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Getting Audited? Let us help!

On occasion, having your books and records audited by a governing agency is a part of being an income taxpayer and a business owner. We have the expertise and experience to successfully help you navigate an audit. When most people think about getting audited, they think about income tax audits. However, if you are a…

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Grow Your Business with Fathom

Would you like to track your business’s performance at a glance? Fathom reporting is just what you need! Fathom is a web-based reporting and analysis tool that allows information related to your business to be displayed in the fashion that you choose. By creating unique reports using Fathom templates, you can easily:   Craft summaries of your monthly data by adding…

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How the Complete Business Solutions Team Can Help YOU

Our Complete Business Solutions Team takes the daunting task of bookkeeping and payroll off of the business owner. We offer a wide variety of services: Weekly bill pay Preparing monthly reconciliations Paperless credit card receipt and invoice tracking Preparing/submitting payroll and sales tax returns Consulting & business planning Key performance indicators  Are you drowning in…

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Understanding Your 401(k)

As accountants, we often get asked, “So what are you seeing in this….” And “this” can range from all type of items; all forms of taxes, the markets, business expansion, etc. The list is endless in what we get asked! One of those areas I get asked about is trends within 401(k) Plans. As a…

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Is Your Hobby Actually a Business?

Millions of people have hobbies, but when your favorite hobby starts to turn a profit, the IRS may consider it a business. What is the difference? The IRS defines a hobby as any activity not pursued for profit, whereas a business is defined as any activity done with the reasonable expectation of earning a profit. It is important for taxpayers to…

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Indiana College Choice 529 Direct Savings Plan

Saving for the costs of education for your children is a daunting task for most taxpayers. The state of Indiana offers a tax credit that can directly offset your Indiana income tax for qualifying contributions. Effective January 1, 2019 the income tax credit for contributions made to an account that will be used for paying…

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The Indiana College Credit

The Tax Cuts and Jobs Act (TCJA) passed on December 20, 2017 was the biggest tax bill since the Tax Reform Act of 1986. As a CPA, this new act has greatly impacted my profession. One area of impact is on form Schedule A, where itemized deductions are reported. State, Local and Real Estate Taxes…

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Accounting Lease Standard Soon to Take Effect

We have been talking (since 2013) about changes to lease accounting standards and now they are here! Approved by the Financial Accounting Standards Board, Accounting Standards Codification Topic 842 (ASC 842) Leases presents dramatic changes to how lease transactions are accounted for in your financial statements. This standard is effective beginning with 2020 calendar year-ends for…

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IRA Contribution to Charity

With the filing season now complete for the 2018 tax year, many taxpayers may have noticed that the standard deduction pretty much doubled. The standard deduction was increased to $24,000 per married couple ($12,000 for single tax payers) with the new TCJA tax legislation beginning in 2018, which in turn created a much lower number of taxpayers…

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LLCs Electing S Corporation Status

Limited Liability Companies (LLCs) are a popular choice of business entity among small business owners. This is because a multi-member LLC combines the limited liability of a corporation with the tax flexibility of a partnership. There may be times, however, when LLC members choose to make an S Corporation election. Before that happens, it is…

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