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In This Issue

• Why Didn't I Qualify For That Tax Deduction?
• Planning For the Worst
• What Exactly Is The Difference Between Sales And Use Tax?

Why Didn't I Qualify For That Tax Deduction?

By Troy Parton, CPA, Manager

Clients are often frustrated when they are told their income tax refund will be less than what they hoped or, worse yet, they need to cut a check to Uncle Sam. Hearing family, friends or co-workers boast of receiving a tax credit for contributing to a retirement plan or being able to deduct student loan interest can create a mix of emotions if they incurred the same type of expenditures and do not see a corresponding deduction on their tax return. “I’ll call my CPA tomorrow and get an explanation!” they think. When these calls come, I feel like I add salt to the wound if my explanation includes that there is an income range in which tax benefits begin to phase-out.  Read More...

Planning For the Worst

By Julie Tracy, IT Manager

I have had my head in "what if" scenarios for the past couple of weeks. What if the server crashes, what if the internet connection goes down, what if a laptop is stolen, and the big what if the building we work in is destroyed? How would you respond, how would you conduct business and how would you move forward? In a 2009 GAO committee finding, 40-60 percent of businesses fail to recover after a disaster. Would your business be able to recover from a catastrophe? What steps should you be taking to ensure that your business will survive?  Read More...

What Exactly Is The Difference Between Sales And Use Tax?

By Amy L. Lucas, CPA, Manager

Every individual and business that has ever sold or purchased products in a store, through a catalog, or over the internet has been affected by the rules governing the collection and remittance of sales and use tax. However, they may not know the difference between the two. While the rate in Indiana for both taxes is 7% of the purchase price, the differences lie in who must collect the tax and who must pay the tax. Let’s explore some of these differences.  Read More....