Standard Mileage Rates for 2013
The Internal Revenue Service recently issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving...
View ArticleTaxation of Christmas Bonuses for Your Employees
Are you thinking of giving your employees a holiday bonus? What’s the best way to handle these year-end bonuses? Can they be handled ‘under the table’? Do you have to include them as wages on their...
View ArticleFiscal Cliff Calculator
Interested in seeing how various possibilities of next year’s tax rates will affect your pocketbook? The Tax Policy Institute developed this calculator as a tool to help you understand how current tax...
View ArticleCongress passes bill to avert Fiscal Cliff
Late on January 1st, 2013 the Senate and House passed H.R.8, the “American Taxpayer Relief Act” (the Act). The Act will prevent many of the tax hikes that were scheduled to go into effect today and...
View ArticleWe’ve Been Selected as a Top 25 Accounting Blog!
We’re proud to have been named to The Accounting Degree Review’s list of the Top 25 Accounting Blogs of 2012. Their editors selected their favorite accounting related blogs regularly updated throughout...
View ArticleIRS Announces Simplified Option for Claiming Home Office Deduction Starting...
The IRS just released the following update about deducting the home office deduction. This will allow eligible home-based businesses to a simplified deduction to deduct up to $1,500; overall this is...
View ArticleAsk Steve: When are expenses deductible?
Here’s a good question from a client concerning when expenses are deductible. “When we incur expenses in December 2012 but are not billed for them until January 2013, or I pay a December expense in...
View ArticleIt’s Tax Time! Are You Ready?
If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but...
View ArticlePrepared for the New Surtax?
As part of Obama Care, we have a new tax beginning in 2013. The official name of this tax is the “Unearned Income Medicare Contribution Tax,” and even though the name implies it is a contribution,...
View ArticleIRS Encourages Taxpayers to Limit Use of “Where’s My Refund”
The IRS is experiencing very high demand on their “Where’s My Refund” tool. The following is their statement as published on their website. We’re curious to hear if you’ve already filed your return...
View ArticleUse QuickBooks’ Tools – and Common Sense Procedures – To Prevent Financial Fraud
You work hard for your money. Strong internal controls can keep it from disappearing unnecessarily. You trust your employees or you wouldn’t have hired them. That’s what everyone says as they watch a...
View ArticleAnother Tax Scam
Tax scams are, unfortunately, a common way for criminals to gain access to your personal information and use the information to steal your identity. A friend of mine posted this message about yet...
View ArticleAlarming New IDES Audit Policy!
We received some news about a change to an IDES audit policy that is much stricter than it has been in the past. The bottom line is that the Illinois Department of Employment Security is looking more...
View ArticleHas Your 2012 Roth-Converted IRA Declined in Value?
If you converted your traditional IRA to a Roth IRA in 2012 and paid (or will pay) the tax on the conversion and then watched the value of the account decrease due to an unexpected poor investment...
View ArticleEnergy Costs Rise as Tax Incentives Fade
With energy costs skyrocketing, you would think that the federal government would come up with some tax incentives aimed at curbing the consumption of energy. However, on the consumer end of taxes, the...
View ArticleMinnesota Slams Turbotax and Other Intuit Products over Tax Filing Software...
Yesterday the Minnesota Department of Revenue came out with a warning to taxpayers using TurboTax and other Intuit tax products for their tax preparation to not use their tax filing products due to...
View ArticleTop 6 Reasons You Should NOT File for An Extension on Your Tax Return
Well, it’s crunch time. Your return is either done, or you’re scrambling like mad to get the return done, or calling your tax professional with last minute changes. Here is a fun look at the top 6...
View ArticleQuickBooks services for version 2010 to be discontinued May 31, 2013
On May 31, 2013, access to QuickBooks add-on services such as payroll, online banking and QuickBooks email will be discontinued unless you upgrade. Click here for the full QuickBooks support article...
View ArticleCollege Affordability Plan Introduced by Illinois House Republicans
As the cost of college tuition continues to rise at Illinois state universities, college students are being lured to out-of-state schools with lower tuition rates. This week, several members joined...
View ArticleAmerica’s Worst Charities
Charitable contributions are a large tax write-off for many. But do you know whether your donations are actually ending up in the hands of those who need it? Check this list of America’s Worst...
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