Starkey Brothers, Inc.

Starkey Brothers, Inc. updated their address.

Starkey Brothers, Inc. updated their website address.

If you haven't filed taxes for a while please note that you only have a three year window to claim a refund. 2015 is the earliest year you can claim a refund and that window closes on April 15, 2019. The article below has great information about general filing requirements.

The IRS has $1.4 billion in tax refunds waiting for people to claim The clock is ticking on tax refunds from 2015. More than 1 million taxpayers are owed money from the IRS and still haven't collected. Here's what you should know.

This is a well written article (most importantly it's accurate) detailing the changes for tax year 2018. The article gives great insight as to why the outcome of your personal income tax return may differ from years past. If you still have questions we would be happy to answer them.

http://amp.timeinc.net/time/5530766/tax-season-2019-changes

Many Americans Are Shocked By Their Tax Returns in 2019. Here’s What You Should Know The average federal tax return rate is down 8.7%

The end of tax season is rapidly approaching (33 days). If you still need to file your taxes or plan to file an extension, we can help!

***BE AWARE OF SCAMS***

The IRS will never:

• Call to demand immediate payment over the phone, nor will the
agency call about taxes owed without first having mailed you a bill.

• Threaten to immediately bring in local police or other law-
enforcement groups to have you arrested for not paying.

• Demand that you pay taxes without giving you the opportunity to
question or appeal the amount they say you owe.

• Require you to use a specific payment method for your taxes,
such as a prepaid debit card, gift card or wire transfer.

• Ask for credit or debit card numbers over the phone.

Federal and State letters go out to non-filers in December! You do not want to be on the IRS or Franchise Tax Board's naughty list. This week we were able to help someone who hadn't filed their taxes since 2004. If you haven't filed your taxes for 2014 or for other years, we can help!

Business owners; what happens to your assets when you’re gone? Have you done anything to protect your assets? We can establish trusts to ensure your assets and your family’s future are protected.

Business owners; is it time to incorporate? What type of corporation do you need to form? We can educate you on the pros and cons of incorporating and form the right corporation for you; LLC’s, S-corporation’s, C-corporation’s, partnerships, and trusts.

Business owners; do you have accurate estimated tax payments? We can help! We offer bookkeeping service that allow us determine your tax liability. Now you can pay your taxes as you go (which is the law) instead of one lump sum when taxes are due. We also offer payroll services for any business of any size. Payroll services include direct deposit, printing checks, tax deposits, quarterly reports, and year end reports (including W-2’s).

Got tax problems? We can remove wage garnishments/levies, complete offer and compromises, set up payment plans, and file back taxes. We specialize in personal, sole proprietor, corporate, partnership, and trust income tax returns.

When starting a business knowing your tax obligations is crucial. Here are five tax tips that can help you get your business off to a good start.

1. Business Structure: An early choice you need to make is to decide on the type of structure for your business. The most common types are sole proprietor, partnership and corporation. The type of business you choose will determine which tax forms you will file.

2. Business Taxes: There are four general types of business taxes. They are income tax, self-employment tax, employment tax and excise tax. In most cases, the types of tax your business pays depends on the type of business structure you set up. You may need to make estimated tax payments. If you do, use IRS Direct Pay to pay them. It’s the fast, easy and secure way to pay from your checking or savings account.

3. Employer Identification Number: You may need to get an EIN for federal tax purposes. Search “do you need an EIN” on IRS.gov to find out if you need this number. If you do need one, you can apply for it online.

4. Accounting Method: An accounting method is a set of rules that you use to determine when to report income and expenses. You must use a consistent method. The two that are most common are the cash and accrual methods. Under the cash method, you normally report income and deduct expenses in the year that you receive or pay them. Under the accrual method, you generally report income and deduct expenses in the year that you earn or incur them. This is true even if you get the income or pay the expense in a later year.

5. Employee Health Care: The Small Business Health Care Tax Credit helps small businesses and tax-exempt organizations pay for health care coverage they offer their employees. A small employer is eligible for the credit if it has fewer than 25 employees who work full-time, or a combination of full-time and part-time. The maximum credit is 50 percent of premiums paid for small business employers and 35 percent of premiums paid for small tax-exempt employers, such as charities.

The employer shared responsibility provisions of the Affordable Care Act affect employers employing at least a certain number of employees (generally 50 full-time employees or a combination of full-time and part-time employees). These employers’ are called applicable large employers. ALEs must either offer minimum essential coverage that is “affordable” and that provides “minimum value” to their full-time employees (and their dependents), or potentially make an employer shared responsibility payment to the IRS. The vast majority of employers will fall below the ALE threshold number of employees and, therefore, will not be subject to the employer shared responsibility provisions.

Employers also have information reporting responsibilities regarding minimum essential coverage they offer or provide to their full-time employees. Employers must send reports to employees and to the IRS on new forms the IRS created for this purpose.