Charitable giving offers both personal fulfillment and valuable tax benefits. Donations to qualified nonprofits can lower your taxable income and help reduce your tax burden. Understanding these benefits allows you to make the most of your contributions. Federal tax...
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Tax Law & IRS Disputes
Preparing for a business tax audit
Running a business means keeping track of finances, including taxes. If the Indiana Department of Revenue (DOR) selects your business for an audit, preparation can make the process smoother. Knowing what to expect helps you stay organized and compliant. Gather...
How can small businesses manage tax liabilities?
Taxes can take a big bite out of your business profits if you’re not careful. Managing tax liabilities effectively helps you avoid surprises and keeps more money in your pocket. A smart approach to tax planning ensures you stay compliant while reducing what you owe....
The tax consequences of converting an LLC to an S-corporation
Businesses sometimes convert from a limited liability company (LLC) to an S-corporation to gain potential tax benefits. While both structures offer liability protection, an S-corporation can provide a way for businesses to save on self-employment taxes. However,...
Mitigating tax risks when converting business structures
Transitioning from one business structure to another can offer a variety of benefits. However, it also introduces tax risks that can have significant financial implications if not properly managed. Understanding the ins and outs of these risks is crucial for a smooth...
Do estate planning decisions regarding agricultural assets have any tax implications in Indiana?
Estate planning for agricultural assets in Indiana involves various tax implications. Farmers and landowners need to understand these implications to make informed decisions. Proper planning can help minimize taxes and preserve family farms for future generations....
Reviewing different kinds of business taxes
Whether you run a large company or a small firm, it is crucial to understand your tax obligations. Business owners have to pay various types of taxes and you need to familiarize yourself with your tax obligations based on your unique circumstances. It is crucial to...