Category Archives: Tax Tips
How You Spend Your Tax Refund to Improve Your Financial Situation
I believe our job as accountants is not simply to prepare a client’s tax returns, but also to help our clients manage personal tax issues and financially succeed. Preparing tax returns may be considered a commodity service, however, understanding the … Continue reading
Freedom!!!
No, that’s not my imitation of William Wallace, or the ramblings of a tax accountant on April 15. I am referring to Tax Freedom Day or April 18, 2013 (for Federal taxes). And for those of you in Illinois, Tax … Continue reading
IRS Has over $39 Million Dollars for Illinois Residents Who Have Not Filed a 2009 Income Tax Return
The Internal Revenue Service or better known as the IRS has $39 Million in refund dollars for an estimated 39,500 Illinois Individuals who have not filed a 2009 Income Tax Return. That equates to a median potential refund of $626 … Continue reading
Small Business Issues: Using a Personal Account to Pay Business Expenses Can Lead to Trouble
As accountants, we often work with small business owners who face a barrage of challenges. For example, as a small business owner, it can be difficult to keep your personal and business expenses separate. So many business owners use personal … Continue reading
IRS puts taxpayers behind the 8-ball
Congress and the IRS have managed to put taxpayers and tax return preparers behind the eight-ball. When Congress pass the American Taxpayer Relief Act (ATRA) on January 1, 2013 – they set a series of tax law changes into effect … Continue reading
Bringing cash to the U.S. – are you smuggling?
In June, a Chinese man touched down at Vancouver airport with around $177,500 in cash. According to the Wall Street Journal, the cash was found stuffed in his wallet and hidden under the lining of his suitcase. The money was … Continue reading
Congress avoids the “fiscal cliff”
Congress celebrated Christmas a little later than most–by giving gifts to taxpayers across the nation on New Year’s Day when they passed the American Taxpayer Relief Act of 2012. Just like Santa, Congress checked their list to see which taxpayers … Continue reading
Accelerate Dividend Payments
With January 1, 2013 and the Affordable Care Act (ACA) Medicare Surtaxes rapidly approaching, we are recommending that C-corporations and even S-corporations with Earnings and Profits (E&P) pay their dividends prior to December 31, 2012. Continue reading
Gift Taxes – Don’t Get Scrooged
The Holiday Season is in full swing, so don’t let the Ghost of Christmas Past Haunt you next year. With less than a month left to accept the “gift” Congress has given you, make sure you take advantage of the … Continue reading
Staring Over the Fiscal Cliff: Where are the Leaders?
It’s time for the leaders in this country to put partisan politics aside, stop thinking about their next election, and come up with a reasonable solution to this problem. Continue reading