As if the process of getting married isn’t complex and difficult enough, prospective spouses also need to take income tax considerations into account before tying the knot. That’s particularly true for those who plan to marry late this year or early next year. As the article below explains, from the federal income tax standpoint, those…
As a business owner, you should be aware that you can save family income and payroll taxes by putting junior family members on the payroll. You may be able to turn high-taxed income into tax-free or low-taxed income, achieve social security tax savings (depending on how your business is organized), and even make retirement plan…
Dear Tax Payer, One way of saving taxes if you are currently in a high tax bracket involves the transferring of assets into your children’s names. This tax technique is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children.…
Although video conferencing has made inroads in the ranks of business travelers, there still are situations where business travel is necessary. For example, you may need to travel away from home overnight for face-to-face meetings with staff, management, or customers. In the current vacation season, business people or professionals who must travel for work reasons…
Dear Tax Payer, Recently the IRS release several small business related tax relief revenue procedures for 2014 and 2015. Please read the article below and consult with your tax advisor or give us a call at 630-841-9675 if you wish to discuss any of these in detail. Sincerely, Dean Holland, CPA President Recent Small Business…
Dear Tax Payer, An improved economy, strengthened real estate market in many areas, and a favorable interest rate environment has led to a resurgence of interest in vacation or second homes. These properties offer a chance to provide the family with a place to rest and relax at a reduced cost when compared to expensive…
Dear Tax Payer, An improved economy, a strengthened real estate market in many areas, and a favorable interest rate environment has led to a resurgence of interest in vacation or second homes. These properties offer a chance to provide the family with a place to rest and relax at a reduced cost when compared to…