BUSINESS T​​AXES

  Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter[...]

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax[...]

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is[...]

  Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice[...]

  When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a[...]

  The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash[...]

  As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a[...]

  Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for[...]

  If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify[...]

  If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a[...]

One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company[...]

If you’re planning to start a business or thinking about changing your business entity, you need to determine what will[...]

Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so,[...]

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going[...]

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax[...]

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy[...]

The holiday season is here. During this festive season, your business may want to show its gratitude to employees and[...]

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for[...]

The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law[...]

Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about[...]

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are[...]

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that[...]

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions[...]

The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law[...]

If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company[...]

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels[...]

If you and your employees are traveling for business this summer, there are a number of considerations to keep in[...]

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases,[...]

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is[...]

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No[...]

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is[...]

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and[...]

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial[...]

Summer is around the corner so you may be thinking about hiring young people at your small business. At the[...]

If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to[...]

Cryptocurrencies have been one of the most disruptive inventions in the financial world since the advent of the internet. Digital[...]

Angel investing is when a single investor or an investor group invests in a startup company in the early stages.[...]

Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value[...]

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of[...]

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more[...]

Protecting, managing, and transferring your finances and assets often requires the help of a professional with expertise. Working with a[...]

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a[...]

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for[...]

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage[...]

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way[...]

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice[...]

Capital gains taxes must be monitored and paid for federal and Illinois state tax returns. Although much of your overall[...]

  As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business[...]

Do you own a successful small business with no employees and want to set up a retirement plan? Or do[...]

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your[...]

Financial planners and financial advisors often have duties that overlap, but there are a few key differences between these two[...]

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for[...]

Bookkeeping services are essential for any business, no matter the industry. Any time there's money coming in and going out,[...]

Successfully navigating complex business issues requires you to look closely at your company to gain clarity on challenges and opportunities.[...]

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for tax breaks that aren’t available to larger[...]

Here’s an interesting option if your small company or start-up business plans to claim the research tax credit. Subject to[...]

  The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information[...]

When selecting a bank to manage your hard-earned money, you want to understand all your options. Although there are many[...]

  Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar.[...]

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result[...]

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers[...]

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to[...]

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is[...]

Simply put, corporate tax is the tax levied on the profits of a corporation. The taxes are calculated using the[...]

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited[...]

There are two kinds of flexible spending accounts: one used for medical and health-related expenses and another for dependent care[...]

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022.[...]

Nothing strikes fear in the heart of a small business owner like correspondence from the IRS. Of course, it's possible[...]

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law[...]

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for[...]

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is[...]

Filing income taxes is much more involved than filling out a couple of forms and submitting them. Record keeping and[...]

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These[...]

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From[...]

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue[...]

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases,[...]

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA[...]

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers[...]

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial[...]

As a business owner, you should be aware that you can save family income and payroll taxes by putting your[...]

The IL-1040 Form is the official document that taxpayers fill out to determine taxes owed or refund expected. It's divided[...]

Are you thinking about launching a business with some partners and wondering what type of entity to form? An S[...]

President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best[...]

Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals[...]

Any real estate purchase is a major undertaking. You must organize a significant amount of paperwork throughout the transaction, including[...]

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the[...]

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate[...]

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are[...]

If you're a female or a minority who owns a business in Illinois, you might be eligible for the Business[...]

Vehicles are one of the costliest items to own. Besides having to make a large initial investment, you also need[...]

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit[...]

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new[...]

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the[...]

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions.[...]

Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in[...]

Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits[...]

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused[...]

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit[...]

If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition —[...]

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a[...]

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that[...]

Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over[...]

In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers,[...]

If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues[...]

The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and[...]

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or[...]

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services[...]

The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been[...]

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could[...]