Tax Tips

Indianapolis Tax Tips

The IRS tax code is complex and be extremely confusing. Not only do we want to handle your income tax preparation, we also want to provide you with tax help & tax resources to make the process easier to understand.

Whether you've changed jobs, moved into a new home, or made other life adjustments within the last year, tax season often brings a series of new questions and possible deduction opportunities. Fiscal Tax is here to provide you with tax prep tips as we enter 2012's tax season. Here is a list of common tax questions and deductions we hope you will find useful.

If you don’t find what you are looking for, please contact us. One of our tax professionals will be happy to assist you.

NEW: Major Tax Law Changes and Frequently Missed Items
Recent legislation has created significant new tax credits. Read about these new credits and frequently missed deductions and credits.

Adoption Expenses

Have you expanded your family?

Capital Gains and Losses

Capital gains or losses occur when a capital asset is sold.

Casualty and Theft Losses

Your loss may be deductible, but the deduction is limited.

Charitable Remainder Trusts

Reduce your estate by gifting property

Converting a Traditional IRA to a Roth?

Many people took advantage of the New ‘No Income Limit’ Roth IRA tax law

Deductions

What is the difference between itemized and standard deductions?

Deductions for Teachers

Out-of-pocket classroom expenses are tax deductible.

Dividends

Dividends refer to the money a corporation pays you because you own stock in that corporation.

Do You Have Debt Forgiveness?

You may not have to include it in income

Early Pension Distributions

How much does it really cost?

Earned Income Credit

The EIC is designed to help low-income workers.

Education Tax Credits and Deductions

What are they and who can use them?

Energy Tax Credits

Tax credits for Home Energy Improvements.

Fast Facts

9 great tips to make sure you get the best deal with Uncle Sam!

Gambling Winnings

You will need to claim gambling winnings on your taxes.

HSA Funding Options

For a limited time only, there are more options

Indiana Specific Deductions and Penalties

Indiana tax deductions for home owners and renters, plus penalties for late filing.

Individual Retirement Account (IRA)

Save for your retirement.

Interest on Summer Recreation May Be Deductible

Your motor home or boat could yield a deduction

IRS Contact Information

Click here for information to contact the IRS.

IRS Notices

Do not ignore notices from the IRS but don't assume it is correct.

Is an Inheritance Taxable?

In most cases, an inheritance is not taxable to you, but there are exceptions

Major Tax Law Changes and Frequently Missed Items

Recent legislation has created significant new changes to the tax code. Read about these new changes as well as frequently missed deductions and credits.

Making Work Pay Credit

The Making Work Pay Credit has expired, but there's good news.

Military Income

What income is taxable and what income may be excluded?

Mortgage Insurance

Mortgage Insurance may be tax deductible.

Often Overlooked Deductions

These items are often overlooked by taxpayers who itemize their deductions.

Payments You Receive From a Settlement Are Taxable

Unless they are a result of injury or sickness or replace an asset

Refinancing Your Home Mortgage

What's deductible and what's not?