Category Archives: Tax Planning
US House of Representatives approves Bill that will increase taxes on many small businesses
The House of Representatives recently passed a Bill (HR 4213) that would raise taxes on many small business owners who are treated as a sub-chapter S corporation for tax purposes. It is disheartening that the US House of Representatives wants …
Expansion of 1099 rules for business to business transactions
The new health care legislation has made tremendous changes to existing laws. Many of these changes phase in over the next five years. The National Federation of Independent Business (NFIB) has a timeline listing many of the provisions in the new health …
2010 Roth IRA conversion
At SBS CPA Group we regularly work with several different high quality local financial planners. Many of our clients use a financial planner and the truth of the matter is that more of our clients should use a financial planner than currently use one. …
IRS Announces new mileage rates for 2010
You can read the IRS announcement for yourself! The new IRS mileage rates for 2010 are: 50 cents per business mile 16.5 cents for miles driven when moving (in certain cases) or medical miles 14 cents for charitable miles Mike Sylvester, …
December is your last chance to prepare for your 2009 taxes!
Tax planning is important to small business owners and December is your last chance to plan for your 2009 taxes. Small business owners should meet with their accountant throughout the year in order to ensure that they are ready to …
American Recovery and Investment Act of 2009
The American Recovery and Investment Act of 2009 is a massive bill that makes a lot of changes to the tax code. As a tax preparer in northeast Indiana I had several clients this year who were on unemployment for at …
Getting your Federal and Indiana tax refunds quickly
The best way to get your tax refund quickly is to electronically file your tax return. We electronically file all of our individual tax returns. If your tax return is electronically accepted by the IRS before 11 AM on Thursday; the …
2009 IRS e-file Refund Cycle Chart
Our firm e-files the vast majority of tax returns that we file. Those people who get Federal tax refunds get those refunds one week faster by e-filing their tax return. Please follow this link to see when you will get …
Gifting money to other’s
A common strategy for minimizing gift taxes on estates that are larger then the Federal Gift Tax Exclusion (Currently two million dollars) is for the person with the estate to gift some of the estate to their heirs before the …
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SBS CPA Group 2011 tax organizer
We use a simple two page tax organizer to assist us with the preparation of personal tax returns and to help ensure that we gather all pertinent information. You can download this document from the “Document Depository” on our website! Mike …