Blog

1. Do you have a Nanny? What is this thing called Nanny Taxes?

   Last week we talked about the Child and Dependent Care Credit. Basically, if you pay to have someone watch your kids so that you can work, you can receive a tax credit. This applies to day care facilities, day camps …

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2. Summer Time Child Care Tax Credit

   Did you know that if you pay to have someone watch your kids this summer that you are probably eligible for the Child and Dependent Care Credit? This credit isn’t just related to the summertime—you can use it all year …

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3. NOTICE OF ASSESSMENT OF LAND AND IMPROVEMENTS

   If you own real estate in Allen County Indiana, you have recently received or will soon receive a notice from the Allen County Assessor (state forms 21366 or Form 11). Basically, this is the annual reassessment of your real property …

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4. Selling rental properties

   Rental properties are a business.  Rental properties are depreciated over a 39 year time horizon.  You are allowed to take a deduction for depreciation expense each year on your income taxes.  For example; let’s say you purchased a rental property …

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5. What to do if you get a notice from a taxing agency

   The various taxing agencies send out a large number of tax notices.  All of the taxing agencies rely on automated programs that automatically generate notices and these notices are sent to taxpayers without any agent ever looking at them.  More …

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6. What does “basis” mean to someone who owns a Sub Chapter S corporation?

   Basis is a topic that is very important to people who own businesses that are treated as a sub chapter S corporation for tax purposes.  Basis is a complicated topic that I could spend a great deal of time discussing. …

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7. What the Heck is MAGI and Why Should You Care

   MAGI is a term the IRS throws around a lot, but many people don’t really know what it means.  MAGI stands for Modified Adjusted Gross Income.  For most people their MAGI is the same as their AGI (which stands for …

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8. Does your Company Have a Growth Plan?

   We often talk about budgeting and tax planning – but what about growth planning? Just what we need something else to worry about right? But this is an area that I see many small businesses struggling with including my own …

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9. Happy Small Business Week

   Since Small Business is part of our name, we know a lot about taking care of small business. At SBS we can help your small business with bookkeeping, payroll, payroll taxes, income tax planning and preparation, personal property tax preparation, …

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10. Indiana Business Personal Property Taxes

    Business Personal Property taxes (PPT) have the worst name of any type of tax in the history of taxes. Personal property taxes have nothing to do with your personal life. Well then, what is business personal property? The straight up …

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