Recent Small Business Related IRS Relief

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 630-544-5340 if you wish to discuss any of these in detail. Sincerely, Dean Holland, CPA President Recent Small Business…

Individual Tax Breaks Retroactively Extended by the Tax Increase Prevention Act of 2014

Dear Client, On Dec. 16, 2014, Congress passed the “Tax Increase Prevention Act of 2014,” (TIPA, or “the Act”), which the President recently signed into law. As explained in this Special Study, the Act extends a host of individual tax provisions, including the above-the-line deductions for higher education expenses and educators’ expenses, deductions for state…

How to Use a 401(k)-to-IRA Rollover to Boost a Future Health Premium Credit

Dear Tax Payer, If you are faced with retirement and/or separation of employment prior to your normal retirement age (65 or 66 for most of us) and have a situation where you must acquire health insurance prior to being eligible for medicare and have a 401 (k) rollover opportunity, then the article below may be of interest…