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You may have to pay tax on Social Security benefits
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax.[...]
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[...]
If your kids are off to day camp, you may be eligible for a tax break
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often[...]
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[...]
Donating your vehicle to charity may not be a taxwise decision
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax[...]
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[...]
It’s a good time to check your withholding and make changes, if necessary
Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises.[...]
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[...]
Selling your home? Consider these tax implications
Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may[...]
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,[...]
Three questions you may have after you file your return
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are[...]
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[...]
Make a deductible IRA contribution for 2018. It’s not too late!
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can[...]
Electric Vehicles Tax Credit Phaseout
The tax credit for buying certain plug-in electric vehicles begins a phaseout on April 1. The IRS announced that General[...]
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[...]
The 2018 gift tax return deadline is almost here
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine[...]
Vehicle-expense deduction ins and outs for individual taxpayers
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax[...]
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[...]
Careful tax planning required for incentive stock options
Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you[...]
Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return
While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits[...]
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[...]
The home office deduction: Actual expenses vs. the simplified method
If you run your business from your home or perform certain functions at home that are related to your business,[...]
Why you shouldn’t wait to file your 2018 income tax return
The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until[...]
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[...]
Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit
As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals.[...]
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[...]
What will your marginal income tax rate be?
While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could[...]
2 major tax law changes for individuals in 2019
While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through[...]
A review of significant TCJA provisions impacting individual taxpayers
Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But[...]
Catch-up retirement plan contributions can be particularly advantageous post-TCJA
Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your[...]
Consider all the tax consequences before making gifts to loved ones
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable[...]
529 plans offer two tax-advantaged education funding options
Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid[...]
Charitable IRA rollovers may be especially beneficial in 2018
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA[...]
Tax planning for investments gets more complicated
For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess[...]
Back-to-school time means a tax break for teachers
When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a[...]
Play your tax cards right with gambling wins and losses
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill.[...]
Do you still need to worry about the AMT?
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A[...]
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[...]
Why the “kiddie tax” is more dangerous than ever
Years ago, some parents and grandparents attempted to save tax by putting investments in the names of their children or[...]
Home green home: Save tax by saving energy
“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill[...]
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[...]
The tax impact of the TCJA on estate planning
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But[...]
Sending your kids to day camp may provide a tax break
When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child[...]
Be aware of the tax consequences before selling your home
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your[...]
Get started on 2018 tax planning now!
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back[...]
Individual tax calendar: Important deadlines for the remainder of 2018
While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others[...]
2018 Tax Changes
The IRS reminds taxpayers of big changes that apply to most individual 2018 tax returns. Initial inflation adjustments, which were[...]
You still have time to make 2017 IRA contributions
Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free.[...]
Can I Claim My Parent as a Dependent?
Perhaps! If you’ve taken care of a parent, s/he may qualify as a dependent. Claiming your parent as a dependent relies[...]
How to check your federal tax status
Check the status of your federal tax account with an IRS online tool. Individual taxpayers can use the tool to[...]
Home-related tax breaks are valuable on 2017 returns, will be less so for 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax[...]
IRS warns tax payers against scam groups
The IRS is warning taxpayers against scam groups masquerading as charitable organizations. The phony charities attempt to attract donations from[...]
IRS Can Detect Inaccurate Tax Reporting
The Tax Cuts and Jobs Act (TCJA) will be changing the tax rules of the road for alimony. Under current[...]
Tax deduction for moving costs: 2017 vs. 2018
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how[...]
Size of charitable deductions depends on many factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how[...]
Tax rules for alimony to change in 2018
The Tax Cuts and Jobs Act (TCJA) will be changing the tax rules of the road for alimony. Under current[...]
State and local sales tax deduction remains, but subject to a new limit
Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes.[...]
TCJA temporarily lowers medical expense deduction threshold
Lake Forest and greater Chicago taxpayers know that medical expenses can take a bite out of the pocketbook, and fortunately[...]