Blog posts from: 2011
SR Glossary: Document Retention
We all seem to be inundated with documents. They start piling up and we do not know which ones we should keep for documentation purposes and how long should we keep them. There are several types of documents typically generated...
Cancellation of debt: could you be taxed on it?
In today’s troubled economic times, cancellation of debt situations are on the rise. The big elephant in the room that a lot of people who help in these situations do not want to talk about is that this cancellation of...
SR Glossary: Tax Deduction vs. Tax Credit
Tax deductions reduce your taxable income. Your tax is calculated on taxable income. Therefore, if you are in the 25% tax bracket, for every $1,000 tax deduction you have you save $250 in tax. Tax credits directly reduce your tax. ...
SR Client Question: Do I need an audit? Or a compilation? Or a review?
To Audit or not to Audit….. Just the word "audit" can cause business owners to shudder (or yawn). Use the words "compilation" or "review" and eyes glaze over. But knowing the difference between these important terms, and which kind your...
“So, I want to buy a business…”
The senior members of CPA firms function, to a large extent, as business consultants for their clients. This includes assisting clients in their efforts to acquire an existing business or possibly to start-up a new business. Often clients will approach...
Tax tips especially for RESTAURANTS
For 2011 the IRS has some significant tax incentives for businesses, especially restaurants: Depreciation: The bonus depreciation for equipment is 100% of the cost. If you make leasehold improvements, they qualify for Sec 179 deduction which can be as great...
Race for the Cure with ShindelRock!
Ten years ago, ShindelRock registered as a new team for the Susan G. Komen Race for the Cure in downtown Detroit. Each year, our team has grown in size, up to 114 team members! We hope to exceed this goal...
Visualize how the government spends your tax dollars
DataViz Challenge is a collaberation between Eyebeam and Google (with data provided by ) to find a way to help taxpayers to visually understand just where you tax dollars ar going. Click here for an example of a visual representation. ...
Det News: How Snyder’s tax plan would affect 8 sample taxpayers
The Detroit News has a good article which shows how a sample of 8 different taxpayers would fare under Snyder's proposed tax structure versus the structure in place today. It shows that most taxpayers would pay more in taxes under...
Mortgage refinance may still be an option, and ShindelRock can help
If your house is worth less than you owe, refinance may have seemed impossible. However, several government programs out now allow you to refinance a home that's "under water" if its mortgage is held by Fannie Mae or Freddie Mac. ...