Here are a few questions our team gets asked quite often. Feel free to give us a call anytime if you have any other questions.

What information do I need to provide for my tax return?

What to provide for your personal tax return (Click here for a helpful checklist.)
What to provide for a business return (Click here for a helpful checklist.)

What to expect when you come in for an appointment?

You will be asked to deliver any additional documents, not previously dropped off to our office, to the welcome center. You will then be asked to review and complete a few forms. Relax and enjoy a coffee, tea or water in our waiting area. After your appointment, our staff will assemble and provide you with your final tax binder to keep for your records. Once you sign the returns, we can then electronically file for you.

How do I send you my tax related documents?

In order for us to best service you during your tax appointment, we request that you drop off or upload all current year tax documents two weeks prior to your appointment date. (Click here for a secure link to upload files.)

Can Storen prepare my tax documents if I live out of state?

Absolutely! Submit your tax documents and client packet of information through our secure link. We will prepare your tax return and you will have electronic access to the completed and filed return. (Click here for a secure link to upload files.)

How do I value my items that I donate to Goodwill, Salvation Army, Thrifty Threads or other charitable groups?

We have a form titled Donation Valuation Guide. It is an excel sheet that will auto calculate the values for all of your donated items. This form lists the types of donated goods (specific clothes, housewares, appliances, electronics, furniture, sporting goods, power equipment, and other miscellaneous items) that show values depending on the quality of good, better, or best. (Click this link to download this form.)

What hours is Storen Financial open during tax time?

During tax season we are open at these times and dates. (Click here to see all hours.)

What payment options does Storen offer?

We accept cash, check or any major credit card as payment. We can also accept payments made via Apple Pay.

How do I schedule an appointment?

The best way to set up your appointment is to call our schedulers at 317-852-7000. If anything has changed during the past year, for example, address, phone number, marriage / divorce, please notify the scheduler at that time. Scheduling hours are 8 am – 6 pm, Monday – Friday and Saturdays, 8 – noon. (Click here for all contact information.)

Can I meet with my preparer without all my tax documents?

If you are missing one or two documents, but want to see where you are, go ahead and send us what you have, or make an appointment and we can see what your return looks like. Then when you receive the last few documents, send them to us and we will finish your return.

How do I pay taxes online?

There are several ways to pay your taxes online. (Click here for links.)

How do I track my refund?

The IRS provides tracking for your refund through it’s website. (www.irs.gov)
Indiana also provides tracking for your refund. (www.in.gov)
NEW! IRS2Go is the official mobile app of the IRS (Click here for details.)

Important dates to remember:

3/15 for businesses, 4/15 tax day, 4/15 Last day to fund IRAs & HSAs for prior year, 5/15 Not-for-profits due, 10/15 Last day to file personal returns, 11/15 Last day to file not-for-profits

Can I give someone money to buy a house/pay off student loans/etc.?

Yes, there are no tax consequences to either party for gifts up to $15,000 per person in 2019. The gift can be cash or any other asset (vehicles, investments, etc.). Also remember that the limit is per person, so if you want to give your child a gift and you are married and your child is married, you can give up to $60,000 in 2019.

I inherited or was gifted money or property from my parents. How much tax will I have to pay on that?

Generally, gifts and inheritances are not taxable to the recipient. One exception would be where an IRA is inherited and tax has not previously been paid on that money by the donor. On the other hand, if property is received as a gift or inheritance and later sold, the recipient would pay tax on the gain. Cost basis is determined differently for gifts than for inherited property. We are happy to explain how these calculations are made.

What credits do I get to claim if it is my ex’s year to claim our child?

The custodial parent (where the child spends most of his or her nights) is entitled to all the tax benefits, however they can allow the noncustodial parent to claim the child and that allows the noncustodial parent to claim the child tax credit ONLY. The custodial parent ALWAYS gets to claim the day care credit, earned income credit, and qualifies for Head of Household filing status.

Is there an age where Social Security is not taxed?

No, federal taxation of SS benefits is based on income level and not age. Anywhere from 0% to 85% of the SS benefit can be taxable based on how much other income a taxpayer is reporting. Note, Indiana does not tax anyone’s social security benefits.

Are the death benefit proceeds from a life insurance policy taxable to anyone?

No, a life insurance death benefit payout is one of only the few income sources that are not taxed.

Can I claim my pets as dependents, their medical care is outrageous?

It sure would be nice if you could add in your furry pet’s veterinary charges. Sorry, that’s not going to happen. But the IRS does say in Publication 502 that if you need a guide dog to compensate for your reduced vision or hearing, you can include the costs of buying, training and maintaining that animal and its medical expenses. In general, this includes such things as food, grooming and veterinary care that is necessary to make sure the animal is healthy enough to perform its assistance duties. If you’ve been diagnosed with a physical or mental condition that benefits from the attention of a trained therapy animal, those costs also count as a medical expense. Note, however, this doesn’t cover your loving cat that comforts you when he curls up in your lap. The animal must be trained or certified as treatment for a diagnosed illness or condition for the IRS to approve the deduction.

How are Indiana state and local taxes calculated?

For new residents of Indiana, there is a learning curve on understanding state & local taxes. Indiana has a flat rate for the state of 3.23%. So if you have $10,000 or $1,000,000 of taxable income, you are taxed at the same rate. In addition to this, each individual pays a county tax and each county can set their own tax rate. County rates range from .35% for Jefferson to 3.38% for Pulaski. There are a few exceptions to the rule, but an Indiana taxpayer is subject to county taxes based on where they lived on January 1st of the tax year.

What date of residence is used to compute county tax rates?

January 1st is the point in time that dictates what county taxes one would be subject to for the year. If someone moved to the state on January 2nd, they would not be subject to county taxes that first year but would be for the following tax year.

Are there different tax returns for county and state in Indiana?

Unlike some states that have a different return for the state and local/city tax, Indiana county tax computations are included in the Indiana state return.

What do you do if you work in a different county than you live?

You should always have the employer withhold based on your county of residence on January 1st.

How much retirement income is taxed in Indiana?

Like a lot of other states, Indiana does not tax Social Security Benefits. Also, Indiana gives a full or partial deduction for pensions that originate from Railroad Retirement Board, Office of Personnel Management and Defense Finance and Accounting Service (Military Retirement). If one is not lucky enough to be receiving retirement from one of the listed entities, then your retirement income will be fully taxable to state and county. To keep from owing to Indiana on your tax return, please ask the Administrator if they will withhold state taxes on the benefits. If they do, then as a rule of thumb, we tell clients that 5% withholding will cover most taxpayers in the state. This covers both state and county rates. If someone knows that they live in a county with a rate greater than 1.7%, then take the percentage up to have withheld 6% or 7%. If the Administrator will not withhold state taxes, then Quarterly Estimates may need to be sent in. Like the federal, Indiana can charge an Underpayment Penalty if more than $1,000 is owed at the end of the year.

I am employed with a company and work from home, can I deduct the office in home expenses?

For employees, home office expenses are a miscellaneous itemized deduction. If, however, you’re self-employed, you can deduct eligible home office expenses against your self-employment income. Therefore, the deduction will still be available to you for 2018 through 2025.

I started a new job and wonder if you could help me fill out my W-4 and WH-4?

We are happy to assist our clients in completing their W-4 and WH-4 (or W-4P and WH-4P for their retirement or IRA distributions).

Have more questions?

Get answers to more questions, resources, links to helpful websites on our resources page, as well as in our blog. Still have questions, feel free to give us a call.