We Can Assist with Audits

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Tax season is over for the year for most individuals, unless you get the dreaded news that you are the target of an IRS audit. The risk of an audit is one of the main reasons why it is very important for you to have an accountant do your taxes before you submit them. Your accountant can help to ensure you follow the rules and have your paperwork together so if the IRS comes to question you, you will be ready and prepared to answer. If the IRS does decide that it is going to audit you, the accountant who prepared your income tax return can also assist you in preparing for the audit and in answering the IRS questions.

Irs audit assistance and preparation Brennan and Company

If you didn’t have your taxes done by a professional accountant, it may be time to call one once you find out you are being audited so you can get the help you need to be ready to answer any queries from the Internal Revenue Service about the taxes that you paid and the return you submitted. Call Brennan Tax for information on how an accountant may be able to assist you.

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Don’t Let Your Guard Down Now That Tax Season is Over

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Tax season is over for most tax-filers however, tax filing and paying obligations remain through-out the year.    We cannot allow for tax-filing complacency.  The self-employed, payroll tax filers and those earning non-wage or passive income need to prepare for quarterly tax and estimated tax payments. This means that those groups should always consider their finances, even outside of tax season.

All tax-filers need to ensure they are keeping receipts and properly tracking spending.   Those items purchased that are tax deductible require the most detail documentation.   Did you know that if your expense documentation, of a legitimate business meal, is only the actual restaurant receipt then IRS can disallow the deduction?   Many tax-filers are unaware of the documentation requirements of this common expense item.   Brennan and Company CPA PC can help.

The tax professionals at Brennan and Company CPA PC can provide you with assistance by creating a tax plan that fully encompasses your personal tax circumstance.   This plan includes how to document and protect legitimate tax deductions you can follow throughout the year.

Whether you want help maximizing deductions, or you want advice on reducing your tax burden next year or you want to ensure you comply with you IRS tax obligations; Brennan and Company CPA PC is here for you throughout the year.

Protect your family’s finances, maximize your deductions and credits, and avoid costly fees and penalties due to misunderstanding tax filing requirements—Call Brennan and Company CPA PC  today at 215.951.5585 and get started on a strategic approach to your income taxes. Or view our page and history on Facebook.

Tax season is not over yet Brennan and Company

Itemized Deductions vs. Standard Deduction

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When you file your taxes, you are going to have to decide if you want to itemize your deductions or not. So you are probably wondering why Itemized deductions vs. standard deductions. Every person gets a standard deduction, and itemizing is an alternative to taking the standard deduction. If you itemize, then you can take advantage of tax benefits like mortgage interest deductions and student loan deductions. However, your taxes become more complicated. Not only that, but it may not be worth it for you to itemize your deductions if the amount of money you would get back on your taxes is less than you would get back if you simply took the standard deduction.

itemized deductions vs. standard deductions BrennanDeciding whether to itemize your income tax deductions or not is just one of many complicated issues that you face when it comes to completing your tax return.  An experienced tax professional at Brennan Tax can help you to make this choice. We will review all of your financial information and potential deductions and help you to take the most strategic approach so you get the maximum back and reduce your taxes as much as possible.

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Avoid Penalties and Interest with Professional Tax Prep

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There are many different things that you need to do in the United States in order to comply with the tax laws and avoid tax penalties imposed by the Internal Revenue Service (IRS).  Failure to fulfill any of your obligations could end up costing you a lot of money as you end up paying back taxes with interest and, in some cases, you also end up paying penalties and fees.

Avoid Tax Penalties and Interest Payments BrennanA professional tax preparation service can help you to understand the things that will trigger a penalty and can help you to ensure that you don’t get hit with unexpected expenses. For example, some of the different things that could end up resulting in you getting hit with a penalty include:

  • Not purchasing insurance as required by the Patient Protection and Affordable Care Act (PPACA)
  • Underestimating your income and qualifying for subsidies under the PPACA that are too large
  • Failing to file and pay your taxes by the deadline
  • Failing to submit quarterly estimated taxes for self-employment income

These are just a few of many examples where you can learn of your obligations from a professional tax preparer so you don’t end up with surprise fees and costs.

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