mileage rate has been reduced to 57.5 cents per mile from 58 cents in 2019. If you are an employer, please remember to reduce your reimbursement rate.

01/14/2020

If you have a side business, you may qualify for a 20% reduction of your taxable income earned from your business. This includes most side businesses, such as networking marketing companies, driving, delivery services, athletic training and much more. Contact us to see how your business can take advantage of this tax deduction!

01/13/2020

CHILD TAX CREDIT - The child tax credit was doubled in 2017 to $2,000 per child, with $1,400 of that being refundable. That means even if your tax is zero, you would still be able to receive $1,400 per child. If you have tax owed, then this credit directly reduces the amount of that tax owed. For example:

If you made $60,000 last year and your tax bill was $4,000 on that income if you have 2 children, your tax due would be $0.

Or, if you made $20,000 last year and you owed nothing in taxes but have 2 children, you would receive a refund of $2,800 just from this credit alone.

To learn more about the child tax credit, contact us or schedule an appointment!

01/13/2020

US Tax Laws Continue to Stifle Bitcoin Mainstream Usage – Shearers Accounting – Hanover, PA Taxes and Accountant

US Tax Laws Continue to Stifle Bitcoin Mainstream Usage – Shearers Accounting – Hanover, PA Taxes and Accountant

US Tax Laws Continue to Stifle Bitcoin Mainstream Usage No Comments on US Tax Laws Continue to Stifle Bitcoin Mainstream UsagePosted in Cryptocurrency By bshearer82Posted on January 9, 2020January 9, 2020 With the announcement of the new cryptocurrency, Libra, being developed by Facebook, this stabl...

01/09/2020

Using Your Business Account for Personal Expenses – Shearers Accounting – Hanover, PA Taxes and Accountant

Article on the importance of separating business and personal expenses.

Using Your Business Account for Personal Expenses No Comments on Using Your Business Account for Personal ExpensesPosted in Business By bshearer82Posted on January 9, 2020January 9, 2020 You stopped at the gas station to get some gas and in a hurry, you grabbed your business card and quickly swiped....

01/07/2020

The IRS has announced that the official first day of tax season will be January 27th. That means they will start processing your return on this day. For early filers who may be anticipating a refund, schedule your appointment today to get your taxes filed!

https://square.site/book/3WBQ1RKQNFA56/shearer-s-accounting-tax-service-hanover-pa

01/02/2020

Shearer's Accounting & Tax Services's cover photo

01/02/2020

Wishing you a happy and prosperous 2020! New info about the upcoming tax season is coming shortly!

12/18/2019

Great reminder for those with home-based businesses or a home office for their business. This does not apply if you work for an employer and telecommute/work-from-home. Let me know if you have any questions!

07/26/2019

IRS has begun sending letters to virtual currency owners advising them to pay back taxes, file amended returns; part of agency's larger efforts | Internal Revenue Service

This has been a long time coming for crypto. I have worked with many crypto clients and have helped them get compliant by filing amended tax returns. Learn how I can help you get compliant with your cryptocurrency holdings.

IR-2019-132, July 26, 2019 — The IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.

07/12/2019

IRS Standard Mileage Deduction vs Actual Expenses

One of the most common trouble spots that business owners incur is how to treat vehicles for business purpose. Most business owners ask about deducting mileage and then also the payments on the vehicle and are shocked to learn you can only do one or the other. Also, once you choose one method on that vehicle, you are locked into that method with some exceptions. Knowing the proper way to deduct your vehicle expenses will not only save you money but also from a potential audit.

The IRS mileage deduction is one of the largest deductions a business owner can take, but most business owners are confused on how it works.

07/11/2019

The IRS will be releasing a new W4 to help resolve the 2018 issue of taxpayers not having enough taxes withheld from their paychecks. Keep an eye out for the new guidelines and complete the new form to be sure that you are getting the proper amount withheld.

07/04/2019

US Tax Laws Continue to Stifle Bitcoin Mainstream Usage |Bitcoin Tax Law

US Tax Laws Continue to Stifle Bitcoin Mainstream Usage |Bitcoin Tax Law

Cryptocurrency continues to grow, but US tax laws for Bitcoin and other cryptocurrncies will destroy mainstream acceptance of crypto and stablecoins.

05/26/2019

Excited to be speaking at this exciting event! Sign up for the event and also enter on the conference page for a chance to win $20,000 for your business.

ANNOUNCING Bryan Shearer

Don't Outgrow Your Accounting System

Bryan has a vast amount of experience in the business world, working with various large, international corporations to self-employed individuals in such fields as manufacturing, construction, professional services, retail and much more. His experience in cost accounting has helped construction and manufacturing businesses learn more about their business and how to effectively grow. In addition to traditional businesses, Bryan also specializes in blockchain technology and accounting for cryptocurrency, and has talked at many conferences about the new technology and the impact it will have on businesses of the future. Bryan is a proactive accountant that has a passion for looking to the future while using historical data to help businesses get there. His favorite line to ask his clients is, “Where are you going to go next?

05/01/2019

Shearer's Accounting & Tax Services's cover photo

05/01/2019

Shearer's Accounting & Tax Services

02/13/2019

Partnership (Form 1065) and S Corp (Form 1120S) returns are due on March 15, 2019. Contact us or book online to keep your business in compliance. Fines are $195 per K1 not filed, so be sure to at least schedule an appointment to get your extension filed if necessary.

02/10/2019

Quick, basic example of how the new tax law works. A married couple with 2 children earned 85K in 2017 & 2018. In 2017, the total tax due would have been $4,500, but in 2018, the tax owed is roughly $2,300. This is a savings of $2,200 and represents a normal situation I have been seeing.

02/08/2019

Friendly reminder to everyone that claimed the EIC (Earned Income Credit) that refunds aren't released until mid to late February due to the PATH Act. This was a huge area of fraud and many taxpayers were getting their identities and tax refund stolen. While the extra time is never fun, this was a necessary step in helping to curb fraud.

02/07/2019

Interesting conversation I had with a CPA (doesn't do taxation) friend of mine. He asked me about the 20% qualified business deduction and asked me why it didn't pull on his return when using Turbo Tax. I explained and he told me he clicked no when asked about it on Turbo Tax. Luckily, he remembered me telling him about it, but for many taxpayers, this would have been easily missed. For him, it was a reduction of his tax by over $1,000. Don't leave money on the table when dealing with complex tax situations!

01/08/2019

IRS just announced filing season to open 1/28/19: IR-2019-01
IRS confirms tax filing season to begin January 28

WASHINGTON ― Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.

“We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig.

Congress directed the payment of all tax refunds through a permanent, indefinite appropriation (31 U.S.C. 1324), and the IRS has consistently been of the view that it has authority to pay refunds despite a lapse in annual appropriations. Although in 2011 the Office of Management and Budget (OMB) directed the IRS not to pay refunds during a lapse, OMB has reviewed the relevant law at Treasury’s request and concluded that IRS may pay tax refunds during a lapse.

The IRS will be recalling a significant portion of its workforce, currently furloughed as part of the government shutdown, to work. Additional details for the IRS filing season will be included in an updated FY2019 Lapsed Appropriations Contingency Plan to be released publicly in the coming days.

“IRS employees have been hard at work over the past year to implement the biggest tax law changes the nation has seen in more than 30 years,” said Rettig.

As in past years, the IRS will begin accepting and processing individual tax returns once the filing season begins. For taxpayers who usually file early in the year and have all of the needed documentation, there is no need to wait to file. They should file when they are ready to submit a complete and accurate tax return.

The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file their returns.

Software companies and tax professionals will be accepting and preparing tax returns before Jan. 28 and then will submit the returns when the IRS systems open later this month. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds.

12/29/2018

Shearer's Accounting & Tax Service in McSherrystown, PA

Ensure that you are able to get your taxes done in a timely manner by scheduling your tax appointment with us today! Click on the link below to schedule your tax appointment online.
https://squareup.com/appointments/book/3WBQ1RKQNFA56/shearer-s-accounting-tax-service-mcsherrystown-pa

Income tax, business tax, accounting, bookkeeping, payroll and other accounting services.

12/06/2018

Accounting for Network Marketing Businesses – Income Taxes Hanover, PA – Shearer’s Accounting & Tax Service

Accounting for Network Marketing Businesses – Income Taxes Hanover, PA – Shearer’s Accounting & Tax Service

Network marketing is huge and has changed the lives of so many people around the world. It is an amazing business model for businesses that are starting out without a ton of capital to invest in marketing, and it is wonderful for people looking to leverage their personal market to make an income fir...

11/23/2018

Happy Thanksgiving to everyone! We hope you all had a wonderful, restful day spending time with family!

11/22/2018

Do you know the major changes to the tax law? They have a HUGE impact on virtually everyone, especially those with children. The standard deduction has been doubled, but exemptions are gone, somewhat hurting those with more than 2 children. However, broader tax credits for more households help balance this out and create even better situations for a majority of taxpayers.

In short, most middle-class Americans will see lower taxes. Hopefully, with new withholding tables, your employer withheld enough taxes for your unique situation!

11/14/2018

How Will Crypto Derivatives Affect the Crypto Market? – Income Taxes Hanover, PA – Shearer’s Accounting & Tax Service

Here is a little Q&A on my thoughts on crypto derivatives by Citigroup and how they will affect the crypto markets in the very near future.

Here is a little Q&A on my thoughts on crypto derivatives by Citigroup and how they will affect the crypto markets in the very near future.

11/10/2018

INTERESTING TAX DEDUCTION STORY

A manager at a high-end boutique was required to purchase and wear the designers’ clothing to keep within the appearance of her exclusive lifestyle. She tried to deduct the cost of the outfits as an employee business expense because she only wore them to work. Her argument was it was just like wearing a uniform that she had to purchase in order to work there, such as a referee.

The court denied her claim on the reasoning that the clothes were suitable to wear outside of work. If the clothes would have had a logo on them, then she could have argued her position since she likely would not want to wear the company logo during her leisure time.

This is true for any business clothes that can be worn outside of work, even if you would never wear the clothing. Now, in cases of work clothes like construction overalls, you may be able to deduct them. Jeans, no, but specific construction clothes that are used only for a job site can be.

Now, in 2018, you cannot deduct the cost of clothes for your job on the federal level, but you may be able to on the state level. However, if you are a self-employed individual, you may be able to deduct your business clothing if it is specific to your business.