We are pleased to announce that ASY is moving to 3030 E Market St in October.
You’ll see the same friendly staff and same great service, just at a new location!
(right next to Dairy Queen on East Market St). Stay tuned for more information.
Bookkeeping • Payroll • Tax Preparation • Government Correspondence
From small business to non-profit (501(c)(3))… from new business to established… we handle the numbers so you can concentrate on the business!
AS of York caters to small business owners. Because you’re in business, you need the peace of mind that working with a trusted accounting firm like ASY can provide. At ASY, our goal is to help you thrive by providing the responsive, intelligent service you need. For over 25 years we have been contributing to the success of companies just like yours through our integrity, expertise, and client focus. Let us help you succeed by delegating your accounting and tax functions to us so you can focus on what you do best.
Experience the peace of mind that comes with working with ASY… contact us today.
We offer year round Tax Service and electronic filing for both personal, corporate, and non-profit tax returns. Setting up a new business? Have questions? We can help. We offer a no charge consultation. Are you processing your own payroll? Are you being overcharged by a big National Payroll Company? We can help! We have been processing payroll for many local and National companies for over 25 years and we’ll take care of the headache of payroll taxes for you. Contact us for a quote on our payroll service today.
We’ll count the beans… you enjoy the coffee!
|Whether you’re a new client or a familiar face, feel free to use our handy Tax Organizer to get you ready for the season. Available in both Word.doc or PDF format.|
Click the links below to get the status of your refund
|Have questions about how the Affordable Care Act will effect your taxes? Download the ACA Consumer Guide|
You are allowed a premium tax credit only for health insurance coverage you purchase through the Marketplace for yourself or other members of your tax family. However, to be eligible for the premium tax credit, your household income must be at least 100, but no more than 400 percent of the federal poverty line for your family size. An individual who meets these income requirements must also meet other eligibility criteria.
The amount of the premium tax credit is based on a sliding scale, with greater credit amounts available to those with lower incomes. Based on the estimate from the Marketplace, you can choose to have all, some, or none of your estimated credit paid in advance directly to your insurance company on your behalf to lower what you pay out-of-pocket for your monthly premiums. These payments are called advance payments of the premium tax credit. If you do not get advance credit payments, you will be responsible for paying the full monthly premium.
If the advance credit payments are more than the allowed premium tax credit, you will have to repay some or all the excess. If your projected household income is close to the 400 percent upper limit, be sure to consider the amount of advance credit payments you choose to have paid on your behalf. You want to consider this carefully because if your household income on your tax return is 400 percent or more of the federal poverty line for your family size, you will have to repay all of the advance credit payments made on behalf of you and your family members.
For purposes of claiming the premium tax credit for 2014 for residents of the 48 contiguous states or Washington, D.C., the following table outlines household income that is at least 100 percent but no more than 400 percent of the federal poverty line:
|Federal Poverty Line for 2014 Returns|
|100% of FPL||.||400% of FPL|
|One Individual||$11,490||up to||$45,960|
|Family of two||$15,510||up to||$62,040|
|Family of four||$23,550||up to||$94,200|
The Department of Health and Human Services provides three federal poverty guidelines: one for residents of the 48 contiguous states and Washington D.C., one for Alaska residents and one for Hawaii residents. For purposes of the premium tax credit, eligibility for a certain year is based on the most recently published set of poverty guidelines at the time of the first day of the annual open enrollment period for coverage for that year. As a result, the premium tax credit for 2014 is based on the guidelines published in 2013. The premium tax credit for coverage in 2015 is based on the 2014 guidelines. You can find all of this information on the HHS website.
When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses:
- Capital Assets. Capital assets include property such as your home or car, as well as investment property, such as stocks and bonds.
- Gains and Losses. A capital gain or loss is the difference between your basis and the amount you get when you sell an asset. Your basis is usually what you paid for the asset.
- Net Investment Income Tax. You must include all capital gains in your income and you may be subject to the Net Investment Income Tax. This tax applies to certain net investment income of individuals, estates and trusts that have income above statutory threshold amounts. The rate of this tax is 3.8 percent. For details visit IRS.gov.
- Deductible Losses. You can deduct capital losses on the sale of investment property. You cannot deduct losses on the sale of property that you hold for personal use.
- Long and Short Term. Capital gains and losses are either long-term or short-term, depending on how long you held the property. If you held the property for more than one year, your gain or loss is long-term. If you held it one year or less, the gain or loss is short-term.
- Net Capital Gain. If your long-term gains are more than your long-term losses, the difference between the two is a net long-term capital gain. If your net long-term capital gain is more than your net short-term capital loss, you have a net capital gain.
- Tax Rate. The capital gains tax rate usually depends on your income. The maximum net capital gain tax rate is 20 percent. However, for most taxpayers a zero or 15 percent rate will apply. A 25 or 28 percent tax rate can also apply to certain types of net capital gains.
- Limit on Losses. If your capital losses are more than your capital gains, you can deduct the difference as a loss on your tax return. This loss is limited to $3,000 per year, or $1,500 if you are married and file a separate return.
- Carryover Losses. If your total net capital loss is more than the limit you can deduct, you can carry over the losses you are not able to deduct to next year’s tax return. You will treat those losses as if they happened in that next year.
- Forms to File. You often will need to file Form 8949, Sales and Other Dispositions of Capital Assets, with your federal tax return to report your gains and losses. You also need to fileSchedule D, Capital Gains and Losses with your tax return.
For more information about this topic, see the Schedule D instructions and Publication 550, Investment Income and Expenses. You can visit IRS.gov to view, download or print any tax product you need right away.
- The IRS sent letters to taxpayers this summer who were issued a Form 1095-A, Health Insurance Marketplace Statement, showing that advance payments of the premium tax credit were paid on the taxpayer’s behalf in 2014. At the time, the IRS had no record that the taxpayer filed a 2014 tax return.
Here are nine facts about these letters and the actions you should take:
- IRS letters 5591, 5591A, or 5596 remind you of the importance of filing your 2014 federal tax return along with Form 8962, Premium Tax Credit.
- You must file a tax return to reconcile any advance credit payments you received in 2014 and to maintain your eligibility for future premium assistance.
- If you do not file, you will not be eligible for advance payments of the premium tax credit in 2016.
- Even if you don’t usually file or if you requested an extension to Oct. 15, you should file your 2014 tax return as soon as possible.
- Until you file a 2014 tax return to resolve the issue with your Marketplace, you will not be eligible to get advance payments of the premium tax credit to help pay your health coverage premiums in 2016 from the Marketplace.
- You should have received a Form 1095-A, Health Insurance Marketplace Statement, earlier this year if you or a family member purchased health insurance coverage through the Marketplace in 2014. This form provides the information you need to complete Form 8962. You must attach Form 8962 to the income tax return you file.
- Contact your Marketplace if you have questions about your Form 1095-A.
- If you have recently filed your 2014 tax return with Form 8962, you do not need to file another tax return or call the IRS about these letters. In general, if you filed your tax return electronically, it takes three weeks before it is processed and your information is available. If you mailed your tax return, it takes about six weeks. However, processing times can vary based on other circumstances.
- You should follow the instructions on any additional IRS correspondence that you receive to help the IRS verify information to process your tax return.
In addition to these letters from the IRS, your health insurance company may contact you to remind you to file your 2014 federal tax return along with Form 8962. In some cases, they may contact you even if you did not receive advance credit payments in 2014. If you are not otherwise required to file a tax return, you do not have to file a return if you or anyone on your return did not receive advance credit payments in 2014.
For more information, see the Affordable Care Act Tax Provisions for Individuals and Families page on IRS.gov/aca.