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Beaton Accounting Tax Services

Let Our Professionals Handle Your Taxes

At Beaton Accounting, we can handle any and all of your tax concerns, from individual or business tax returns to state tax credits and even pre-tax healthcare spending accounts.

So what does that mean for you? No more forms lost in the mail. No more waiting in long lines to file your taxes. No more unanswered questions or confusion on any tax matter. When it comes to feeling at ease about your taxes, Beaton Accounting is dedicated to being there for you, whether you enlist our full services or simply consult our tax professionals.

For your convenience, we've provided some useful information below on the tax topics about which our clients most often ask. Feel free to read more by scrolling down, or click on a topic below to jump right to that specific tax subject:

Personal Tax Returns
Business Tax Returns
Unfiled Tax Returns
The New Tax Form (8949)
Hurricane Tax Credits
Pre-Tax Healthcare Accounts
COBRA Coverage

For a Brief Overview of Our Tax Services
Watch this Short Video

Personal Tax Returns

Going above and beyond for our clients is what makes Beaton Accounting more than just your tax preparer. We provide in-home tax preparation, so you can say goodbye to the hassle of waiting in line and hello to your refund! Plus, our tax return filing services typically cost 40% less than those of our competitors!

We use the leading tax software and e-file both Federal & State returns to ensure an accurate and speedy return processing.

Our personal tax return services include:

Filing your 1040 federal tax return using E-file software at no charge to you. Safe, secure and done.
Filing your state tax return for any state in the USA plus any local tax returns.
Forwarding your tax return to you for review and providing a bar graph to show your income changes of the past two tax years.

Business Tax Returns

If you've been paying some other tax preparer to file your business tax return, you've been overpaying. On average, Beaton Accounting's tax preparation services cost about 40% LESS than other tax preparers' rates! That means more money back in your business's budget.

We can handle your business returns quickly, smoothly and accurately. Our business tax return services include:

1120 & 1120S Corporate Returns — No hassle! All information is reviewed and analyzed for accuracy before being filed for you.
1065 Partnership Returns — Have a partner from an LLC? Let us file your 1065 return now and complete your business return for you and your partners. We do it all!
Estate Returns — Received an inheritance and now you have to file forms? Consult our tax professionals to see how easy it can be.

Take advantage of our Referral Program: Refer a business client and save BIG!

Call us today for more details 631-921-6894

To Find Out Why You Should Use Beaton Accounting for
Your Tax Services, Watch this Short Video

Here is Additional Information You Should Have Regarding Your Taxes

Unfiled Tax Returns
Are you one of 99,000 taxpayers who didn't file a tax return last year? The government has your money — but we can help you get it. It may be as simple as a bad mailing address.

The IRS provides a useful online tool (called "Where's My Refund?") that helps you check the status of your refund so that you can track it down and claim it. With the average refund holding steady at $1,547, and the government currently holding a total of $153.3 million in unclaimed refunds, you don't want to let yours go untaken.

Be sure to ask us at Beaton Accounting how to file older tax returns. Stay mindful — if you wait too long, you might not be able to receive your refund.

The New Tax Form (8949)
Starting in 2011, the IRS has introduced another tax form — Form 8949 — that will be used this tax year. Its purpose is to gather cost information that comes from the sale of stocks, bonds, mutual funds and similar investments.

In the past, these sales were reported on Schedule D, but for the 2011 tax year, all transactions from the new Form 8949 will be carried over to Schedule D.

Additionally, the government will require all brokers to record cost basis information on this new tax form. (In the past, purchase price and purchase date had been filed on 1099-B.)

Hurricane Tax Credits
Is your residence located in a disaster area affected by Hurricane Irene? If so, you may be able to claim a deduction. Here's how to determine if you qualify.

First, find out if you are in a Hurricane Irene disaster zone. If you check IRS.gov and search for "disaster zones," you will see if your county was declared.

If you are in a disaster zone, you may be entitled to claim losses on your federal income tax return. (How much you receive will depend on your income level and other factors.) To claim these funds, you can either amend your 2010 tax return and receive a refund, or you can wait until filing your 2011 tax return to see which yields a better result.

You will need to use Form 4684 Casualties and Thefts to claim this tax credit. If you are claiming this credit on last year's return, simply indicate on top of the form, "State/Hurricane Irene," so that the IRS will expedite your refund to you.

Pre-Tax Healthcare Accounts

MSAs: An pre-tax healthcare account is called an MSA, or a Medical Savings Account.

Self-employed individuals and small businesses can save money on health insurance costs by combining a high-deductible medical insurance policy with one of these pre-tax savings accounts.

Your MSA is made up of contributions taken out of your insurance payments, and these contributions are not subject to taxation and are fully deductible. In addition, withdrawals from your MSA are not taxed when used for medical expenses.

Type of Coverage	Minimum Annual Deductible	Maximum Annual Deductible
1) Individual (Self-Employed Only)	$2050.00	$3050.00
2) Family	$4100.00	$6150.00

There are certain regulations guiding this plan, and you should consult both your tax preparer and your benefits provider for details if you have any questions.

FSAs: A pre-taxed healthcare account is called an FSA, or a Flexible Spending Arrangement.

Anyone with health insurance can set up an FSA (often referred to as a "flex account" or "flex bucks") in order to save money on prescriptions, doctor's appointments and other medical expenses that may not be covered by your insurance (like your co-pay).

An FSA is a pretax deduction from your gross income that is set up by your company administrator. The maximum amount of deferral is 6% of your gross income. For example, if you allocate $150/month to be set aside for your FSA, at year-end you will have $1,800 to spend on necessary health care — and this amount is not subject to state or federal taxes.

It is important to note that the amount in your FSA cannot be carried over to the next year, unless your employer adopts the IRS-approved grace period. In that case, you will have 75 days or 2½ months to extend this provision.

Be sure to speak with your employer to make certain that they sponsor such a plan before making arrangements around this extension.

COBRA Coverage
If you leave your job for another company that does not offer health insurance, you can continue to receive health insurance from your former employer with COBRA Coverage.

COBRA continues your health insurance for 18 months after you leave your job. When individuals elect to use COBRA coverage, it is usually for one of two reasons:

1) To save money on health insurance — individual plans are usually more expensive than group or employment benefits
2) To deduct premium payments if you plan to itemize your deductions

Few taxpayers are aware that their COBRA payments are deductible. Usually, individuals continue to pay their former employer for their insurance and never deduct on their Schedule A - Itemize Deductions — a move that could be costing you big bucks.

In addition, there is also a federal subsidy COBRA plan available for certain taxpayers. To learn more, contact a tax professional or your former/current employer.

Don't spend another minute confused by tax law or tax returns. Professional help is just a phone call away.
Call Beaton Accounting now for a FREE tax consultation!
631-921-6894

Or request a FREE consultation instantly online here.

Other Services Available from Beaton Accounting

As your small business specialists, we offer numerous services in addition to accounting to help keep your business booming and your finances in order.

Payroll

Payroll is one of the most crucial and time-consuming tasks for any small business owner. We can provide all the services you need including running payroll, paying payroll taxes and filing payroll forms. Find out more about our payroll services.

Accounting Services

Consulting: As a business owner, you can have a lot of questions. Let us perform your profit and loss analysis. We will review it with you and work on problem areas to keep your cash from drying up. We'll review your chart of accounts and work with you to ensure maximum profits and to minimize liability. Find out more about our consulting services.

Reporting: All of our small business services are designed to maximize your business's productivity and profitability. For every service, Beaton Accounting will provide you with a customized, industry-specific report that will allow you to properly budget your organization. Find out more about our reporting services.

Bookkeeping: Need help keeping your records up to date? Our company can provide timely help in data entry and other bookkeeping services. Long-term or short-term, our team can provide the solution you need to keep you focused on building your business instead of maintaining your books. Find out more about our bookkeeping services.