Tax Blog
Selling Your Primary Residence?
August 1, 2017
Courtesy of IRS Tax Tips
Tips to Keep in Mind on Income Taxes and Selling a Home
Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home.
Below are tips to keep in mind when selling a home:
Ownership and Use. To claim the exclusion, the homeowner must meet the...
Are you moving?
staff report
June 8, 2017
Summertime and the houses are selling fast this year! Are you moving?
If you are moving to a new house because you are starting a new job--or your job changed locations--some of your expenses could be deductible.
You will want to check with your tax professional first, but you can keep in mind the three main requirements as listed in the IRS Publication...
Fun Facts from Filing Season 2017
date provided by irs.gov
May 22, 2017
We know taxes aren't typically "FUN" but here are some "fun facts" from Filing Season 2017, courtesy of irs.gov:
Total number of returns processed as of 4/21/2017: 128,789,000
122,164,000 of those returns were e-filed.
312,255,666 visits were made to irs.gov
$268.296 Billion in...
Did you file an extension? Important deadlines ahead!
staff report
May 16, 2017
Did you file an extension?
Keep in mind that the deadline for most extended filers is October 16th, 2017.
You don't need to wait that long, however. Many of our clients who chose to extend their returns have already been in to have appointments to complete their returns.
Own a business and filed an extension? Your tax return may be due...
Due date to file your Business Property Tax is May 15th
staff report
May 11, 2017
Business owners,
Don't forget that May 15th is the deadline to file your business (tangible) property tax return with your local county. Be aware--they do not grant
We're here year-round to serve you!
staff report
April 24, 2017
Tax season may be over, but remember, we're here year-round to serve you.
Have a question? Give us a call!
Starting a business and want to discuss accounting, payroll and tax needs? We're ready to help!
Want to schedule a tax projection meeting so you are ready next year? Right
Office hours and closures
staff report
April 18, 2017
HOURS: We will be here until 5 p.m. on Tuesday April 18th.
(April 18th is tax day, the last day to file your return in a timely manner.)
We will be closed Thursday, April 20th and Friday, April
Is that tax call a Scam? IRS turns over overdue taxes to private debt collectors.
staff report with information provided by irs.gov
April 5, 2017
After years of telling you that the IRS will not call to collect your debt, it looks like things are changing a bit. Some overdue tax debt will be turned over to private debt collectors.
Some key points though:
You will get a letter mailed to you first warning that you are affected.
You will never be asked to pay with gift...
Tax Time -- The Countdown is On!
staff report
March 30, 2017
Procrastinators, greetings from Storen Financial! We are here to serve you in your time of need, but time is running out. Your best option is to gather up your documents and stop in for a few minutes to fill out a handful of forms, and then leave the rest to us. Just ask for our "Drop-off Service."
And remember, if you're thinking about filing an extension, it's not a...
It's not too late-Make your appointment today!
staff report
March 21, 2017
The countdown is on to the end of tax season!
Don't worry, we still have time to do your taxes! 
Just...
Are you looking for tax forms?
staff report
March 9, 2017
Are you looking for tax forms? Hitting the local library or an IRS service center?
We have great news for you!
Most forms can be found at irs.gov/forms
Save yourself some time and check there
Way Back When-A Little Tax History
staff report with information provided by irs.gov
March 7, 2017
Americans have been been paying income tax since 1862....
Here is how the first 10 years went.
Don't you long for the day of 3-5% tax on incomes?
Historical Highlights of the IRS (courtesy of...
The IRS has 1 BILLION, yes BILLION, dollars in unclaimed refunds
staff report with information provided by irs.gov
March 2, 2017
Whoa! We could not believe this.
The IRS has $1 Billion, yes 1 B-I-L-L-I-O-N, in unclaimed tax refunds.
So we read the fine print, and there is a catch. These are potential refunds for people who have not yet filed their 2013 returns.
Indiana alone is estimated to have 21,700 people due an average of $788 for a total of more...
Where's My Refund? There's an App for that!
staff report
February 28, 2017
Where's My Refund?
There's an App for that! Really! You can also check online or by phone.
As tax professionals, we aren't privy to any inside knowledge about the status of your refund. We use the same tools that are available to you.
How you check is up to you.
Online Resources from the IRS can help you avoid the Rush
staff report with information provided by irs.gov
February 23, 2017
Online Options Help You Avoid Rush
February marks the peak demand for IRS toll-free telephone and office services. They receive thousands of telephone calls per hour. But, the vast majority of people calling or seeking appointments at Taxpayer Assistance Centers can find their answers faster on...
Make Tax Time Less Taxing
staff report
February 22, 2017
It's Tax Time! Are you pressed for time? Ask us about our convenient drop off option. Stop in, fill out a couple of forms, leave your documents, and we will take it from there. We will call you with any questions, or to ask for additional items. Once your return is complete, we will contact you and you can pick it up at your convenience! Call 317.852.7000 for more information on this option...
IRS releases Dirty Dozen tax scams for the season
staff report with information provided by irs.gov
February 21, 2017
Interesting reading...be aware!
Report courtesy of IRS.gov
IRS Recaps “Dirty Dozen” List of Tax Scams for 2017
Each year, the Internal Revenue Service issues a list of the top 12 tax-related scams it sees throughout the year. The IRS “Dirty Dozen” highlights various schemes that taxpayers may encounter anytime,...
Happy Valentine's Day!
staff report
February 14, 2017
Happy Valentine's Day to You, our awesome clients!
Things we love at tax time:
10. A waiting room filled with our great clients! :)
9. kids laughing in the playroom
8. hot coffee & cold water--oh and McAllister's Tea!
7. Questions--keep 'em coming! That's what we're here for--and why we log...
NEW State of Indiana Security Features for tax filing
courtesy of Indiana Department of Revenue
January 24, 2017
This report is courtesy of the Indiana Department of Revenue:
The Indiana Department of Revenue again will implement the Identity Protection Program for the 2017 tax season. This program is designed to not only stop fraud, but to deter fraud in the state of Indiana. Since its inception in 2014, the Identity Protection Program has stopped more than $100 million in fraudulent refund...
Refunds delayed! Already. :( And Season hasn't even started
staff report
January 9, 2017
Refunds are delayed even before they started! The IRS is cautioning taxpayers to be patient. Don't count on that refund landing in your bank account in a timely fashion. It will be a waiting game this year.
They are forecasting refund delays--UNTIL at least FEB. 27th--for those taxpayers claiming the Earned Income Tax Credit or the Additional Child Tax...
It's almost Tax Time!
staff report
January 5, 2017
It's almost tax time!
We're so excited to see you. Can now to schedule your appointment at either of our 2 convenient locations: 317-852.7000
We have a ton of client resources for you located under the "Client Resources" tab on our website. Check them
Happy! Merry Merry! Joy! Peace!
Storen Financial
December 20, 2016
We hope you have a wonderful holiday season filled with happiness, joy and peace! It's almost time for The Most Wonderful Time of the Year for us--TAX Season!
If you're as excited as us, you can call now to schedule your tax appointment by calling 317.852.7000.
If you're not quite that excited, take some time to start gathering your tax items....
Taxes & Trump
staff report
November 22, 2016
Our clients have been asking what tax changes they might see based on President Elect Trump's Tax Plan. We won't be issuing any political statements, but thought we would pass on some highlights of his proposal and some caveats.
Keep in mind, tax changes were not included in his plan for his first 100 days in office issued today. Also, any changes to the 4 million word tax code...
Be glad you filed! IRS going after non-filers!
TIGTA at www.treasury.gov
October 27, 2016
We're sharing some news straight from the Treasury Inspector General for Tax Administration! Be glad that you file a return. (And if you haven't gives us a call and we will help.)
WASHINGTON — The Treasury Inspector General for Tax Administration (TIGTA) today publicly released its audit report of the Internal Revenue Service’s (IRS) nonfiler...
Direct news from the IRS: New Scam-Fake Tax Bill Emails
IRS.GOV
September 22, 2016
Remember, the IRS will not email or use social media to send you a bill!
Article courtesy of the IRS
IRS and Security Summit Partners Warn of Fake Tax Bill Emails
WASHINGTON — The Internal Revenue Service and its Security Summit partners today issued an alert to taxpayers and tax professionals to be on guard...
Deadlines! There's more to tax deadlines than April 15th!
staff report
September 8, 2016
April 15th! We're all familiar with the tax deadline. After the 15th, we can just take it easy, right? Nope! We're here year-round to serve you. In fact, just next week, on Sept. 15th, there is another important deadline.
If your business filed an extention last spring, your time is up. Sept. 15th is the deadline to file your tax return. Don't delay!
Also, if you are in...
A taxing dilemma....Did you miss the 60-day time limit for properly rolling over an IRA? The IRS issued some relief!
staff report with information provided by irs.gov
August 30, 2016
On August 24, 2016, the IRS issued Revenue Procedure 2016-47, which allows an individual to complete a late 60-day rollover of retirement funds using a self-certification.
Before this procedure was issued, if an individual withdrew funds and didn't get them rolled...
Congratulations Chloe!
staff report
August 15, 2016
CONGRATULATIONS CHLOE! We are so proud of Brownsburg's own, Olympic Athlete--AND MEDAL WINNER-- Chloe Dygert!
She won a silver medal in the track cycling team pursuit event! WOW!
Welcome National Association of Tax Professionals!
staff report
August 9, 2016
The Team at Storen Financial would like to welcome the National Associate of Tax Professionals to Indianapolis! Our very own Kim Storen has been working with the Indiana Chapter of NATP to host a great conference for attendees from all over the country. We'll be sharing what all of our Storen tax professionals learned this
The pride of Brownsburg, Indiana! Go Chloe!
staff report
July 28, 2016
Did you know Brownsburg has an athlete headed to the Olympics?
Chloe Dygert!
Summer Camp!
News from the IRS
June 21, 2016
Are your kids headed to summer camp while you work this summer? Or while you look for work? If your kids are under age 13, you might be able to claim it as a childcare expense. Check out IRS Publication 503 at this link for more information:
Is work clothing deductible?
tax staff report
June 20, 2016
Have you ever wondered if the clothing you are required to wear for work is tax deductible? According to a recent ruling, most clothing is probably not deductible.
The Tax Court said there are three criteria used to determine if you can deduct the cost of clothing as a business expense:
1) The clothing is required and essential in the...
When Doves Cry
tax staff report
May 12, 2016
When Doves Cry--Do you have a will?
If you are of a certain age, you might have stayed up to hear "When Doves Cry" on the Top 10 at 10 on the local radio station. If you're like us, you're mourning the passing of Prince.
We're not the only ones crying. It seems Prince died without a will. You might think it doesn't matter--no spouse, no kids, plenty of money. What's the...
Yikes! Did the IRS send you a letter? Here's What to Do.
Storen Financial Staff Report
April 19, 2016
Tax season is over, but don't worry, we are here all year long to help you.
This comes in handy if you get a letter from the IRS.
It's usually no cause for alarm. They literally send out millions of letters and notices each year.
Our advice to you is simple.
Open it... Don't leave it sitting collecting...
Payment Tips from the IRS including the "No Staple Request" (see #9)
courtesy of the IRS at irs.gov
April 15, 2016
From IRS.gov
Paying Your Taxes; Tips to Remember
The IRS offers several payment options if you owe federal tax. Here are some key points to keep in mind when you pay your taxes this year.
1. Never send cash. Electronic payment options are the quickest and easiest way to make a tax payment. You can pay online, by phone or with your mobile device.
2. When...
IRS creates Tax Design Challenge--Do you have Ideas for a better taxpayer experience?
courtesy of the IRS at irs.gov
April 11, 2016
“Tax Design Challenge” Begins Soon
Public Invited to Imagine the Taxpayer Experience of the Future
Follow us @IRSNews #taxdesign
IR-2016-53, March 30, 2016
WASHINGTON — The Internal Revenue Service today announced the upcoming start of its first Tax Design Challenge crowdsourcing competition to encourage innovative ideas for the taxpayer...
Governor signs ABLE Act into law in Indiana
press release courtesy of in.gov
March 22, 2016
Courtesy of in.gov
Indianapolis – Governor Mike Pence today signed into law the Achieving a Better Life Experience Act (Senate Enrolled Act 11), which creates a savings program for Hoosiers to better provide for their loved ones with special needs by allowing them to save money for disability-related costs without placing other benefits at risk. The bill is aimed at easing the...
Indiana Department of Revenue stops tax refund fraud
@INDeptofRevenue
March 17, 2016
According the the Indiana Department of Revenue's twitter feed, they have stopped $2 million in tax refund fraud this tax
Direct Deposit Scam- Don't Be Fooled!
staff report
March 16, 2016
The latest scam reported this tax season from the IRS involves scammers phoning taxpayers at random and saying "I have your tax return ready, can you give me your direct deposit information?"
(or your social secuity number or other personally identifiable information.)
Unwittingly, some people have given out their bank information or social security number to the...
Adoption Tax Credit-Top Facts
courtesy of the IRS at irs.gov
March 10, 2016
Top Facts about the Adoption Tax Credit
courtesy of the IRS at Irs.gov
If you adopted or tried to adopt a child in 2015, you may qualify for a tax credit. Here are ten things you should know about the adoption credit.
1. Credit or Exclusion. The credit is nonrefundable. This means that the credit may reduce your tax to zero. If the credit is more than your tax,...
The Top Ten Reasons You Might Be Paying Too Much in Taxes
staff report
March 8, 2016
We compiled a list of the Top Ten Reasons You Might Be Paying Too Much in Taxes.
In no particular order, here they are:
1) Dividends
2) Capital Gains
3) IRA distributions
4) Annuity distributions
5) Retirement distributions creating
taxable social security
6) Missed deductions
7) Not deducting charitable gifts
8) Penalties for...
Dial 317! INDIANAPOLIS Area to get new area code overlay
Staff report
March 3, 2016
Get ready to dial 317 soon, even for local calls. The Indianapolis area is getting a new area code overlay, because we are running out of numbers using the existing 317 area code.
Key Facts:
- New area code is 463
- How to remember: 463 spells IND on the keypad.
- Customers with existing 317 phone numbers will keep them.
- When the area code...
IRS TAX TIP: 5 THINGS YOU SHOULD KNOW ABOUT THE CHILD TAX CREDIT
courtesy of IRS.gov
February 29, 2016
Five Things You Should Know about the Child Tax Credit
The Child Tax Credit is an important tax credit that may save you up to $1,000 for each eligible qualifying child. Be sure you qualify before you claim it. Here are five useful facts from the IRS on the Child Tax Credit:
1. Qualifications. For the Child Tax Credit, a qualifying child must pass several...
IRS Reports a New Surge in IRS Email Schemes during the 2016 Tax Season
courtesy of IRS.gov
February 19, 2016
Consumers Warned of New Surge in IRS E-mail Schemes during 2016 Tax Season; Tax Industry Also Targeted
IR-2016-28, Feb. 18, 2016
WASHINGTON - The Internal Revenue Service renewed a consumer alert for e-mail schemes after seeing an approximate 400 percent surge in phishing and malware incidents so far this tax season.
The emails are designed to trick...
Those FAKE IRS phone calls have fired up again
the Team at Storen Financial
February 16, 2016
Boone County has been experiencing another wave of fake but menancing IRS phone calls. My parents and sister have had multiple calls, but they knew they were FAKE calls because we talked about it 2 years ago when the first calls were hitting Indiana. My parents were threatened with a class action lawsuit by the FAKE IRS. My sister was told she could be jailed by the FAKE IRS....
Zionsville Times Sentinel Name Kim Storen #1 Accountant
staff report
February 16, 2016
Congratulations to our very own Kim Storen! The readers of the Zionsville Times Sentinel voted her #1! The Z'List votes were tallied and Kim was named Best Accountant. Proud of
It's Here! Tax Season has Started!
The Team at Storen Financial
January 26, 2016
WE're so excited to see you! It's Here! Tax Season has finally started!
Call now to make your appointment: 317.852.7000
Days, evenings and Saturday appointments available at our Brownsburg AND Zionsville locations.
Wondering what to bring to your appointment? Click here:
Identity Theft Video Series from the IRS is now available on YouTube
courtesy of the IRS at irs.gov
January 14, 2016
Identity Theft Video Series Available; Special Series to Help Taxpayers Avoid Pitfalls and Stay Safe Online
IRS YouTube Video
Security Summit Identity Theft Tips Overview: English
Taxes.Security.Together.: English
IR-2016-04, Jan. 11, 2016
WASHINGTON — In coordination with the state revenue departments and the tax industry, the Internal Revenue...
IMPORTANT! Tax Amnesty Letter mailed over the weekend from State of Indiana update
November 2, 2015
We've received dozens of calls and emails this morning from our clients asking about a Tax Amnesty letter sent by the State of Indiana featuring the phone number 1-844-464-6829 in the upper right corner.
We contacted the Indiana Department of Revenue this morning about the letter in question and they shared that it was sent by a 3rd party vendor without final approval...
From the What? File: The IRS says no more to $100Million Dollar Checks
September 17, 2015
Are you scratching your head yet? In this latest announcement from the IRS:
Announcement 2015–23, page 311.
The Federal Reserve will not accept checks that are larger than
$99,999,999.00 and agencies have been directed to return
these checks to the originator. Beginning January 1, 2016, IRS
will begin returning checks for more than $99,999,999.00...
State of Indiana announces Tax Amnesty 2015
Courtesy of Indiana Department of Revenue
August 20, 2015
Tax Amnesty 2015 is a limited-time opportunity for both individuals and businesses to pay past-due base taxes free of penalty, interest, and collection fees. Tax liabilities, for all tax types managed by the department, for periods ending prior to Jan. 1, 2013, are eligible to participate in Tax Amnesty 2015. Approximately 40 different tax types are eligible for participation. Taxpayers who...
IRS epic fails for 2015: 8.8 million hangups, 37% of calls answered, 23 minute average "on-hold"
Courtesy of National Taxpayer Advocate
July 30, 2015
News Release
National Taxpayer Advocate Reviews Filing Season and Identifies Priority Areas and Challenges in Mid-Year Report to Congress
IR-2015-97, July 15, 2015
WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her statutorily mandated mid-year report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will address...
Alert for Indiana Businesses from Secretary of State
Courtesy of In.gov
July 2, 2015
Alert for Indiana Businesses
Several businesses have reported receiving a deceptive letter that appears to come from an official government source. The letter solicits an annual fee of $125 and states it will be used for record keeping and processing of a company's annual minutes. It gives the appearance of coming from a legitimate government agency and cites state law. Click...
Here are a few Indiana tax changes from the Indiana Tax Dispatch
Courtesy of the Indiana Tax Dispatch from the Indiana Department of Revenue
July 2, 2015
The latest Indiana tax dispatch is in, and according to this legislative update here a few of the Indiana tax changes. This will be the first post in a series to keep you informed!
Effective Jan. 1, 2016, the deduction for insulation is repealed.
Effective Jan. 1, 2016, the deduction for solar-powered roof vents and fans is repealed.
Effective Jan. 1, 2016, the...
IRS Takes Steps to Protect Taxpayers from Identity Theft
courtesy of the IRS
June 15, 2015
IRS, Industry, States Take New Steps Together to Fight Identity Theft, Protect Taxpayers
IR-2015-87, June 11, 2015
WASHINGTON — The Internal Revenue Service joined today with representatives of tax preparation and software firms, payroll and tax financial product processors and state tax administrators to announce a sweeping new collaborative effort to combat identity theft...
FREE SHRED IT DAY WAS A SUCCESS!
Storen Financial
June 15, 2015
OUR INAUGURAL SHRED IT DAY was a complete success! More than 133 carloads of documents used our safe and secure on-site shredding. Thank you to Ray's for coming out that day!
- - - - -
You're invited to join us on Saturday, May 30th for a FREE drive through Shred-It Day at our Brownsburg location.
Safely recycle your important documents using our secure...
Indiana Department of Revenue Fights Fraud
Doug Johnson
January 16, 2015
The Indiana Department of Revenue will again implement identity verification for the 2015 tax season. If a taxpayer receives a letter from the department asking them to take an Identity Confirmation Quiz, don’t be alarmed. It does not mean that your identity has been stolen. The State is trying to get a handle on the proliferation of fraudulent state tax returns being filed.
Filing Starts JAN. 20, 2015!
Kim Storen courtesy of IRS
December 29, 2014
Tax Season Opens As Planned Following Extenders Legislation
IR-2014-119, Dec. 29, 2014
WASHINGTON -- Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January.
The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will...
IRS Phone Service Lags Due to Budget Cuts
Kim Storen
December 18, 2014
IRS Phone Service Lags Due to Budget Cuts
The Internal Revenue Service received fewer phone calls from taxpayers this year than in recent years, according to a new government report, but the percentage of callers seeking help who received it remained low while wait times remained high compared to prior...
Congress passed the Extender Bill
Kim Storen
December 18, 2014
Congress passed the Extender bill and cut the budget for the IRS
In flurry of year end activity, congress has approved the Tax Increase Prevention Act of 2014. The new law extends for one year several tax incentives and credits that expired 12/31/13. It also includes the Achieving a Better Life Experience (ABLE) Act, creating tax favored savings accounts for...
New limits for 401k contributions in 2015
Courtesy of the IRS
October 30, 2014
IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their 401(k) plans in 2015
WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase...
Identity Theft and Fraud-from the IN Dept. OF Revenue
Indiana Department of Revenue
October 7, 2014
State Stops $78 Million in Illegitimate Tax Refunds
From the Indiana Department of Revenue (Sept. 2, 2014) - More than $78 million in wrongfully requested tax refunds was blocked by the Indiana Department of Revenue during the 2014 tax season, including $39 million in attempted identity theft, and $39 million in unearned tax credits and...
Who is Getting Audited?
Kim Storen
September 9, 2014
Posted by: Dan Lacy In: small business, Tax 10 Jun 2014
At Storen Financial, we will represent you in front of the IRS and you will not even have to...
AGGRESSIVE phone scam happening in Central Indiana--be aware!
June 24, 2014
Courtesy of the IRS website...
IRS Reiterates Warning of Pervasive Telephone Scam
IR-2014-53, April 14, 2014
2014 tax law summary
June 18, 2014
Here are a few of the new Indiana Tax Code changes for 2014 as taken from the SYNOPSIS OF 2014 LEGISLATION AFFECTING THE INDIANA DEPARTMENT OF REVENUE APRIL 2014 Prepared by: Indiana Department of Revenue April 1, 2014. The paper can be found at
Lincoln Park Concert Series
June 11, 2014
Summer is here and so is the Lincoln Park Concert Series, in Zionsville, from 7-8:30 p.m. each WEDNESDAY evening in June and July.
The lineup for the remainder of June:
June 11 Downtown Motown with Lonnie Lester
June 18 Rock and Soul with Karen and the Beast
June 25 Rocking the Blues with The Breakes
Bring a...
IRS Deadline! Small Non-Profit Organizations
May 6, 2014
Personal Property Tax--Due Dates!
April 30, 2014
PPT Blog
04/25/14
By: Becky Ahlquist
Attention all Indiana business owners and farmers! We want to remind you that “Business Tangible Personal Property” tax returns are due by May 15, 2014 to your county assessor’s office.
As the owner of...
Make Next Year's Return Less Taxing
April 25, 2014
Another tax preparation year is in the books! It was a busy season. We know it is a stressful time for people, and we came across this article (courtesy of The Slott Report from Ed Slott of PBS fame) that might make next year a little easier. Don't forget that we are here all year-round to help answer your tax questions.
Zionsville Office opening in January
December 31, 2013
Farmers: Livestock replacement extension
November 1, 2013
This blog is for farmers and ranchers that are still suffering from drought and had to sell certain livestock due to weather related conditions. The IRS announced last week that the period of time to replace those animals sold has been extended by one-year. Please see the IRS Notice...
SCAM WARNING-straight from the IRS
November 1, 2013
This is a bulletin directly from the IRS!
IR-2013-84, Oct. 31, 2013
WASHINGTON — The Internal Revenue Service today warned consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants,...
What You Should Know Now About the Energy Credit
October 2, 2013
What You Need to Know Now About the Energy Credit
Last night I was in the grocery store and a client stopped me to say that they had just installed energy efficiency improvements to their home and asked what they needed to keep for tax records. I responded with that they needed to keep the manufacturer’s certificate and...
IRS Dirty Dozen Tax Scams
September 11, 2013
The IRS’s annual “Dirty Dozen” list includes common tax scams that often peak during the tax filing season. The IRS recommends that taxpayers be aware so they can protect themselves against claims that sound too good to be true. Taxpayers who buy into illegal tax scams can end up facing significant penalties and interest and even criminal prosecution.
The...
Identify Theft with Tax Returns
September 9, 2013
Many people may not realize that the one of the largest growing areas of identity theft is with a tax return. This year 324,670 tax returns were tagged by the IRS as fraudulent, requesting over $2.2 billion in refunds. Identity thieves will hi-jack your social security number and file a false tax return with false W-2s requesting a refund. When the actual person then files a true tax return,...
US Treasury and IRS Announce That All Legal Same-Sex Marriages Will Be Recognized for Federal Tax Purposes
September 5, 2013
The US Department of the Treasury and the IRS recently ruled to treat same-sex couples, legally married in jurisdictions that recognize their marriage, as married for federal tax purposes.
This ruling applies regardless of where the couple resides. The couple does not have to be currently living in a jurisdiction that recognizes same-sex marriage.
Under this ruling, same-sex...
What is Estimated Tax and do I need to pay them?
August 2, 2013
The Income Tax System is a “pay-as-you-go” system. Employees are familiar with this concept – taxes are taken out of our paychecks every payday. But what happens if we get income from non-wage sources, such as from interest or dividends, farming, a small business or rental properties? No taxes are withheld from these types of income.
That said, the “pay-as-you-go” system...
It's a New Brand Day
February 12, 2013
It's a New Brand Day at Storen Financial Group! We are excited to announce the recent launch of our firm's new brand. We've been working very hard to enhance our website and give our firm a little facelift. We've also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.
Take a moment to...