As the end of the year approaches, it is always a good time to think about ways to help lower your April tax bill next year and in years to come. Prior to this year, taxpayers were still digesting changes made due to the landmark Tax Cuts and Jobs Act (TCJA).
Read MoreAssume two people make the same amount of money, own similarly valued homes, and live similar lifestyles, but one of them can save far more money than the other. What is the difference? Location, location, location.
Read MoreWhile the CARES Act provides relief to many small businesses, it also includes provisions for aid to individuals and households who may need it the most during this time. The stimulus package will provide government payments directly to individuals, assisting those who have lost their jobs or have seen their income reduced during the shutdown.
Read MoreBusiness and economic activity across the world are currently experiencing an unprecedented level of strain amidst the Coronavirus (COVID-19) pandemic. We have recently started seeing clear indications of the severity of that strain as record numbers of people have filed for unemployment in the United States.
Read MoreOn March 20, 2020, the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Many states, including Illinois, have also provided special tax filing and payment relief to individuals and businesses in response to the COVID-19 outbreak.
Read MoreAfter the 2018 tax season, most people were familiar with some of the more major modifications of the Tax Cuts and Jobs Act (TCJA).
Read MoreIn many ways, the Tax Cuts and Jobs Act (TCJA), passed in December 2017, marked the beginning of a new approach to tax planning.
Read MoreFor taxable investors, the cost of annual taxes paid on portfolio income (i.e., interest and dividends) and capital gains can be one of the biggest detractors to a portfolio’s return.
Read MoreClients often ask if they will be able to itemize deductions on their tax return to claim more deductions than the “standard deduction”.
Read MoreIn contrast to traditional methods that typically involve budgeting for one-time annual donations directly to charity, “planned giving” involves making significant gifts to charities that are arranged in the present to be granted in future years.
Read MoreBefore moving forward with divorce proceedings, decisions involving family matters, income arrangements, and asset-division need to be made. To create a division that feels equitable, couples will typically substitute certain assets to be retitled to themselves individually after the divorce finalizes.
Read MoreWhether money is put into a 401(k) account or hidden under a mattress, there are numerous ways to save for retirement.
Read MoreOn July 6, 2017, a new budget was passed by the State of Illinois, which included an income tax rate increase from 3.75% to 4.95% for individuals.
Read MoreFor most individuals, the main goal of giving to charity is not necessarily to take advantage of the income tax deduction or to receive some benefit in return, but rather to support an organization that has a mission they believe in.
Read MoreThe Tax Cuts and Jobs Act includes major tax reform that will impact almost all taxpayers.
Read MoreHave you ever given something to an organization and wondered if it would count as a tax-deductible charitable donation?
Read MoreLet’s be totally honest: no one wants to pay taxes. It’s the reason Samuel Adams and the Sons of Liberty threw the largest tea party in history.
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