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Tax FAQs

by | Jan 1, 2023 | Resources, Tax FAQs

Here are a few answers to the frequently asked questions our team receives. Feel free to give us a call anytime if you have any other questions.

Find answers to these questions below…

        • What does it cost to have my taxes done?

          Please click here for current pricing for Business, Individual, and Trust returns.

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

          Our team has put together a comprehensive list of what to provide. (Click here for details.)

          What should I expect when I come in for an appointment?

          Upon arrival, you will be asked to provide any additional documents that were previously requested by our team but not dropped off or uploaded. You will then be asked to review and complete a few forms. Relax and enjoy a coffee, tea, or water in our waiting area while you complete these. After your appointment, our staff will assemble and provide your final tax binder to keep for your records. Finally, we’ll ask you to sign your returns so that 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 to learn more about uploading files to your secure portal.)

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

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

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

          We have a form titled “Donated Goods 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 here to download this form.)

          What are Storen Financial’s open hours during tax time?

          During tax season, we are open Monday-Friday, 8 am to 7 pm and Saturday, 8 am to 1 pm.

          What payment options does Storen Financial offer?

          We accept cash, check, ACH bank account withdrawal, or any major credit card as payment. We 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 (address, phone number, marriage, divorce, etc.), please notify the scheduler while making your appointment. Scheduling hours are Monday – Friday, 8 am to 6 pm and Saturday, 8 am to 12pm. (Click here for contact information.)

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

          We ask that you submit all necessary documents prior to your appointment.  This maximizes your time with us and leads to the most efficient and productive appointment. If you do have outstanding documents, we will need to be notified of what is missing and receive all other documentation prior to your appointment.  We will complete your return once we have received your documents in full.

          How do I pay taxes online?

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

          How do I track my refund?

          The IRS provides tracking for your refund through its website. (Click here for details.)
          Indiana also provides tracking for your refund through its website. (Click here for details)
          You can also track your refund through IRS2Go, the official mobile app of the IRS. (Click here for details.)

          Important dates to remember

          3/15 – Business tax deadline
          4/15 – Personal tax deadline
          4/15 – Last day to fund IRAs & HSAs for prior year
          5/15 – Not-for-profits tax deadline
          9/15 – Business tax extension deadline
          10/15 – Personal tax extension deadline
          11/15 – Not-for-profits tax extension deadline due

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

          Yes, you can. There are no tax consequences to either party for gifts up to $17,000 per person. 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.

          I inherited or was gifted money/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 when 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 can I claim if it’s 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 this allows the noncustodial parent to claim the child tax credit ONLY. The custodial parent always gets to claim the daycare credit & earned income credit as well as 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 SS 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.

          My pets’ medical care is outrageous; can I claim them as dependents?

          It sure would be nice if you could add in your furry pet’s veterinary charges, but this is not allowed. However, 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 maintain the animal’s health in order for it to perform its duties. If you’ve been diagnosed with a physical or mental condition that benefits from the attention of a trained therapy animal, these costs also count as a medical expense. Note: The animal must be trained or certified as treatment for a diagnosed illness or condition in order for the IRS to approve the deduction.

          How are Indiana state and local taxes calculated?

          Indiana has a flat rate for the state of 3.15%. Thus, if you have $10,000 or $1,000,000 of taxable income, you are taxed at the same rate. Additionally, 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 should I do if I work in a different county than I 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 you are not receiving retirement from one of the listed entities, then your retirement income will be fully taxable to the state and county. To keep from owing to Indiana on your tax return, please ask the administrator of the retirement account if they will withhold state taxes on the benefits. If they do, then as a rule of thumb, we tell clients that withholding 5% will cover most taxpayers in the state. This covers both state and county rates. If you live in a county with a rate greater than 1.7%, then you should increase the percentage of withholding up to 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 my 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 from 2018 through 2025.

          I started a new job; can you 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).

          Do you need the receipts from my cash and non-cash charitable donations?

          We do not need your receipts, but we do need a summary with the totals. You need to keep receipts for your own records, as you will be responsible for presenting this in the case of an audit. Please summarize your donations on our Charitable Giving Worksheet. (Click this link to download the Charitable Giving Worksheet.)

          What is the mileage rate I can be reimbursed for?

          Starting in 2023, the mileage rate reimbursement for business use was increased to 65.5 cents per mile. You can also be reimbursed for up to 22 cents per mile for qualified active-duty members of the Armed Forces driving for medical or moving purposes as well as up to 14 cents per mile driven in service of charitable organizations. These rates also apply to electric, hybrid-electric, gasoline, and diesel-powered vehicles.

          What is the status of my amendment?

          To check on the status of your amendment, visit the IRS website. (Click here for details.)

          How do I retrieve a document that Storen Financial requested if this document was from prior years?

          If you review your prior year source documents, most of the time a contact number is on the documentation to call and request the specific document you need.

          How do I get my IP PIN?

          You can access your IP PIN on the IRS website. (Click here for details.)

          How long should I keep my tax records?

          To be safe, please keep up to 5 years of past tax returns and the past 3 years of source documents.

          I have not received my Social Security benefit statement (SSA-1099). How do I get a copy of this year’s SSA-1099?

          Please go to your online Social Security portal, or call this number 800-772-1213.

        • Have more questions?

          Access other great resources and answers to your questions on our resources page and our blog. Still have questions? Feel free to give us a call! 




If you have any questions at all about this information, please don't hesitate to contact us .
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized investment or tax advice. Brass Tax Wealth Management, Storen Financial and LPL Financial are not affiliated with any of the other referenced entities.