New Heavy Equipment Rental Excise Tax in Indiana for 2019

Starting January 1, 2019, Indiana will implement a new excise tax on the rental of heavy equipment and construction equipment. The new Indiana excise tax will be assessed on equipment that is rented without an operator and from a location in Indiana, and the tax will be 2.25% of the…
Income Tax Forms

IRS Red Flags that Trigger an Audit

What is an Audit by the IRS? The IRS website defines an audit as “a review/examination of an organization’s or individual’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct.” The IRS conducts audits…

Year-End Tax Planning Checklist for Small Business Owners

When Does the Tax Year Start and End? The IRS defines a “tax year” as an annual accounting period for keeping records and reporting income and expenses. There are two types of tax years you can use to determine the end of the tax year: Calendar year: 12 consecutive months…

How to Become a Sole Proprietor

What does “sole proprietor” mean? A sole proprietor is someone who owns an unincorporated business by himself or herself. The business and owner are legally the same. The business is not a taxable entity; all assets, liabilities and income are treated as belonging directly to the business owner. The advantages…
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