Shearer's Accounting & Tax Services

Shearer's Accounting & Tax Services Hanover, PA tax and accounting service firm that deals with individuals and businesses to help them solve their financial reporting needs.
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Hanover, PA income tax & business tax prepartion along with other accounting services, such as bookkeeping, payroll, financial statements, sales tax preparation and much more.

Shearer's Accounting & Tax Services's cover photo
05/01/2019

Shearer's Accounting & Tax Services's cover photo

Shearer's Accounting & Tax Services
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.

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

Happy Thanksgiving to everyone! We hope you all had a wonderful, restful day spending time with family!
11/23/2018

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

Do you know the major changes to the tax law? They have a HUGE impact on virtually everyone, especially those with child...
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!

INTERESTING TAX DEDUCTION STORYA manager at a high-end boutique was required to purchase and wear the designers’ cloth...
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.

New post about the 20% deduction of income many small businesses can take advantage of the new tax law. Read how you can...
11/02/2018
New Tax Reform Deduction for Businesses – Income Taxes Hanover, PA – Shearer’s Accounting & Tax Service

New post about the 20% deduction of income many small businesses can take advantage of the new tax law. Read how you can save money on taxes this year.

The Tax Cuts and Jobs Act of 2017 has been a hot button topic for over a year now, and many people still do not understand what the benefit of it was. Most taxpayers have seen their paychecks get bigger due to favorable withholding rates for the middle class. However, one area most taxpayers do not....

Shearer's Accounting & Tax Services
10/27/2018

Shearer's Accounting & Tax Services

Had an interesting question come up today. Person asked about taxation on gift cards that would be specifically used for digital services or goods like Google Play or XBox. Digital subscription services and goods are taxable under PA law, such as Netflix or Spotify. A general gift card for these goods to be purchased in the future is not initially taxed. You don't actually pay or collect the tax until the gift card is used. This guidance can be used for any business selling a gift card.

However, if you are selling a gift card for a specific service that is taxable, then you must collect sales tax on that purchase. For example, a person purchases a 6-month subscription card for XBox Gold. You must collect tax on that purchase for two reasons. One, it is for a specific service that is taxable. Two, when the code is redeemed online, the tax is not collected and the use of the product is available immediately without additional tax being collected.

In short, when selling general gift cards, you do not collect sales tax. If selling a specific service that is taxable with a gift card, you must collect sales tax at the time of the sale of the service.

Had an interesting question come up today. Person asked about taxation on gift cards that would be specifically used for...
10/27/2018

Had an interesting question come up today. Person asked about taxation on gift cards that would be specifically used for digital services or goods like Google Play or XBox. Digital subscription services and goods are taxable under PA law, such as Netflix or Spotify. A general gift card for these goods to be purchased in the future is not initially taxed. You don't actually pay or collect the tax until the gift card is used. This guidance can be used for any business selling a gift card.

However, if you are selling a gift card for a specific service that is taxable, then you must collect sales tax on that purchase. For example, a person purchases a 6-month subscription card for XBox Gold. You must collect tax on that purchase for two reasons. One, it is for a specific service that is taxable. Two, when the code is redeemed online, the tax is not collected and the use of the product is available immediately without additional tax being collected.

In short, when selling general gift cards, you do not collect sales tax. If selling a specific service that is taxable with a gift card, you must collect sales tax at the time of the sale of the service.

Shearer's Accounting & Tax Services's cover photo
10/15/2018

Shearer's Accounting & Tax Services's cover photo

Shearer's Accounting & Tax Services's cover photo
10/15/2018

Shearer's Accounting & Tax Services's cover photo

Shearer's Accounting & Tax Services's cover photo
09/29/2018

Shearer's Accounting & Tax Services's cover photo

47 Different Deductions for Small BusinessesJust a quick list of the most common things that you can deduct in your busi...
08/14/2018

47 Different Deductions for Small Businesses

Just a quick list of the most common things that you can deduct in your business. As always, if you are not sure, consult your friendly accountant/tax professional!

1. Legal fees
2. Management fees
3. Payroll processing
4. Parking/tolls
5. Permits
6. License fees
7. Rent
8. Home office (including utilities, property taxes, home maintenance and more!)
9. Interest
10. Health insurance
11. Internet
12. Website
13. Hosting services
14. Magazines and other subscriptions
15. Office supplies
16. Office furniture
17. Royalties
18. Trash service
19. Marketing
20. Advertising
21. Worker's comp
22. Cell phone
23. Signage
24. Amortization
25. Banking fees
26. Uncollectible debt
27. Client meetings
28. Charity
29. Office cleaning
30. Computers
31. Printers
32. Collection fees
33. Consulting
34. Education
35. Travel for business
36. Dues to organizations
37. Depreciation
38. Inventory
39. Gifts
40. Security
41. Meals
42. Entertainment
43. Wages for employees
44. Independent contractors
45. Equipment repairs
46. Exhibition fees
47. ACCOUNTING/TAX PREP FEES!

Shearer's Accounting & Tax Service offers Hanover, PA income tax service to anyone in the area, as well as virtually to ...
08/13/2018

Shearer's Accounting & Tax Service offers Hanover, PA income tax service to anyone in the area, as well as virtually to clients across the country. While we specialize in Pennsylvania and Maryland, we have the resources to be able to offer our services throughout the country. Our tax professionals work year-round in the accounting and tax industry, taking continuing education classes throughout the year to stay updated on all the tax law changes that occur each year. We can help you in many situations, such as:

Personal income tax service is our signature service from January 1st to April 15th. Whether you have a return with W2 income and a few investments or a return with multiple sources of income, we can and will help you.

- Are you self-employed? If you have a small side business or if you are a full-time entrepreneur, we can help you maximize your tax savings.
- Did you sell investments in the past year? Are you planning to in the near future? We can help you plan accordingly so that you pay as little in taxes as legally possible. Without proper planning, you could pay large penalties or higher tax rates if not done accordingly.
- Do you own rental properties? If so, you could be missing out on deductions. Many of our new rental property clients have not been doing their income taxes properly on their own, which costs them thousands in tax savings. Use our expertise in rental properties to maximize your savings.

Every situation is different, and we pride ourselves in offering comprehensive services to fit any of our client's needs. In addition to the normal tax situations, we also specialize in clients who:

- Own/trade/mine Bitcoin and other cryptocurrencies.
- Clients who own home-based businesses such as Amway, Thirty-One, Young Living, Mary Kay, etc.
- Recapturing depreciation on rental properties improperly set up.
- Partnerships in investment clubs.

Whatever your situation is, don't be afraid to ask us! We have worked with clients who did not file taxes for the past 10 years, and we were able to help them get up-to-date and get the IRS off their backs. No matter what situation you are facing, we have been there before and can help you.

08/12/2018
Hanover, PA residents! If you still have not filed your taxes for the 2017 season, it is not too late to get professiona...
04/09/2018

Hanover, PA residents! If you still have not filed your taxes for the 2017 season, it is not too late to get professional tax services at an affordable price. I have a few slots open this week and I can guarantee that they will be completed by Monday, April 16th. The tax deadline this year is Tuesday, April 17th, so don't delay! Prices are typically half the cost of any chain preparation service! Call me at 717.639.2550, email me at [email protected] or message me on Facebook!

Corporate taxes are due on Thursday. Message me if you need help!
03/12/2018

Corporate taxes are due on Thursday. Message me if you need help!

This is an old article but all the points made are still relevant. Small business owners should look at these tips to he...
02/15/2018
SageVoice: 8 Tips To Make Tax Season Easier For Small Business Owners

This is an old article but all the points made are still relevant. Small business owners should look at these tips to help them stay on track for tax season.
#taxes #smallbusiness #entrepreneur #incometaxes #businesstax #taxtips
https://www.forbes.com/sites/sage/2014/04/10/8-tips-to-make-tax-season-easier-for-small-business-owners/#35bea81323bd

The key to minimizing tax woes is to treat taxes like any other business practice: as an ongoing process that needs attention throughout the year in order to be successful. When you begin to think this way, preparing for tax time on a continual basis will allow you to focus on what you’re passiona...

This article talks about people under reporting their cryptocurrency gains. I don't believe this article for one second....
02/14/2018
Bitcoin Investors Aren't Paying Their Cryptocurrency Taxes

This article talks about people under reporting their cryptocurrency gains. I don't believe this article for one second. I personally have completed over 25 returns in addition to preparing about 50 8949 forms for investors who are reporting their gains. It is not that investors are not reporting their gains, it is that they are using specialists to make sure it is done properly.
#cryptocurrency #bitcoin #btc #litecoin #ethereum #coinbase #taxes
http://fortune.com/2018/02/13/bitcoin-cryptocurrency-tax-taxes/

You need to tell the IRS if you made money on Bitcoin, and yet less than 1% of Americans are doing so.

There is a large disadvantage to filing your taxes too early, and this is one that we often see. Certain credits expired...
02/12/2018
If You've Already Filed, Here's What You Need To Do About Those Tax Extenders

There is a large disadvantage to filing your taxes too early, and this is one that we often see. Certain credits expired before tax season began, such as the deduction for mortgage insurance and other energy credits. However, with the new budget being passed, these expired credits were brought back to life. Many people with these potential credits already have filed, and mortgage companies have issues incorrect 1098s to their customers.
The problem here is that many people need to amend their returns, often at another cost to them since they did not realize this would happen. If you need help with amending or understanding these extenders, please feel free to contact me.
https://www.forbes.com/sites/kellyphillipserb/2018/02/10/if-youve-already-filed-heres-what-you-need-to-do-about-those-tax-extenders/#3a0c2bc33853

As of last week, the Internal Revenue Service (IRS) had already received 18,302,000 tax returns and had processed 17,931,000; that number is likely double by now. If you've already filed your tax return and think you might be affected by the tax extenders provisions, here's what you need to do.

02/02/2018

While the IRS said those affected by the PATH Act would not see refunds until almost the end of February, we are starting to see clients with direct deposit dates of mid-February. The IRS system is much faster this year than ever, as we are seeing returns accepted in mere minutes instead of days. This means faster processing and refunds to taxpayers as well!

Address

356 Fairview Ave
McSherrystown, PA
17344

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00
Saturday 09:00 - 17:00

Telephone

(717) 639-2550

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