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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 payPreparing monthly reconciliationsPaperless credit card receipt and invoice trackingPreparing/submitting payroll and sales tax returnsConsulting & business planningKey performance indicatorsAre you drowning in receipts? Do you feel there isn’t…
Read MoreUnderstanding 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…
Read MoreIs 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…
Read MoreIndiana 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…
Read MoreThe 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…
Read MoreAccounting 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…
Read MoreIRA 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…
Read MoreLLCs 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…
Read MoreNew Indiana Depreciation Rules
On May 5, 2019, Governor Holcomb signed into law Senate Enrolled Act #565 updating numerous tax provisions including updates to both Section 179 and bonus depreciation when property is acquired in a trade. We now have two separate Section 179 limitations. The Section 179 limit for property acquired in a trade is generally limited to…
Read MoreLate in 2018, the Internal Revenue Service announced the 2019 official estate and gift tax limits
2019 Individual Estate and Gift Tax Exemption The 2019 estate and gift tax exemption is $11.4 million per individual, up from $11.18 million in 2018. What does this mean? An individual can leave $11.4 million to heirs and pay no federal estate or gift tax while married couples will be able to shield $22.8 million. This shield…
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