Blog

  1. Traditional IRA’s can be effective tools that can help you save for retirement

    There are many ways to save for retirement. Many people forget that the traditional IRA is still a viable way to get both a possible tax deduction and save for the future. It allows you to pay taxes on your …

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  2. Explaining the American Opportunity Tax Credit

    The American Opportunity Tax Credit is a refundable credit for undergraduate college expenses. The student must be enrolled at least half-time in an accredited post-secondary educational institution. Expenses include not only the cost of tuition but also books, laptops, lab …

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  3. Would you like to pay less in Indiana income taxes on your personal return?

    Believe it or not, there are two very good ways to lower your yearly Indiana income tax owed. The 529 Plan Income Tax Credit and the College Credit are credits that are applied directly against the taxes owed instead of …

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  4. And the Oscar Goes To …

    The IRS wants their share of all that bling at the Oscar ceremony and apparently they get it too. The winners of the awards don’t get a cash award (just more prestige and presumably higher future earnings), but the losers …

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  5. Still waiting on your 1099 Div’s?

    Most people should have received all of their tax forms needed to prepare their income taxes, but some people are still waiting on their dividend statements from their brokerage accounts. Apparently due to reclassification rules, many of the large financial …

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  6. How Will the Affordable Care Act Affect Your Tax Returns?

    At SBS we are busy preparing tax returns already and we are getting many questions regarding the Affordable Care Act and how it will affect your tax return. On our tax planner the first question asks: “Did you and all …

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  7. Labor Law Posters

    Labor Law Posters are designed to educate employees on their employment rights and what to do if they feel their rights are being compromised. Some states (but not Indiana) actually have a requirement that these posters be in Spanish. The …

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  8. Tax Season has Finally Arrived!!!

    It has finally arrived: the tax filing season for 2014 taxes. Taxpayers should start receiving their W-2’s, 1099’s, 1098’s, etc… rapidly in the next few days and weeks. SBS CPA Group would love to help you with the preparation of …

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  9. Form 1099 Requirements

    Please ensure you are following the rules in regards to the issuance of 1099’s. Congress changed these rules in 2011, then later reversed some of those changes. This has led to a great deal of confusion as to the current …

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  10. IRS Announces 2015 Mileage Rates

    We will get an extra 1 ½ cents a mile for our business mileage next year. The IRS announced the 2015 business mileage rate will be 57.5 cents per mile in 2015. The medical mileage rate for 2015 was actually …

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