Andrews & Shipe LLC

Wishing all of you a joyful Labor Day! We hope it’s filled with relaxation and happiness in the company of friends and family 🌟

Our office will be closed on Monday, September 2, in celebration of the holiday. We’ll be back to assist you on Tuesday, September 3!

Wishing all of you a fun and memorable Labor Day weekend! 🌞

What are you up to this weekend? Indulging in good food? Enjoying some well-deserved naps? Let us know in the comments!

Please note that our office will be closed on Monday, September 2, but we'll be back on Tuesday, September 3, eager to assist with anything you need.

Running a successful business comes with a lot of responsibilities, and managing payroll can be a significant time drain. Imagine what you could achieve if you could reclaim those hours and focus on growing your business instead!

Want your time back? Let our experts manage the details so you can focus on what you do best: running your business. Reach out anytime.

Join us Saturday for fun and food!

📅 Reminder 📅 Third-quarter estimated payments are due soon.

Be sure to complete federal and state (if applicable) payments by September 16, 2024, to avoid penalties or interest on the tax owed.

As always, reach out to us if we can be of help. We are here to help you successfully navigate the process, ensuring you remain compliant with all regulations.

Today, we wanted to extend our warmest wishes to all of those navigating the start of a new school year!

Whether you’re a student, teacher, or parent, we hope the year ahead is one of success and happiness. If you need anything as you settle into the new routine, remember that our team is just a phone call away.

The heart of any business's financial system is the general ledger (GL). Swipe through for what a well-maintained general ledger is and how it helps your business.

Whether you're a startup owner diving into the financial world or a seasoned entrepreneur, understanding the role of the general ledger can significantly improve how you manage your business finances.

Need help deciphering your general ledger or have any questions about your financial records? Our team is here to assist! Reach out anytime; that’s what we are here for.

We often get clients who enter into a new tax bracket and ask, “Does this mean I'm facing a massive tax burden ahead?”

Not to worry — advancing into a new tax bracket is a sign of your hard-earned success! And here's the silver lining: When you step into a higher tax bracket, you're only taxed at that bracket's rate for the income that exceeds the previous bracket's threshold.

Let's break it down: If you're a single filer making $105,000 in 2024, you're in the bracket that starts at $100,526 and has a 24% tax rate. That means, for 2024, you’ll pay 10% on your first $11,600, then 12% on $11,601 to $47,150, and then 22% on $47,151 to $100,525. The only amount of money taxed at 24% is the income from $100,526 to $191,950.

Breathe easy and celebrate your progress. If you have any questions, don’t hesitate to reach out.

Being a caregiver is expensive, which makes tax credits and deductions all the more valuable! With that in mind, we’re sharing today an overview of the Child and Dependent Care Tax Credit.

Swipe for key details ➡️ As always, reach out to our team with any questions or needs that arise. We are here to be a resource for you all year.

Wondering how long you should hold on to old tax documents? The general rule of thumb from the IRS is to keep your records for three years from the date you filed the original tax return or two years from the date you paid the taxes — whichever is later.

If you're dealing with losses such as business setbacks, capital losses, or bad debts, you should keep those documents around for a bit longer — seven years, to be exact. This extra precaution ensures you have all the necessary paperwork on hand in case the IRS needs to verify those losses.

Why does this matter? Keeping your tax documents for the recommended time frames not only helps in potential audits but also aids in amending past returns if needed. Plus, it's essential for accurately filing future taxes and claiming any deductions or credits you're entitled to.

Before you start your next decluttering spree, make sure you've got your tax document retention in check. If you need any assistance, we’re here to help!

Happy Fourth of July! As accountants, our thoughts always turn this time of year to the role that taxes played in shaping our nation's birth. We thought we’d share a few of our favorite facts about taxes and the American Revolution in honor of this holiday.

Have a wonderful celebration — and remember, we’re here to assist you in navigating the world of taxes and ensuring your financial independence this summer and beyond.

As our nation pauses to celebrate July 4, we are sending each of you our warmest wishes for a memorable holiday.

Whether you are planning to enjoy a barbecue, marvel at the fireworks, or spend quality time with loved ones, we hope your day is full of fun, rest, and reflection.

Please note that our office will be closed in observance of Independence Day. Enjoy the holiday, and stay safe.

Are you navigating the maze of financial record-keeping and wondering what to keep and what to toss? You're in luck! Here's a quick guide to the essential documents you should hold onto. 📁

Keeping these records can help simplify your finances, prepare you for any potential inquiries from tax authorities, and help you more effectively manage your finances. If you have any questions or need assistance, please reach out. Our tax experts are here to help you all year long.

Happy first day of summer! June 20 marks the beginning of our favorite season. Whether it's hosting backyard get-togethers, savoring meals al fresco, or finding the perfect shady spot to relax in, there's so much to look forward to ☀️

As the season gets underway, remember that our team is here to help with any questions or needs you may have. Feel free to reach out anytime!

Now, for the important question. We want to know – what’s your favorite summer activity in our area? Share in the comments below!

We made it through another tax season, but that doesn’t mean our work is done! In fact, now is the ideal time for businesses to reflect on the past year and look forward to the next. After all, the steps you take today can have a profound impact on your business’s tax readiness.

With that in mind, our team is sharing some essential strategies and best practices designed to help your team increase tax efficiency and ensure readiness for any scrutiny, such as audits.

Swipe through to discover our top tips for the tax “off-season” ➡️ ️As always, give us a call with any questions or needs. Whether it’s strategizing about tax deductions or preparing for potential audits, we’re here to provide advice tailored to the unique needs of your business.

Today, we send our warmest wishes to each of you, as we collectively pause to honor the father figures who have offered us guidance, wisdom, courage, and love.

Whether you're celebrating surrounded by loved ones or cherishing memories of times past, we hope your weekend is filled with joy and gratitude.

From all of us, Happy Father’s Day.

We made it through another tax season, but that doesn’t mean our work is done! In fact, now is the perfect time to reflect not only on the past year but also to look ahead, as the actions you take now can significantly impact your future tax situation.

With that in mind, we’re sharing today some essential strategies and best practices for the tax “off-season.” Swipe through to discover steps you can take now to potentially reduce tax liability down the road ➡️

Have questions or need personalized advice? Reach out to us anytime! We’re here to help.

If you file quarterly estimated tax payments, consider this your friendly reminder that the second-quarter deadline is fast approaching!

Be sure to complete federal and state (if applicable) payments by June 17, 2024, to avoid any penalties or interest on the tax owed.

As always, reach out to our team if you need assistance. We are here to guide you through the process and ensure that you are compliant with all regulations.

🇺🇸 This Memorial Day, our office will be closed as we pay our respects to the brave men and women who made the ultimate sacrifice for our freedoms. We invite you to join us in this important and solemn remembrance.

Should questions or needs arise while we are out office, our team will address them when we resume regular business hours on Tuesday, May 28.

It’s never too early to instill a sense of financial responsibility and knowledge in younger generations, and the summer presents unique opportunities for parents and caregivers to do so!

With that in mind, we’re sharing a few summer “job” ideas for kids and teens. Swipe to learn more ➡️

And as always, reach out with any financial questions or needs. We are happy to be a resource.

As the sun shines brighter and temperatures continue to warm, we all reach for our favorite cool drink. So, we're curious:

Are you all about lemonade or is iced tea your go-to?

Drop
🍋 for lemonade
or
🍵 for iced tea in the comments.

Let's find out which is the ultimate May favorite!

On behalf of our entire team, we want to wish all mother figures out there a very Happy Mother's Day!

No matter how you celebrate, we hope you have a relaxing and meaningful day surrounded by loved ones.

In today's ever-evolving job market, it's crucial to distinguish between employees and independent contractors. The IRS sets firm guidelines to differentiate the two, affecting everything from work dynamics to financial and legal responsibilities.

With that in mind, we’re sharing an overview of the key differences. Swipe for a breakdown ↩️

Have questions about tax considerations related to employees and independent contractors? Reach out to us today! We're here to help.

Thinking about starting your own business but not sure where to begin? You’re not alone. It's a thrilling journey filled with both opportunities and challenges. Before you dive into the entrepreneurial waters, here are a few crucial steps to set the foundation of your business venture.

💡 Why It Matters: These steps are crucial for legal and financial stability and lay the groundwork for your business’s future.

Every business may need additional steps, such as licenses and permits. With the right guidance, you’ll be set up for success. Let’s talk!

Now that tax day is behind us, here's a quick guide on how to check your tax refund status. It's easy and can be done right from your home. 💻

Need more help? Don't hesitate to reach out for assistance with the IRS website or understanding your refund status.

The excitement of basketball has taken over our office, and we're loving every minute of it! 🎉

Brackets are locked in, winners are chosen, and the competitive banter is the soundtrack of our day. If you want to dive into the madness, be sure to grab your 2024 printable bracket.

Which team are you rooting for? 🏀 Let us know in the comments, and let the madness begin!

Wishing you and your loved ones a day filled with good luck and good cheer 🍀💚

Stay safe, celebrate responsibly, and make some unforgettable memories this St. Paddy's Day! 🎉

Tax day is right around the corner 🤯 and time is running out to get your tax return in or file an extension!

If you're feeling overwhelmed with your last-minute tax preparations, we're here to help. Our team is ready to guide you through every step, ensuring you maximize your returns and minimize your stress 📝

Reach out to us ASAP, and let's get your taxes sorted together!

You probably know March 14th is celebrated as Pi Day because the first three digits of π are 3.14! 🎉 But did you know Indiana state lawmakers once debated rounding this mathematical concept up to 3.2?

In honor of Pi Day, we’re sharing a small slice of pi trivia with you all:

1️⃣ Pi is defined as the ratio of a circle's circumference to its diameter.

2️⃣ It’s an irrational number, meaning its decimal representation goes on forever without repeating. Mathematicians have calculated trillions of digits, but you can stick with 3.14 for today's festivities!

3️⃣ Ever noticed the circular shape of the Pantheon's dome in Rome? That's a prime example of pi at work in architecture, creating structures of timeless beauty.

4️⃣ Interestingly, some people celebrate Pi Approximation Day on 22/7 because the fraction 22/7 is a common approximation of pi. Double the pi fun, right?

5️⃣ And yep, as we mentioned above, in 1897, a doctor in Indiana put forth a bill to the state legislature that would have rounded pi up to 3.2. After some debate, the state legislature did not move forward with the bill, and mathematicians everywhere rejoiced (we assume).

Now for the cherry on the top, we want to hear about another form of “pi” – “pie!” 🥧 We got on the subject of “pie” and have found ourselves debating the best flavor.

Help us settle the debate, and comment your favorite pie below ⬇️