Finance & Accounting

Tax Bite: A net operating loss on your 2014 tax return isn’t all bad news

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs (though of course the specific rules are more complex). If when filing your 2014 income tax return you’ve found that your business had an NOL, there is … Continue reading

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Tax Bite: Still filing a paper return? Be sure you understand the “timely mailed = timely filed” rule

The IRS considers a paper return that’s due April 15 to be timely filed if it’s postmarked by midnight on April 15. But dropping your return in a mailbox on the 15th may not be sufficient. For example, let’s say you mail … Continue reading

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Tax Bite: Yes, there’s still time to make a 2014 IRA contribution!

The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on Dec. 31, 2014). If you haven’t already maxed out your 2014 limit, … Continue reading

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SALT Update: Whistle Blower Actions – Not Just a Problem for Large Corportations

  Whistle blower cases have become a problem in numerous states, including Illinois. Here’s a short glimpse into how the process works. The principal targets are businesses that: Make some sales at retail, even if this is just a small percentage of … Continue reading

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Before Selling Your Business – Ask Yourself These 5 Questions

When you think about your exit strategy or succession planning for your business, selling your business will come up as one of your options.  Before you consider selling your business, ask yourself the following 5 questions. If your answers are all yes, … Continue reading

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