Author: Trent Wolfe

By Brandy Swope

A tax-savings strategy our firm has recommended over the years is paying children for working in their family business. Benefits include: Deduction for the parent who is typically in a higher tax bracket than the child. Income to the child whose wages could be just under...

The Indiana State Fair kicked off Friday, August 5th and will feature 17 farm families for each day of the fair from August 5th through August 21st.  The Indiana State Fair is recognizing family farms that have received a Hoosier Homestead Award to coincide with...

Send the kids to camp.  If your child goes to day camp this summer while you and your spouse work, the cost may qualify for the dependent care credit. The maximum credit is usually $600 for one child and $1,200 for two or more children....

There is now an adoption credit for Indiana tax returns. The Indiana credit is 10% of the federal credit, but not more than $1,000 per child. The credit is for adoptions finalized in 2015 going forward. 2014 adoption credit carry-forwards on the federal return are...

Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven 19 cents per mile driven for medical or moving purposes 14 cents per mile driven in service...