Aimee O'Neill
Realtor®

MD License Number: aimee@oneillenterprises.com

O'NEILL ENTERPRISES REALTY
103 E. Jarrettsville Rd., Suite A Forest Hill, MD 21050

Accounting services have been provided by O'Neills in Harford County for over 75 years. Specializing in Farm and Small Business accounting services, the staff includes full-time year-round accounting professionals and seasonal full-time tax preparers. Payroll and bookkeeping services are provided in addition to annual income tax returns preparation. Aimee C. O'Neill is experienced in IRS Audit reviews as well as Estate Accounting and consultation.

 
Click on the forms listed below to assist you in gathering the information to prepare your annual income tax returns:
 
Forms:
- Information Organizer Forms for Individuals and for Businesses
- Affordable Care Act (ACA) Compliance Statement
- Donated Goods Valuation Guide 
-Senior Citizens & Veterans Tax Credit application
 
Helpful Websites:
www.irs.gov
www.officialpayments.com  IRS and State credit card/debit card payments
www.irs.gov/refund  "Where's My IRS Refund?
www.marylandtaxes.com  "Where's My Maryland Refund?
www.revenue.pa.gov  "Where's My Pennsylvania Refund?
 
                  News & Notes from the Ladies at O'Neills to assist you in preparing to file
                                                        your 2021 Income Tax Returns


Maximum Section 179 Accelerated Depreciation is $ 1,000,000.00 for IRS Form 1040; $ 25,000.00 for Maryland Form 502

 2021 Business Mileage Rate: to be released after January 1, 2021         
            Medical Mileage Rate:    20 cents per mile
          Charitable Contribution:  14 cents per mile

Recipients of COVID Disaster Loans, Grants, EIDL, PPP, etc. payments must segregate the information regarding the funds received from these programs and the expenses incurred in the use of these funds in your business receipts/disbursements records.

Please make a note in your personal income tax return information regarding receipt of the Stimulus Payment - if you received it and the amount of the payment.

IRA/401K/203B Required Minimum Distribution (RMD) age is 72 years (for those who turn 70 1/2 years of age after 12/31/2019)

Alimony is not deductible by the payer and not taxable to the recipient for divorce settlements effective 1/1/2019.
Alimony remains either taxable or deductible for pre-1/1/2019 agreements.

529 Education Funds may be used for pre-college education expenses; qualified apprenticeship education programs and repayment of qualified student loan debt

Form 8332 (Non-Custodial Spouse Dependent Form) MUST be signed and filed with each pertinent tax return - no exceptions!

There is no Federal penalty for electing not to purchase a qualified health insurance plan in 2019 and thereafter.  A State Health Insurance Mandate Penalty applies in MA, NJ, VT and DC.
Form 1095-A (Marketplace Health Insurance Annual Statement) is required to file your income tax return - no exceptions.

Foreign Financial Accounts with an aggregate total greater than $ 10,000 MUST be reported to the IRS.
Crypto-currency Account activity may be taxable and MUST be reported on your annual income tax return, if applicable.

Internet Sales Businesses must comply with Sales Tax Nexus rules by collecting sales tax for the state to which the item is sold and shipped. It is no longer a requirement to maintain a physical presence in the state of delivery of the item(s). If you think that this new rule may apply to your business activity, contact Aimee to discuss the matter, further.


                                        REMINDERS *  DUE DATES * OFFICE POLICIES

The IRS will begin accepting electronically filed income tax returns on January 27, 2021.

Forms W-2 and 1099 are to be issued by 1/31/2021. If you are a business owner/employer and you elect for O'Neills to prepare your W-2 and/or 1099 documents, please contact our office not later than January 15, 2021.
Fourth Quarter Personal Estimated Tax Payment is due on or before January 15, 2021 - send it in rather than wait to remit payment with your tax return - you may incur a penalty for failing to file your final installment.

FILING DATES:
MARCH 1 - early filing deadline for qualified farmers' 2020 Income Tax Returns
MARCH 15 - filing deadline for Partnerships (1065) and Sub chapter S Corporate (1120S)
APRIL 15 - filing deadline for:
                   Individuals (1040) 
                   Corporations (1120)
                   Trusts and other Fiduciaries (1041) 
                   contributions to qualified IRA programs for 2020 deduction
                   Maryland Department of Assessments and Taxation Form 1 (Business Entities)

To request O'Neills to file a timely extension, you must contact our office not later than 7 days prior to the deadline to file.  The filing of an extension does not eliminate penalties and interest for late payment of taxes due. The Staff at O'Neills will provide a recommendation for estimated tax payment to be paid with the extension filing.

APPOINTMENTS:
Due to the ongoing COVID-19 Pandemic, we must insist that you contact the office to schedule an appointment to deliver your tax documents.  If you arrive without an appointment, you may need to wait until the "coast is clear" and you can enter the office. We will maintain strict occupancy guidelines to provide for appropriate distance between people in the office. We will come to your car to take delivery of your documents, upon request. Masks must be worn. Gloves and sanitizer are available. We sanitize the meeting tables between appointments.

Please call the office at 410-838-6980 or send an email to info@oneillenterprises.com to schedule an appointment to meet with Aimee or Mary Lou or to deliver your tax documentation for preparation.
ZOOM virtual meetings are available in lieu of in-person meetings.

Please plan for at least 15 to 30 minutes to deliver your tax documents, update your file information, sign required documents and answer pertinent questions.
You may request the information forms to be sent to you prior to your appointment. 
Tax Information Organizers are available by request and on the O'Neills website at www.oneillenterprises.com.

FEES and E-FILING:
Tax Preparation Fees must be paid and E-file Authorization Forms must be signed and returned to our office BEFORE your return will be e-filed.

Failure to remit payment and/or the signed authorization form will delay the filing of your return.

Annual Tax Preparation fees will not increase without notice.  Should it be necessary to increase your fee for the preparation of your 2020 returns, you will be notified of the amount of the fee increase prior to the completion of your income tax return.

Effective July 1, 2020 the hourly rate is $ 65 for bookkeeping and payroll support services.

ELECTRONIC DELIVERY:
O'Neills provides electronic delivery options for you to deliver documents to our office:

FAX: 410-836-0772 - This is the most secure method by which to deliver documents. There is no surcharge for this service. Please call or send an email to inform the office that documents will be sent via FAX and include a reply telephone/email contact on your fax cover page so that the office may contact you to confirm receipt of the faxed documents.

EMAIL:  documents may be delivered as .pdf attachments to an email -REMOVE SOCIAL SECURITY NUMBERS from documents which are sent via email.
There is no surcharge for this service. 
Email address:  info@oneillenterprises.com

ENCRYPTED DELIVERY:
A one-time annual fee of $ 25 is collected for the set up of an encrypted delivery portal to receive and transmit your tax returns and documents between you and our office. Please contact the office by phone (410-838-6980) or email: info@oneillenterprises.com to schedule this service.
The $ 25 set-up fee will be added to your annual tax preparation fee.

MAILED DOCUMENTS:  You are welcomed to mail documents to our office. Please call or send an email to inform the office that the documents have been mailed. You will receive a telephone call or email from the office to confirm receipt of your documents through the mail or other ground delivery (UPS, etc.)

You may elect to have a paper copy of your tax returns mailed to you.There is a $ 25 surcharge for this service plus the mailing expense. The mailing fee will be added to your annual income tax preparation fee.

PAYMENT FOR SERVICES:
O'Neills accepts cash, personal/business checks and credit cards as payment for services. There is a 5% surcharge for use of credit/debit cards. 

ACH transfer of payment from your bank account to the O'Neills business account is available at NO fee.
 

Aimee and the Ladies at O'Neills look forward to seeing you in this New Year! 

We thank you for your patronage!  May you be blessed with All Good Gifts!

Aimee C. O'Neill
O'Neill Enterprises
Real Estate  & Personal Property Sales & Management
Multiple Listing Brokerage * Auction * Appraisal * Accounting Services
103 E Jarrettsville Road * Suite A * Forest Hill, Maryland  21050
Tel: 410-838-6980 * FAX: 410-836-0772* cell: 410-459-7220
www.oneillenterprises.com  *  www.oneillauctions.com
aimee@oneillenterprises.com * aimeesings@aol.com
"Serve the Lord with Gladness" Psalm 100.2a