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April 2015
FINISH LINE!

We're one week away from the April 15th tax deadline!

If you know you won't be ready in time and will need to file an extension, don't forget that you'll still need to estimate your tax liability and make a payment with your Form 4868. An extension of time to file is NOT an extension of time to pay.

If you expect to have a balance due, be aware that the IRS offers several payment options. 


We're very excited to announce that our new website/client portal is now live! Visit BrunoAccountants.com to take a look. Enjoy this completely "green" method of tax filing, with electronic storage of source documents, tax returns, and financial statements at your fingertips, 24/7. We also provide log-in access for QuickBooks Online. Be sure to check our blog regularly for informative new articles!

ChristineWe're working to complete as many returns as possible before the deadline. Call us with any questions or concerns at (508) 830-0800. 


Best regards,

Christine L. Bruno, CPA
Payment Agreement Options if You Have a Balance DuePayment

 

Taxpayers with a balance due on their tax return can now choose from among several quick and easy e-pay options, including the newest and easiest, IRS Direct Pay. 

 

Available options include:

  • Direct Pay. Available at IRS.gov/directpay, this free online tool allows individuals to securely pay their income tax directly from checking or savings accounts without any fees or pre-registration. No need to write a check, buy a stamp, or find a mailbox. Payments can be scheduled up to 30 days in advance.
  • Electronic Federal Tax Payment System. This free service gives taxpayers a safe and convenient way to pay individual and business taxes by phone or online. To enroll or for more information, call 800-316-6541 or visit www.eftps.gov.
  • Electronic funds withdrawal. E-file and e-pay in a single step.
  • Credit or debit card. Both paper and electronic filers can pay their taxes by phone or online through any of several authorized credit and debit card processors. Though the IRS does not charge a fee for this service, the card processors do.

                                                 Read more...
What to Do If You Get a 5071C Letter

 

The 5071C letter tells you that the IRS received a tax return with your name and/or Social Security Number and needs to verify your identity.

 

This letter is usually sent because the IRS is trying to protect you from potential identity theft and wants to be sure you are the one who submitted the return.

 

You can verify your identity using the IRS' secure Identity Verification Service site at idverify.irs.gov. You should have available a copy of your prior year tax return and your current year tax return (if you filed one), including supporting documents.

 

You can also call the IRS using the toll-free Identity Verification telephone number provided in your letter.

 

The IRS will continue processing your tax return once they verify your identity and confirm that you submitted the return. If you did file the return, it will take approximately six weeks to process it once you verify your identity.

                                 

                                     Read more...
Help for Taxpayers

Help for Taxpayers
Help for Taxpayers

If you have questions about your tax return, the IRS has a few resources to help you.

At IRS.gov you will find tools such as the Interactive Tax Assistant, which provides many answers to your questions about tax law, deductions, credits, and income.

The IRS Tax Map is ideal for searching publications and instructions by topic or keyword. 

If you prefer to read or listen to information on more than 100 tax topics, you can do so by searching for "tax topics" on IRS.gov, or by calling the IRS Teletax line at 800-829-4477. 

(Of course, you can also call our office with tax questions!)
The Affordable Care Act: What's Trending

When it comes to the health care law - also known as the Affordable Care Act or ACA - and how it may affect your taxes, you likely have many questions.

The IRS has a dedicated page on their website that offers related news on trending topics and answers to FAQs.

Here are a few of the most recent topics to be addressed:
  • Find answers to your questions about incorrect Forms 1095-A.
  • Don't confuse Form 8962 and Form 8965.
  • Know when to send health care-related forms to the IRS.
  • Relief for individuals receiving corrected health insurance marketplace statements (Form 1095-A)
  • Special enrollment period for the federally-facilitated Marketplace from March 15 through April 30, 2015
  • Learn what documentation or proof of insurance coverage you need to submit with your return.
  • Penalty relief related to advance payments of the Premium Tax Credit for 2014
                                      Read more...
Top Tax Tips about the Home Office Deduction

If you use your home for business, you may be able to deduct expenses for the business use of your home. 

If you qualify, you can claim the deduction whether you rent or own your home. You can also choose whether to use the simplified or regular method to claim your deduction.

Here are six tips you should know about the home office deduction:

1. Regular and Exclusive Use. You must use a part of your home regularly and exclusively for business purposes. The part of your home used for business must also be your principal place of business, a place where you meet clients or customers in the normal course of business, and a separate structure not attached to your home (like a studio or garage).

2. Simplified Option. If you use this option, you multiply the allowable square footage of your office by a rate of $5. The maximum footage allowed is 300 square feet. This option will save you time because it simplifies how you figure and claim the deduction. It will also make it easier for you to keep records. This option does not change the criteria for who may claim a home office deduction.

                                                 Read more...
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In This Issue
Quick Links
On Our Blog
IRS Online
Tax Calendar
 
 
There are a lot of important tax dates to remember if you're a small business owner. 
 
Now the IRS makes it easier for you with their online tax calendar. 
       

Here is a list of important deadlines to remember:

4/15/15

* Individual tax returns (Form 1040) are due.

* Estate and trust returns (Form 1041) are due.
 
* Partnership returns (Form 1065) are due.
11 Ways to Generate Word-of-Mouth about Your Business

Small business owners typically find "word of mouth" to be by far their best marketing tactic - with email marketing a distant second.

If you're trying to boost word-of-mouth marketing for your business, here are some ways to get started:

1. Set goals for word-of-mouth. Create measurable goals, such as getting X number of new customers through referrals per month, obtaining press coverage in three places per month, or generating X number of leads per month via word-of-mouth marketing.

2. Create a system for generating referrals. Offering bonuses, freebies, or discounts to customers who give you referrals to other customers is a good way to encourage the practice.

    Read more...
Need More Time to File?Extension


If you haven't yet filed your tax return and realize you're running out of time, don't panic. You can always request an automatic six-month extension.

Filing Form 4868 gives taxpayers until Oct. 15 to file a return. To get the extension, you must estimate your tax liability and also pay any amount due.

Remember: an extension of time to file is NOT an extension of time to pay! 

To avoid the stiff late-filing penalty, you should file even if you can't pay the full amount of taxes owed.

The late-filing penalty is normally 5% per month based on the unpaid tax balance.

In addition, the late-payment penalty is normally 0.5% per month, and the interest rate is currently 3% per year.
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If you'd like to receive up-to-date information all year long, please click on our social media icons above to connect with us. 
New Features of QuickBooks 2015AGI


QUICKBOOKS 2015 NEW FEATURES
QuickBooks 2015 New Features

Here is an overview of new features available on all PC versions of QuickBooks 2015, including Pro, Premier, Accountant, and Enterprise.

The new software includes expanded insight displays, commented reports, and improved billable time and expenses.

You can also pin a note to a customer or vendor, or automatically close an estimate.

Learn about these and other exciting new features in the video above.
Bruno P.C. | 508-830-0800 | info@BrunoAccountants.com |
57 Obery Street
Suite 4
Plymouth, MA 02360

Bruno P.C. is a certified public accounting firm with over 20 years of experience. We offer bookkeeping; financial statement preparation; tax preparation for individuals, corporations, homeowner associations, partnerships; and much more. We provide prompt personalized service and professional guidance.

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