Finance & Accounting

Tax Bites: How to Protect Yourself from Underpayment Penalties

You can be subject to penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Here are some strategies to protect yourself: Know the minimum payment rules. Your estimated payments and withholding must equal at least … Continue reading

Posted in Tax Bites | Leave a comment

Illinois Sales Tax Changes for Manufacturers

Manufacturer’s Purchase Credit The long standing Illinois Manufacturer’s Purchase Credit (MPC) expires on August 31, 2014. This credit has been extended multiple times in recent history, with a brief period of expiration from July 1, 2003 to September 1, 2004. The most … Continue reading

Posted in Finance & Accounting, Manufacturing | Leave a comment

Tax Bites: Is your business ready for play-or-pay?

If you’re a “large” employer, time is running out to prepare for the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay.” It’s scheduled to go into effect in 2015.Under transitional relief the IRS issued earlier this year, for … Continue reading

Posted in Tax Bites | Leave a comment

Tax Bites: Vacation home owners: Adjusting rental vs. personal use might save taxes

With summer drawing to a close, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: If you rent it out for less than 15 days, you don’t … Continue reading

Posted in Tax Bites | Leave a comment

Tax Bites: Grandchild in college this fall? Paying tuition could save gift and estate taxes

Now’s the time of year when many young adults are about to head back to college — or to enter their first year of higher education. If you have a grandchild who’ll be in college this fall and you’re concerned about gift … Continue reading

Posted in Tax Bites | Leave a comment