Category: Payroll

Is Your Personal Information REALLY Protected?

Posted on by Lorrie Reid
Protecting your personal information such as social security number and finances is always important any time of year, but most importantly during tax time.
We found an article published on the IRS.gov website about protection specific to computers and we wanted to share some key facts.
The IRS says to treat your personal information like cash, don’t hand it out to just anyone. Much of your information can be taken and used to steal your identity and open new accounts. Be wary of websites or people asking for personal information claiming that it is necessary, many scammers will attempt just about anything to get this information from you.
What practical steps can you take to protect yourself better?
  1. Avoid Phishing Scams:
Scammers can pose as banks, credit card companies, IRS, or third party working for governing authorities. Different methods can be used to get your attention such as winning something, urgent personal information update requirements. Never open an attachment or link of a suspicious e-mail. These oftentimes contain malware and can harm or hack your computer and information.
  1. Protect Personal Data:
Do not carry your social security card with you or anything that may include this number. Do not include this number when filling out forms on paper or online. Scammers will ask you to include this number in documents even when it is not needed.
  1. Use Strong Passwords:
When creating or updating passwords to your online data, always use 10-12 characters. Try not to use common information such as important dates or names. Be as unpredictable as possible! Don’t use the same password for multiple accounts and never send these through text or email. Always use a secure Wi-Fi network to prevent other networks from accessing your information.
  1. Use Security Software:
Always have security software installed on your computer. Most come with a pre-installed firewall, but it is important to have one that protects from viruses, Trojans, spyware and adware. Parents, use the parental control options and educate children about suspicious websites and emails.
  1. Back Up Files:
It is important to always save important documents such as tax returns, finances, etc into a removable USB as a back up. Have paper copies to help in the next year’s tax preparation and always keep track of where these are stored and who has access to them.
Business Resource Partners will help with your tax needs including preparation and e-filing. Time is almost out for tax filing! Give us a call or stop by our office to meet with one of our tax prep experts!

$1 Billion Available!

Posted on by Lorrie Reid

The IRS has unclaimed federal income tax refunds totaling more than $1 Billion for roughly 1 million taxpayers who did not file a 2013 income tax return.

If you or someone you know did not file for taxes in 2013, you may be afraid to do so now for fear that you’ll be penalized or in legal trouble. Did you know there is no penalty for filing late if you are due a refund? You can still file a 2013 tax return with the IRS no later than this year’s Tuesday, April 18th deadline. There are an estimated 66,900 individuals who may be due 2013 refunds in Florida, totaling about $67,758.

The law usually provides most tax payers with a three-year window of opportunity for claiming a refund. The unclaimed money becomes property of the U.S Treasury if the tax payer does not file a return within the three years. If you are filing a 2013 tax return this year, make sure you properly address mail and postmark the tax return by the April 18th date.

If you have not filed taxes for 2014 & 2015, your check for your 2013 refund may be held. The refund will be allocated to any debts such as a state tax agency, money owed to the IRS, child support, or student loans.

You could lose more than just a refund for the year of 2013 if you do not file your taxes. Low or moderate income workers may be eligible for Earned Income Tax Credit (EITC). In 2013, this credit was worth as much as $6,044.

If you have questions about how to get forms for prior year’s tax returns, visit the Forms and Publications page on the IRS website. These forms are available to you at no charge.

If you are missing any forms such as W-2, 1098, 1099, or 5498 for the years 2013-2015, you should contact your employer, bank, or other payer. If you are unable to get these forms from a previous employer, you can use the IRS’s tool for Getting Your Transcript Online and obtain your Wage & Income Transcript. You may also file Form 4506-T to request a transcript of your 2013 income and use the information to file your tax return

If you need to file your 2013 or later tax returns, Business Resource Partners will gladly provide this service for you! Please call our office and schedule your appointment with our tax professionals at (321) 236-2771 or visit us at 310 Almond Street Clermont, FL 34711.

What Do You Know About Capital Gains & Losses?

Posted on by Lorrie Reid

A capital asset can include inherited property or property someone owns for personal use or as an investment. When you sell a capital asset, the sale will result in either a capital gain or loss. Here’s a great article sent to us by the IRS.

Helpful facts: Capital Gains & Losses According to the IRS:

~Capital Assets: These include, home, car, stocks and bonds.

~Gains & Losses: A basis is what you originally paid for your asset. The Capital gain or loss is the difference between the basis and the amount you get when you sell the asset. For more details about inherited property, see IRS Publications 544, 550, & 551.

~Net Investment Income Tax: Taxpayers must include all capital gains in their income. If your income was above a certain amount, it may be subject to Net Investment Income. For more details on this, visit IRS.gov.

~Deductible Losses: You can deduct capital losses on the sale of investment property. You cannot deduct losses on the sale of a property you have for personal use.

~Limit on Losses: If your capital loss is more than your gains, you may deduct the difference on your tax return. Loss is limited to $3,000/yr, or $1,500 if married but filing separately.

~Carryover Losses: If your total net capital loss is more than the limit mentioned above, you may carry it over to next year’s tax return.

~Long & Short Term: If you hold the property for 1 year or less, it is short-term.

~Net Capital Gain: Ultimately, if your gains are more than your losses, you have a net capital gain. If your long-term gains are more than your long-term losses, the difference is a net long-term capital gain. If the net long-term capital gain is more than the short-term capital loss, you have a net capital gain.

~Tax Rate: This depends on your income. The Max on a net capital gain is 20%. Most fall between a 0%-15%. However, a 25%-28% can apply to certain types of net capital gain.

~Forms to File: You will often need to file Form 8949, and Schedule D with your tax return. For more on this, visit the Schedule D Instructions.

It is important to keep a copy of your tax returns. If you are using a software product for the first time, you may be required to include your Adjusted Gross Income from the prior year’s return to confirm your identity. To learn more about this, or how to electronically sign a tax return, visit this Validation Info Page.

Business Resource Partners has tax professionals on staff who know the ins and outs of tax prep requirements, we would be happy to assist you in your 2016 and future tax needs!

Call (321) 236-2771 or visit us at 310 Almond Street Clermont, FL 34711.

Great News! Enhanced Services at Business Resource Partners!

Posted on by Lorrie Reid

We have some exciting news to share with you!

We are now offering both business and personal tax return preparation. We have extended our business hours on Tuesday through Friday until 7:30pm, and Saturdays from 9am-2pm. We are happy to offer other hours by appointment to accommodate your schedule.

Our team of experts is happy to help with all of your tax needs. Our dedicated staff speak several different languages including Spanish and German. We are looking forward to assisting you with all personal and business tax returns.

Our team of professionals represent many facets of Accounting:

~Lorrie Reid, our owner and founder, has completed the Annual Filing Season Program, a brand new certification from the IRS

~Michael Jacobson holds a Masters Degree in Accounting

~Mythili Richards, our IRS Enrolled Agent, is certified to represent you to the IRS in the event of a tax issue

~Stephanie Rubin is our Payroll Specialist/Office Manager

~Andrea Gregori is our multi-talented Administrative Assistant

We look forward to working with you!

Call us at (321) 236-2771 for further information and appointments, or visit us at 310 Almond Street, Clermont FL 34711.

 

QB Updates and Discontinuation of DESKTOP 2014

Posted on by Lorrie Reid

There are many changes and upgrades coming to QuickBooks including Assisted Payroll, Employee Organizer, Worker’s Comp Payment Service, and ViewMyPaycheck. These new features will provide users with a more enhanced experience and organization. We are excited to see what new and improved featured are brought to us by Quickbooks.With this change comes the discontinuation of QB Desktop 2014…..

If you currently use QuickBooks Desktop 2014, or any of the features used with tech support or additional services, you will need to upgrade to a newer versions of Quickbooks as of May 31st in order to continue using all of these features. Some of the products that will be discontinued as of May 31st include Pro 2014, Premier 2014, Mac 2014, Enterprise Solutions 14, and the Accountant Edition 2014.+

These products will still work depending your renewal date, which may be after the cutoff date of May 31st. However, they will automatically discontinue once the new payment period ends unless you upgrade. This also includes any security updates. The purpose of this upgrade is to make things more reliable, organized, and cost-effective for users. The new upgrades are installed quickly depending on the size of your company file size. You will be required to register to access add-on or live support services.

All files will be secured and backed up throughout the installment process. Technical support will be made available for all clients during this process to make it as smooth as possible. Intuit will be notifying you by mail or email in advance regarding changes and notifications. However, it is recommended that you upgrade as soon as possible to take advantage of the add-on services and live support.

If you need or want assistance, Business Resource Partners is here to help.
Call us at (321) 236-2771.