Accounting by Brennan

01/20/2018

Cathi is no longer doing tax returns or accounting.
Cathi passed away due to a major heart attack very unexpectedly.
Should you need immediate assistance please contact her business partner. Lee Garner

02/14/2017

I get asked a lot about Social Security Benefits and if they are taxable. The honest answer is "maybe". Below is an article that shows when they are and when they are not. Rule of thumb is that if you are still working and collecting social security, it is best to have tax taken out of your benefit check until you STOP working all together.

Please reach out if you have any other questions.

Are Social Security Benefits Taxable?
If taxpayers receive Social Security benefits, they may have to pay federal income tax on part of those benefits. These IRS tips will help taxpayers determine if they need to do so.
• Form SSA-1099. If taxpayers received Social Security benefits in 2016, they should receive a Form SSA-1099, Social Security Benefit Statement, showing the amount of their benefits.
• Only Social Security. If Social Security was a taxpayer’s only income in 2016, their benefits may not be taxable. They also may not need to file a federal income tax return. If they get income from other sources, they may have to pay taxes on some of their benefits.
• Tax Formula. Here’s a quick way to find out if a taxpayer must pay taxes on their Social Security benefits: Add one-half of the Social Security income to all other income, including tax-exempt interest. Then compare that amount to the base amount for their filing status. If the total is more than the base amount, some of their benefits may be taxable.
• Base Amounts. The three base amounts are:
o $25,000 – if taxpayers are single, head of household, qualifying widow or widower with a dependent child or married filing separately and lived apart from their spouse for all of 2016
o $32,000 – if they are married filing jointly
o $0 – if they are married filing separately and lived with their spouse at any time during the year
All taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.
Additional IRS Resources:

01/25/2017

Am working part time from an office in Kissimmee. Drop me line if you need your tax return done in this office. Hours are limited, so call or write soon. Hope to see you soon.

01/12/2017

Happy 2017!! The IRS will open for business - accepting tax returns - on January 23rd. The office is open for tax prep. Give me a call to set up an appointment or consultation to get this annual chore over and done with. We are anticipating lots of changes for 2017. As they come down the pike, I will post them here for you to be aware of and also to be a sounding board as to the like or dislike of them. I know everyone is watching the health plan changes. As I see different notices on them I will post them here.

12/01/2016

Treat your personal information like you do your cash; don’t leave it lying around.

That is probably the best way to describe personal information and the best "dumbing down" I could ever think of. My tax update class this week included a LOT of security measures. We had a guest speaker from IRS Cyber division and yep, we walked out of there terrified. The things these hackers and "dark web" resalers have is PHENOMENAL!!! Did you know that your personal information, Name, DOB and SSN are only worth $1? Do you know how many times that can be bought and reused? Please be aware of how you give out your information.

12/01/2016

For those who have outstanding balances with the IRS, this tool will be able to allow you to see your balances and payments applied instead of 2nd guessing the IRS or having to call and be "on hold" FOREVER, for an answer that may not be correct. Due to IRS staffing cutbacks they are promoting more and more self help options.

WASHINGTON – The Internal Revenue Service announced today the launch of an online application that will assist taxpayers with straightforward balance inquiries in a safe, easy and convenient way.

11/19/2016

I will be working on my end of year tax letter and worksheet list this week. Please PM me your email or snail mail address if you would like a copy. My checklist contains all the information you need to gather for your tax preparer. My newsletter will contain the latest information available regarding pensions, deductions and general knowledge of what has or has not changed over the year. I will be happy to share and answer any questions you may have.

10/19/2016

Actually a pretty good article explaining a lot of myths.

Some myths keep circulating about Social Security. These are worth dispelling, as more baby boomers are becoming eligible for their retirement benefits.

10/13/2016

Tips on how and why to keep track of all your business expenses. So many people "guesstimate" on some expenses, when today it is so easy to keep track of them with an app, spreadsheet or an occasional bookkeeper. If you need help getting yourself organized, please give me a call and let's chat.

Small business expense management, tracking guide: What you need to know about keeping track of your business costs, deductions and more. 

10/13/2016

A lot of us are getting to the age where our parents are now dependent upon us as well as other relatives. This article elaborates on who can be claimed and other important information. As always, drop me a line if there is a question.

This article will discuss the requirements to claim a relative as a dependent, items considered as support and items not considered as support.

10/10/2016

This is precisely why we say, "The IRS will never call you on the phone. They will only contact you by US mail - not even e-mail". Thank you to law enforcement in India for stopping this ring.

Police in India have reportedly raided nine call centers in Mumbai, India and arrested 70 people who were calling phone numbers in the United States pretending to be Internal Revenue Service demanding payment for taxes.

08/24/2016

This has some PHENOMENAL information that anyone you know going through a divorce or separation really need to know. These notes come right from the IRS, so if there is a question BY you or TO you from your tax preparer, lawyer or even friendly conversation, you will have the answers ahead of time. I realize this can be a very difficult time (been there done that) but I will be as sensitive and pain free as I possibly can in answering any questions and preparing your tax return during and after this tumultous time. Remember, I am a neutral party, so have no interest in helping anyone but you, my client.

If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep in mind: