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[...]
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[...]
Many tax amounts affecting businesses have increased for 2021
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some[...]
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[...]
The 2021 “Social Security wage base” is increasing
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing.[...]
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[...]
Illinois Cannabis Regulation and Tax Act (What it means for You)
Illinois Governor J. B. Pritzker signed the Cannabis Act (Illinois Cannabis Regulation and Tax Act) into law on June 25,[...]
Wondering how to get a liquor license for your business in Illinois?
The cost of a State of Illinois liquor license can cost anywhere from $25 to $5,000. The exact cost of[...]
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[...]
How to File for or Locate Your Illinois Business Tax (IBT) Number
Starting up a new company is an exciting endeavor, but at times it can feel like trying to juggle just[...]
What Is the Illinois CRT-61 Certificate of Resale?
Paying your taxes is an important part of civic contribution, but nobody and no business wants to pay more taxes[...]
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[...]
PPP Loan Forgiveness – New Rules passed June 5, 2020
Trump Signs New Law Relaxing PPP Rules: What You Need to Know The Small Business Administration will be issuing new[...]
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[...]
Numerous tax limits affecting businesses have increased for 2020
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here[...]
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[...]
2019 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep[...]
Hire your children this summer: Everyone wins
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and[...]
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,[...]
Divorcing business owners need to pay attention to tax implications
If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues[...]
2019 Q2 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of[...]
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[...]
Many tax-related limits affecting businesses increase for 2019
A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s[...]
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[...]
2 tax law changes that may affect your business’s 401(k) plan
When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction[...]