March Newsletter

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Many taxpayers expect to encounter a few roadblocks while traversing their preferred tax-saving avenues. Fortunately, tax extenders legislation signed into law this past December may make filing a little easier this year. This article walks through just a few highlights of the PATH Act — including pertinent provisions for both individuals and businesses. A sidebar notes that the provision allowing older taxpayers to make direct contributions from their IRA to qualified charities is now permanent.
Walk the PATH to Tax Savings

There are virtually countless charitable organizations to which one might donate. But, no matter the donation, the individual making the contribution will need documentation. This article provides five important points about substantiating donations.
5 Things to Know About Substantiating Donations

Understandably, many parents get in the habit of claiming their children as dependents on their federal tax returns. But there is a valid reason to break the habit. This article explores the concept of not claiming a child as a dependent so he or she can qualify for a valuable tax credit related to higher education.
Why you might want to not claim your child as a dependent

A business that’s run “on the side” might not be a business at all in the eyes of the IRS. To ensure some pursuits are really businesses — and not mere hobbies intended primarily to offset other income — the IRS enforces what are commonly referred to as the “hobby loss” rules. This brief article looks at the details.
Run a business “on the side”? Make sure it’s no hobby



IRS Warns of E-mail Schemes

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The Internal Revenue Service noticed that email schemes in their name were being sent to many Americans. So far this tax season they have seen a “400 percent surge in phishing and malware incidents”. The e-mails being sent out ask taxpayers for information on wide variety of topics including refunds, filing status, confirming personal information, ordering transcripts, and verifying PIN information.

The forms of communication are not just limited to e-mail but have also occurred by way of text message.

The IRS Commissioner, John Koskinen, is urging people who receive these e-mails to not even open them. When the e-mail is open, and the link is clicked, people are being taken to an impostor website that asks for personal information. These sites may also have malware that can infect the computer and allow for criminals to steel information and track movement.

This scheme is affecting all regions of the country.

In addition to the email schemes, our clients are reporting to us that they are receiving phone calls from individuals claiming to be IRS agents and stating outstanding balances that need to be paid immediately. These calls are inaccurate. You should not provide any information to these individuals.

Raffensperger, Martin & Finkenbiner has been selected by readers of the Gettysburg Times as the Top Accountant in Pick of the Counties for four straight years. The experienced accounting firm is accepting new clients during this tax season and has daily hours 8:30-5pm and Saturday hours from 9-2pm.

Open Normal Hours on President’s Day

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Raffensperger, Martin & Finkenbiner, LLC is open Monday, February 15, 2016 during our normal business hours of 8:30am-5:00pm.

The Adams County Courthouse is closed in observance of the Federal Holiday. Therefore, on-street parking in front of our location at 34 West Middle Street is more accessible than normal.

Today is a great day to drop your tax information off, or pick up your completed returns.

For those of you observing the holiday, we hope that you enjoy the day off.