DID YOU RECEIVE A NOTICE FROM THE IRS OR THE STATE SAYING THAT YOU OWE MONEY? Believe it or not, the government could be wrong! Many taxpayers pay these notices without researching the facts first. More than half of these government bills are incorrect! In most situations, the taxpayer need only send an additional form…… MORE
Childcare Credit of 20% to 35% of your childcare expenses is available for working parents who pay childcare for their children under the age of 13. The amount of eligible expenses is $3,000 for one child and $6,000 for two or more children. To be able to claim this credit, you must know the total…… MORE
DOCUMENTING BUSINESS USE OF YOUR PERSONAL AUTO! If you use your personal vehicle for your work, you may be able to write off the costs on your tax return. To qualify you must use your car in your own business. You must maintain adequate records to prove your business use. If you can meet these…… MORE
Roth IRAs – A Roth IRA permits a taxpayer to make nondeductible contributions to a specially designated IRA. The distributions from this IRA would be nontaxable provided the funds stay in the IRA for a period of at least 5 years. Contributions can be made at any age, even if the taxpayer is over 70½.…… MORE
Credits & Deductions! There are still many credits and deductions available that the Tax Cuts and Jobs Act did not affect. To help you get organized and not miss a credit or deduction, we are highlighting some key items to help you get a bigger refund. If you should have any questions or need further…… MORE
Capital Gain and Qualified Dividend Maximum Tax Rates. The breakpoints no longer follow the tax brackets for regular income tax purposes. The breakpoints are as follows: Single Taxable Income $ 0 to 39,375 maximum rate = 0% 39,376 to 434,550 maximum rate = 15% 434,551 and over maximum rate = 20% MFJ or QW Taxable…… MORE
Changes to Benefits for Dependents. Deduction for personal exemptions are suspended. For 2019, you cannot claim a personal exemption deduction for yourself, your spouse, or your dependents. Child Tax Credit and Additional Child Tax Credit. The maximum credit increased to $2,000 per qualifying child. Up to $1,400 of the credit can be refundable for each…… MORE
Deduction and Exclusion for Moving Expenses Suspended. The deduction for moving expenses is suspended. During the suspension, no deduction is allowed for use of an automobile as part of a move. This suspension does not apply to members of the U.S. Armed Forces on active duty who move pursuant to a military order related to…… MORE
Tax Cuts and Jobs Act (TCJA). There are many changes for 2019 due to the TCJA bill that was passed in December of 2017. Some are good and some are bad. To help you get organized and not miss any new credits or deductions, we are highlighting some of the key changes to help you…… MORE
2019 AUDIT PROTECTION PLAN With the Inspector General’s office indicating the federal government is losing billions of dollars due to fraud and improperly prepared tax returns, the IRS has been pushed by Congress to increase its enforcement efforts, such as the Path Act. The IRS and the Illinois Department of Revenue (IDOR) are generating question…… MORE
