Blog posts from: 2011
Don’t miss your new business startup deductions
The IRS has issued final regulation on the election to deduct startup expenses. These rules apply to individuals, corporations and partnerships. These entities can deduct (in the tax year an active trade or business begins) up to $5,000 of startup...
Congratulations Dana and Team “Who’s the Boss”!
ShindelRock team member Dana Cinquipalmi and her team "Who's the Boss" placed third in the 2011 U20 North Americans. Congratulations Dana and keep on sailing!
Back-to-School Tips from the IRS for Students and Parents Paying College Expenses
It's back to school time! The Internal Revenue Service reminds students or parents paying tuition and other fees to keep receipts and to be aware of some tax benefits that can help offset college costs. Typically, these benefits apply to...
Special Guest Author Randall A. Denha, Esq.: Each Estate Plan Is Different
Randall A. Denha, J.D., LL.M. is the founding member of Denha & Associates, PLLC. Mr. Denha, a former partner at one of the most prestigious estate planning firms in the country, specializes in the areas of estate and personal tax...
SR Glossary: “Documentation”
One of the first terms you might encounter if you or your company is audited by the IRS is a request for documentation of expenses, or proof of receipts. In years past, this was a simple request, as receipts were...
Reporting Unclaimed Property
The state of Michigan is clamping down on your obligation to report unclaimed property. Here is a flyer sent to all businesses detailing the State’s stance on this issue. Unclaimed property are assets (money mostly) that belong to someone else...
SR Client Question: Can I deduct expenses related to my “Home Office”?
Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction. Generally, in order to claim a business deduction for your home, you must...
SR Glossary: Nexus
An increasingly complex tax consideration for companies who operate or sell in more than one state or via online involves the question of nexus, the term used to describe when a business has sufficient presence (direct or indirect) within a...
Client Question: “What should I do with an uncashed check?”
Many taxpayers might be pleased to see a "You have unclaimed property waiting!" letter from the State of Michigan. But what are your responsibilities as a business owner with regards to unclaimed property? In most cases, unclaimed property takes the...
Still waiting for your K-1s?
Although October 15 seems far away (amid summer BBQs and lake trips), you only have three months until the extended tax filing deadline. Perhaps there are some partnership or trust K-1s that are needed to complete your tax return, and...