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Guaranteeing a Loan to Your Corporation? There May Be Tax Implications

August 29, 2023

If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be caught unaware.

Illinois Paid Leave for All Workers Act

August 28, 2023

The Paid Leave for All Workers Act ensures that employees across IL have benefits that contribute to their overall well-being.

Disabled Family Members May Be Able to Benefit from ABLE Accounts

August 24, 2023

Family members often want to help disabled loved ones financially but don’t want them to lose eligibility for their government benefits. A tax-advantaged ABLE account may be the answer.

The IRS Challenged a Group of Individuals Who Rented Their Homes to an S Corporation (owned by Them) for Meetings and Deducted the Rental Expenses.

August 22, 2023

The IRS stated that the taxpayers hadn’t substantiated all of the meetings and didn’t present written documentation.

The IRS warns businesses about ERTC scams

August 18, 2023

Beware of fraudsters hyping the Employee Retention Tax Credit! Not all businesses are eligible despite the claims you may be hearing on TV or in mail, phone and email solicitations.

Can You Deduct Student Loan Interest on Your Tax Return?

August 17, 2023

If you are resuming student loan payments soon, be aware that interest is deductible for some borrowers subject to certain limits. Here are the rules.

Implementing the SECURE 2.0 Act, Enacted Last Year, Involves Numerous Administrative Hurdles.

August 15, 2023

The SECURE 2.0 act was enacted last year, and one provision changes catch-up contributions.

The Advantages of Using an LLC for Your Small Business

August 10, 2023

You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corporation or a partnership. Here are the advantages of operating as a limited liability company (LLC).

Pocket a Tax Break for Making Energy-efficient Home Improvements

August 8, 2023

Have you heard there’s an enhanced tax credit for making energy-efficient home improvements, beginning this year? Here are the rules.

U.S. Department of Homeland Security Updates Form I-9

August 4, 2023

The U.S. Department of Homeland Security announced an end to the COVID-19 documentation flexibilities for Form I-9 (Employment Eligibility Verification) as of 7/31/23 and, at the same time, introduced a new alternative procedure effective 8/1/23.

A Tax-smart Way to Develop and Sell Appreciated Land

August 3, 2023

There may be a way to reduce a large tax bill if you own appreciated land that you want to subdivide and develop for sale. Here’s a three-step strategy.

Moving Mom or Dad into a Nursing Home? 5 Potential Tax Implications

August 1, 2023

Nursing home care is expensive. However, there may be tax breaks if your parent is moving into one.

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