Tax Law

Air BNB Tax Issues

Many clients are now renting their homes and apartments out. However, they do not realize that there are tax consequences for doing so, if the rental is for less than a period of 30 days. In other words, if you rent your home out for 29 days or less, you […]

Read More

Retroactive Tax Law Benefits for 2017

The Bipartisan Budget Act caused the Internal Revenue Service to allow three popular tax benefits to be claimed retroactively. Most of these benefits expired in 2016 but can be claimed in 2017. The Internal Revenue Service’s system has been reprogrammed to accept these benefits. The first benefit is exclusion from […]

Read More

IRS Identity Theft

Recently many individuals have used other people’s social security numbers to file tax returns, claiming refunds are owed. Typically our clients discovers this when they go to file a tax return and learn that a tax return has already been filed under their social security number. Additionally, some clients learn […]

Read More

Tax Differences Between LLCs and Corporations

If you are thinking of forming a new business, an important question to consider is how you want that business to be structured.  In Indiana, there are many types of business entities, including sole proprietorships, partnerships, limited partnerships, limited liability companies (LLCs), and corporations.  Most businesses these days are structured […]

Read More

various blank USA tax forms

IRS Tax Credits for Schooling

If you, your spouse, or child is a student, you could qualify for the American Opportunity Tax Credit or the Lifetime Learning Credit.  Even if you qualify for both credits, you can only claim one per student in a tax year. The American Opportunity Tax Credit can be taken for […]

Read More

set of american dollar bills as background

Donald Trump’s Proposed Tax Legislation

Tax rates for married taxpayers with income less than $75,000 is supposed to be 12%.  If income is between $75,000 and $225,000 and you’re a married taxpayer, the tax rate is supposed to be 25%.  For taxpayers earning more than $225,000 the rate is supposed to be 33% if you’re […]

Read More

Entity Forms to Consider When Starting Your Indiana Business

When starting a business in Indiana, entrepreneurs should consider the advantages and disadvantages of forming a sole proprietorship, a corporation, and a limited liability company. The simplest form of business is the sole proprietorship.  A sole proprietorship is a business entity owned by one individual who performs the majority of […]

Read More