Illinois Sales Tax for Optometrists
Illinois sales tax is handled differently for optometrists who sell products as part of their practice, than it is for retailers who only sell product. The issue is more complicated for Illinois...
View ArticleMandatory Health Insurance Will Begin in 2014
Beginning in 2014 the Patient Protection & Affordable Care Act (the health care legislation sometimes known as Obama Care) will impose the new requirement that U.S. persons, with certain...
View ArticleUsing a 529 Plan for Financing an Apartment at School
This is a recent question that came my way: “We are in the process of purchasing an investment property where my daughter goes to school. Our intent is to use this as a rental. It is located near our...
View ArticleCongress Puts Lid On Health Flexible Spending Arrangements
As part of the Patient Protection and Affordable Care Act (new health care law), employee contributions to health flexible spending arrangements (health FSA) are now being limited to a maximum pre-tax...
View ArticleTax Deductions Set to Expire in 2013
Even though many tax breaks were extended or made permanent in 2012, there are a number of tax deductions set to expire 12/31/2013. Here is a list of many of provisions that expire at the end of 2013:...
View ArticleHealthcare Reform Reporting Requirement Deadline October 1, 2013
Are you aware of the healthcare reform law that goes into effect on January 1, 2014? Did you know that as an employer, you are required to send a marketplace notice to your employees by October 1,...
View ArticleWhat’s Your “Hole in the Board”?
Have you ever thought about what it is that you actually sell? I mean REALLY thought about it? For example, does a construction contractor just sell houses? Does a dentist just fill cavities? Does a...
View ArticleIRS Suspends Refunds During Government Shutdown
Because of the federal government shutdown, the IRS will be unable to issue tax refunds until the stalemate in Congress is over, but the agency reiterated that all taxpayers should continue to meet...
View ArticleFake Affordable Care Act Websites Target Consumers for Identity Theft
This alert was issued today by the Better Business Bureau today: CHICAGO, IL – October 30, 2013 – Computer hackers are creating phony Affordable Care Act (ACA) websites and are asking for consumers’...
View ArticlePlanning Pension Distributions
Article Highlights •Except for distributions from Roth IRAs, pension distributions are generally taxable. •Pension distributions can increase the tax on your Social Security benefits. •Pension...
View ArticleThree Reasons to Check Your Online Social Security Statements Each Year
It’s been a few years since the Social Security Administration stopped mailing annual paper Social Security Statements to those aged 25-60. I know, most people didn’t know what the statement was for...
View ArticleTaxation of Christmas Bonuses for Your Employees
Are you thinking of giving your employees a Christmas bonus, holiday bonus, or year-end bonus? What’s the best way to handle these year-end bonuses? Can they be handled ‘under the table’? Do you have...
View ArticleIRS Releases 2014 Mileage Rates
The IRS announced that 2014 mileage rates for use of a vehicle for business, medical and moving purposes will decrease by one-half cent beginning in January. The new rates beginning January 1, 2014...
View ArticleSomething to do before it’s too late
Do you use mileage to calculate business usage of your vehicle? It’s always a good idea to document your odometer at the end of each year. This will help you determine the total number of miles driven...
View Article8 Important Steps to Closing Your Books for 2013
The year-end closing is a critical part of your annual accounting process. If you are handling your own bookkeeping, here are some things that can do to help ensure your books are accurate. 1....
View ArticleA Business Plan Template to Help Your Business Succeed
Are you just starting a new business? Has your business been operating for a while but you aren’t achieving the success you need? When we consult with business owners, many times they don’t have a...
View ArticleDid You Collect the Needed W-9s?
Highlights: The IRS Form W-9 is used to obtain independent contractors’ tax ID numbers. Tax ID numbers are required when filing 1099s. 1099-MISCs must be issued to independent contractors that are paid...
View Article16 Tax Issues Facing Small Business Owners in 2014
2014 will be a challenging tax year for businesses and higher-income taxpayers. The following issues are concerns that may impact you and your company’s tax liability in the new year. Small Business...
View ArticleNavigating IRA Contribution Limits
Are you wondering if you can make a contribution to your IRA to help save on taxes? Not every one is eligible to deduct an IRA contribution on their return and the rules concerning IRA contribution...
View ArticleDo you have Cancellation of Debt Income?
Cancellation of Debt (COD) is settlement of a debt for less than the amount owed. It can be in the form of credit card debt, auto loans, mortgages, home equity lines, etc. When you have debt that was...
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