Blog posts from: 2012
Client Question: How do I change my name with the IRS?
If you have recently changed your name, such as after a marriage or divorce, you will need to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration (SSA). ...
Client Question: What Types of Income are Non-Taxable Income?
In most cases, the income you receive is taxable and must be reported on your federal income tax return. However, there are some instances when some types of income may not be taxable. The following list offers some of the...
Special Guest Author Barry Demp: Recommended reading for would be entrepreneurs and networkers
Three frequent questions guest author Barry Demp often hears from people starting their own businesses… 1. How can I set my goals?? (or, How can I define a clear vision of what I want to accomplish??) Answer: To set...
Endangered Tax Breaks and Benefits
Many tax deductions and subsidies are set to expire in 2012 unless Congress steps in to save them. Could any of these raise your tax bill? Some Bush-era tax cuts, as well as some long in place tax breaks, are...
In Memory of Gayle O’Brien, CPA, Partner Emeritus at ShindelRock
Gayle O’Brien, CPA, partner emeritus at ShindelRock, passed away yesterday after a long battle with cancer. We are heartbroken by this loss; Gayle meant so much to us, and I know each ShindelRock team member and client who came in...
“Daily Deals” – More of a Deal for State Coffers Than Yours?
Daily Deal-type marketing (think Groupon and Living Social) has become a very popular way for small businesses to market their product or service to a large and local audience. However, business owners need to be aware of the various tax...
Client Question: What is my correct filing status?
Determining your correct filing status is a critical step in the preparation of your tax return. It is used to determine your standard deduction, eligibility for certain credits and deductions, and correct tax amount. For example, income limitations aside, the...
CANCELLATION OF INDEBTEDNESS (Part 3)
As we indicated in the discussion in Part 2, cancellation of debt (COD) can also occur with a partnership or S corporation. As you know neither of these type of entities pay income tax, the individual partners or shareholders pay...
CANCELLATION OF INDEBTEDNESS (Part 2)
As we indicated in the discussion in Part 1, the Internal Revenue Code has provisions under which part or all of cancellation of Debt (COD) may not be taxable. There are five situations that allow you to exclude COD from...
SR Glossary: CANCELLATION OF INDEBTEDNESS
Cancellation of Indebtedness (COD) occurs when you are discharged from a debt. The debt may be in the form of a mortgage, credit card, loan, state and local taxes, etc. The debt could be held by a financial institution, governmental...