We have moved!!! Remember, we are no longer at the Augusta Road location,
we are now on Maple Road. From Columbia take the first right past the Barnyard
Flea Market, from Lexington take the first left past the San-Jose restaurant
before you get to the Barnyard Flea Market, we are the 5th house on the left on Maple.
The IRS is continuing, and will likely expand efforts, to increase audits on the
returns of self-employed or corporate entities to make sure no income is being
hidden or shifted.
NOTE: A number of provisions were passed into law right before Christmas,
this will of course delay processing of some returns until February, these provisions
deal with educator expense, tuition and deducting sales tax, any returns dealing with
these issues will not be able to be processed until the IRS updates their system.
Office hours for January 8th through April 16th will be: Monday through Friday,
9:00 a.m. to 8:00 p.m. and Saturday 9:00 a.m. to 4:00 p.m. We will be taking
appointments as well as walk in returns, however appointments will be given priority.
Brenda and Jonathan will be doing individual and business returns. Remember late
January and early February are very active times, so if you do not have an appointment
come prepared to wait or delay your visit until later in February to come at a less
active time. The middle of March as well as the middle of April are also very busy.
RAL’s were very successful last year with Bank One, which is now part of Chase
bank. We will be continuing to use them this year.
Income Tax News: Congress has extended a number of the benefits they
had set to expire last year. For married couples, the standard deduction and low end
tax brackets continue to be double the single rate this year, and SC is honoring the
changes as well this year.
- The standard mileage rate for 2006 is:
|Type of Mileage
||Jan 1, 2006 - Dec 31, 2006
|Charitable (Katrina)||14.0¢ (32.0¢)
- For 2006, the Earned Income Credit has been increased slightly.
- Child Tax Credit — The Child Tax Credit was extended at the $1,000 level until
2010 for children under the age of 17.
- The personal exemption and standard deduction amounts have been increased.
- Six-month extensions will be given again for returns extended in 2006.
- There is a one-time refund of the telephone excise tax this year, this will be
between $30 and $60 for most people based on their filing status. Businesses will
need their April 2006 and September 2006 phone bills as well as the total phone
bills paid from March 2003 until July of 2006 to use the simplified method to
determine the refund amount, or they may add up the Federal Excise tax from all
phone bills from March 2003 until July 2006.
- The Alternative Minimum Tax (AMT) exemptions amounts have been increased.
- The “kiddie tax”, has been changed to increase the age limit from 14 to 18 and
the 15 percent rate only applies to $850 of income, the remainder over $1700 being
taxed at the parent’s tax rate.
- All cash contributions made after 2006 now have to be backed up by a receipt or
canceled check to prove the amount was donated. Non-cash contributions must be in
“good” or better condition to qualify for a deduction now as well.
- There continues to be a credit for alternative fueled vehicles, however due to
the restrictions on which vehicles qualify for what amount of credit, we will have
to take our time to properly determine the amount of credit based on the make/model/year
of vehicle and when it was purchased.
- Tax-Exempt interest must now be reported on tax returns.
- The SC subsistence allowance has been increased to $8 per day for those professions
that qualify to take this deduction.
- Businesses may qualify for a reduced 6.5% SC tax rate based on amount of income that
is not directly attributable to the taxpayer’s efforts.
Please make sure to bring all your tax related materials
when you come into the office to have your taxes prepared.
- If you move you should file a change of address with the
IRS, form 8822. The IRS uses your last known address or what
is on your tax return. If you move please also notify BRB
- Any form needed can be obtained by calling the IRS at
1-800-829-3676, logging on to the IRS website, www.irs.gov or
by coming by BRB TAX, LLC.
- Did you refinance your home? If so bring your closing papers.
- Did you sell your home? You need to bring the closing
papers for when you purchased and sold the home, as well as
any improvements you made on the home, details on how long
you lived there, especially in the last 5 years.
- Did you default on a mortgage, loan or credit card? This
may result in a 1099-A or 1099-C form being mailed to you
where you must include an amount as income on your tax return.
- Please make sure you have all W-2's and necessary tax
information before you come.
- Did you take a distribution from your retirement account?
There will be a 1099-R for the amount you withdrew and the
amounts of taxes withheld.
- Did you have a big gambling win, they will issue you a W-2G
for the winnings, however you may be able to deduct gambling
losses up to the amount of the winnings if you have
documentation of the losses and you itemize on your tax return.
- Education Credits - tuition for taxpayer, spouse and
dependents, this is on amounts not covered by scholarships and
grants, but does include money you finance through student
loans. This may include amounts paid by a third party. (This
may be delayed this year)
- The maximum IRA Contribution has increased to $4,000 or
$5,000 for over age 50.
- Did you get married, divorced, have a baby, change your
name, if so we need copies of your or the baby's social
security cards. If you bring the social security cards, we
will make copies and keep them in your file in our office.
- Did you pay estimated taxes in 2006: Please bring amounts
and dates paid.
- Over the counter medicine is allowed for Flexible Spending
Account deductions but not for Schedule A, medical deductions.
- Charitable contributions of $250 or more need receipts.
- Capital Gains can be taxed at different rates depending on
holding period and dates of sale. Dates purchased, purchase
price, and sale dates are very important.
- Names and Social Security Numbers on W-2's and 1099's must
match the person's social security card. Please verify this
information with your employees and subcontractors.
- If you plan to claim sales tax as a deduction, please make
sure to have the amount added before you come to see us.
(Remember, this cannot be done until February this year)
NOTE: If you bring additional materials to correct your
taxes after they have already been prepared and sent in, we will
charge an amendment fee for correcting the return. So please make
sure you have all W-2 forms and 1099 forms before you come to get
your taxes prepared to avoid paying extra to have your return done
a second time.
PAYMENT POLICY: Payment is due when services are
rendered. We will no longer hold checks. There will be a $30 fee
on returned checks and they will be turned over to the Solicitor's
office for collection. We will need to see your driver's license
when accepting a check from you.
about you, both personal and financial. We do not disclose any
nonpublic information about our customers or former customers to
anyone, except as required by law or by your specific request. We
maintain physical and electronic safeguards to protect your
nonpublic personal information.