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BUSINESS TAXES

The tax advantages of including debt in a C corporation capital structure
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation[...]
When businesses may want to take a contrary approach with income and deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But[...]
Don’t have a tax-favored retirement plan? Set one up now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current[...]
When partners pay expenses related to the business
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur[...]
How to Handle IRS Audits Painlessly
  If you operate a business, or you’re starting a new one, you know records of income and expenses need[...]
Coordinating Sec. 179 tax deductions with bonus depreciation
  Your business should generally maximize current-year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a[...]
Maximize the QBI deduction before it’s gone
  The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear.[...]
Bartering is a taxable transaction even if no cash is exchanged
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter[...]
2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers
  Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter[...]
Better tax break when applying the research credit against payroll taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax[...]
Taking your spouse on a business trip? Can you write off the costs?
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is[...]
What’s the best accounting method route for business tax purposes?
  Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice[...]
9 Tax Tips if You’re Starting a Business as a Sole Proprietor
  When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a[...]
Update on IRS efforts to combat questionable Employee Retention Tax Credit claims
  The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash[...]
Should your business offer the new emergency savings accounts to employees?
  As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a[...]
Tax-favored Qualified Small Business Corporation status could help you thrive
  Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for[...]
Does your business have employees who get tips? You may qualify for a tax credit
  If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify[...]
Defer a current tax bill with a like-kind exchange
  If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a[...]
A company car is a valuable perk but don’t forget about taxes
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company[...]
Choosing a business entity: Which way to go?
If you’re planning to start a business or thinking about changing your business entity, you need to determine what will[...]
A cost segregation study may cut taxes and boost cash flow
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so,[...]
The standard business mileage rate will be going up slightly in 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going[...]
There still may be time to reduce your small business 2023 tax bill
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax[...]
New per diem business travel rates kicked in on October 1
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy[...]
Giving gifts and throwing parties can help show gratitude and provide tax breaks
The holiday season is here. During this festive season, your business may want to show its gratitude to employees and[...]
The Social Security wage base for employees and self-employed people is increasing in 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for[...]
Planning ahead for 2024: Should your 401(k) help employees with emergencies?
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law[...]
How IRS auditors learn about your business industry
Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about[...]
Business automobiles: How the tax depreciation rules work
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are[...]
What types of expenses can’t be written off by your business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that[...]
Receive more than $10,000 in cash at your business? Here’s what you must do
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions[...]
Planning ahead for 2024: Should your 401(k) help employees with emergencies?
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law[...]
The advantages of using an LLC for your small business
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company[...]
A tax-smart way to develop and sell appreciated land
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels[...]
Traveling for business this summer? Here’s what you can deduct
If you and your employees are traveling for business this summer, there are a number of considerations to keep in[...]
Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases,[...]
The IRS has just announced 2024 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is[...]
Use an S corporation to mitigate federal employment tax bills
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No[...]
The IRS has just announced 2024 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is[...]
If you’re hiring independent contractors, make sure they’re properly handled
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and[...]
Retirement saving options for your small business: Keep it simple
If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial[...]
The tax advantages of hiring your child this summer
Summer is around the corner so you may be thinking about hiring young people at your small business. At the[...]
The tax rules for donating artwork to charity
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to[...]
How is Cryptocurrency Taxed in Illinois?
Cryptocurrencies have been one of the most disruptive inventions in the financial world since the advent of the internet. Digital[...]
Is Angel Investing Tax Deductible?
Angel investing is when a single investor or an investor group invests in a startup company in the early stages.[...]
Key tax issues in M&A transactions
Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value[...]
2023 Q2 tax calendar: Key deadlines for businesses and employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of[...]
Many tax limits affecting businesses have increased for 2023
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more[...]
Why Do You Need a Family office?
Protecting, managing, and transferring your finances and assets often requires the help of a professional with expertise. Working with a[...]
Choosing a business entity? Here are the pros and cons of a C corporation
If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a[...]
Employers: In 2023, the Social Security wage base is going up
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for[...]
The standard business mileage rate is going up in 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage[...]
2023 limits for businesses that have HSAs — or want to establish them
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way[...]
Inflation Means You and Your Employees Can Save More For Retirement In 2023
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice[...]
Does Illinois Have a Capital Gains Tax?
Capital gains taxes must be monitored and paid for federal and Illinois state tax returns. Although much of your overall[...]
Is Your Business Required To Report Employee Health Coverage?
  As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business[...]
Self Employed? Build A Nest Egg With a Solo 401(k) Plan
Do you own a successful small business with no employees and want to set up a retirement plan? Or do[...]
What Are Some Year-End Tax Planning Ideas For Small Businesses?
Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your[...]
What Is The Difference Between A Financial Advisor And A Financial Planner?
Financial planners and financial advisors often have duties that overlap, but there are a few key differences between these two[...]
How Will The Social Security Wage Increase Affect Employers?
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for[...]
What Is a Bookkeeper? What Do They Do & How Do I Benefit?
Bookkeeping services are essential for any business, no matter the industry. Any time there's money coming in and going out,[...]
What Is A Business Consultant? What Do They Do?
Successfully navigating complex business issues requires you to look closely at your company to gain clarity on challenges and opportunities.[...]
Three Tax Breaks For Small Businesses
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for tax breaks that aren’t available to larger[...]
Help When Needed: Apply The Research Credit Against Payroll Taxes
Here’s an interesting option if your small company or start-up business plans to claim the research tax credit. Subject to[...]
Businesses may receive notices about information returns that don’t match IRS records
  The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information[...]
Multifamily Office vs. Private Bank
When selecting a bank to manage your hard-earned money, you want to understand all your options. Although there are many[...]
Businesses will soon be able to deduct more under the standard mileage rate
  Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar.[...]
Inflation enhances the 2023 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result[...]
Businesses: Prepare for the lower 1099-K filing threshold
Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers[...]
Important tax aspects of operating your business as a sole proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to[...]
Making withdrawals from your closely held corporation that aren’t taxed as dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is[...]
The Pros and Cons of Corporate Tax
Simply put, corporate tax is the tax levied on the profits of a corporation. The taxes are calculated using the[...]
Entrepreneurs and taxes: How expenses are claimed on tax returns
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited[...]
How Can I Use a Flexible Spending Account?
There are two kinds of flexible spending accounts: one used for medical and health-related expenses and another for dependent care[...]
Numerous tax limits affecting businesses have increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022.[...]
How to Avoid a Small Business Audit
Nothing strikes fear in the heart of a small business owner like correspondence from the IRS. Of course, it's possible[...]
Employee Retention Credit: Sunset Early by New Infrastructure Law
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law[...]
Employers: The Social Security wage base is increasing in 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for[...]
Getting a divorce? Be aware of tax implications if you own a business
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is[...]
How Long Does it Take to do Taxes?
Filing income taxes is much more involved than filling out a couple of forms and submitting them. Record keeping and[...]
The deductibility of corporate expenses covered by officers or shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These[...]
Getting a new business off the ground: How start-up expenses are handled on your tax return
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From[...]
Eligible Businesses: Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue[...]
Recordkeeping DOs and DON’Ts for business meal and vehicle expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases,[...]
The IRS has announced 2022 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA[...]
Help ensure the IRS doesn’t reclassify independent contractors as employees
Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers[...]
Simple retirement savings options for your small business
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial[...]
Tax advantages of hiring your child at your small business
As a business owner, you should be aware that you can save family income and payroll taxes by putting your[...]
What Is the Illinois Individual Income Tax Return IL-1040 Form?
The IL-1040 Form is the official document that taxpayers fill out to determine taxes owed or refund expected. It's divided[...]
Is an S corporation the best choice of entity for your business?
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S[...]
Business highlights in the new American Rescue Plan Act
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best[...]
Work Opportunity Tax Credit extended through 2025
Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals[...]
Real Estate Transfer Tax in Lake Forest, Illinois
Any real estate purchase is a major undertaking. You must organize a significant amount of paperwork throughout the transaction, including[...]
New law doubles business meal deductions and makes favorable PPP loan changes
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the[...]
PPP loans have reopened: Let’s review the tax consequences
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate[...]
Can your business benefit from the enhanced Employee Retention Tax Credit?
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are[...]
Business Enterprise Program in Illinois
If you're a female or a minority who owns a business in Illinois, you might be eligible for the Business[...]
What Vehicle Expenses are Tax Deductible?
Vehicles are one of the costliest items to own. Besides having to make a large initial investment, you also need[...]
Employers have questions and concerns about deferring employees’ Social Security taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit[...]
Launching a business? How to treat start-up expenses on your tax return
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new[...]
Rioting damage at your business? You may be able to claim casualty loss deductions
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the[...]
Do you run your business from home? You might be eligible for home office deductions
If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions.[...]
Do you want to go into business for yourself?
Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in[...]
Setting up a Health Savings Account for your small business
Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits[...]
The IRS is targeting business transactions in bitcoin and other virtual currencies
Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused[...]
The tax implications of a company car
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit[...]
M&A transactions: Avoid surprises from the IRS
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition —[...]
Which entity is most suitable for your new or existing business?
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a[...]
What type of expenses can’t be written off by your business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that[...]
Employee vs. independent contractor: How should you handle worker classification?
Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over[...]
Deducting business meal expenses under today’s tax rules
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers,[...]
Tax Implications for Divorcing Couples and Business Owners
If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues[...]
Could your business benefit from the tax credit for family and medical leave?
The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and[...]
Will leasing equipment or buying it be more tax efficient for your business?
Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or[...]
When are LLC members subject to self-employment tax?
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services[...]
Fundamental tax truths for C corporations
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been[...]
Business deductions for meal, vehicle and travel expenses: Document, document, document
Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could[...]