Category: Tax
Reminder: Do Not Forget the Health Insurance Deduction if You Are Self-Employed
If you are self-employed, there are still deductions for medical, dental or long-term care insurance premiums that are paid for themselves, their spouse and their dependents. The insurance can also cover your child who was under age 27 at the...
Happy July 4th from ShindelRock!
On behalf of everyone at ShindelRock, we hope everyone reading this blog has a fun and exciting July 4th!! Hopefully you have paid your second quarter estimates that were due in June, after all, nobody likes owing on April 15th...
SR Client Question: Can I deduct 100% of meals and entertainment expenses?
Businesses, including sole proprietors, are normally allowed to deduct only 50% of their meal and entertainment expenses. The reason is because the IRS believes that taxpayers benefit personally from the amount of meal and entertainment expenses they claim as deductions,...
Tips for Dealing with IRS Notices
Each year, the IRS sends MILLIONS of letters and notices to taxpayers for a variety of reasons. Here are a few things you should know about IRS notices in case one shows up in your mailbox. Do not panic, a...
What New Notices Related To Form 1099K Mean
What do I do with the Form 1099K? Form 1099K is an information return that reports payment card and third party network transaction. You should retain it for your records and use it to assist you in completing your tax...
Tips to Start Planning for Next Year’s Tax Return
For most taxpayers, the tax filing deadline has passed. However, planning for next year can start now. Being organized and planning ahead can save time and money in 2014, so here are a few things you can do now to...
Schedule a Foreign Asset Reporting seminar for your group today
ShindelRock tax experts are offering free seminars for interested employers and civic groups interested in learning more about foreign asset reporting. Previous groups that have found this seminar helpful include the Oakland County Bar Tax Committee and the Michigan Indian...
High wage earners can consider a “backdoor” Roth IRA contribution
High wage earning clients often have a modified adjusted gross income that is too high to enable him or her to deduct a traditional IRA contribution or contribute directly to a Roth IRA. This is a very interesting article on...
Simplified Home Office Deduction
The IRS has recently announced a simplified safe harbor method that individuals may use to compute their home office deduction. This safe harbor calculation is an alternative to the current calculation and allocation of actual expenses otherwise required under IRC...
SCAM ALERT! Tax return identity theft is on the rise
Tax-related identity theft has increased substantially in the past couple of years. More and more individuals are finding out that fraudulent tax returns have been filed under their social security number. Not only does this create a reporting nightmare, but...