Category: News
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Save More for College Through the Tax Advantages of a 529 Savings Plan
With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan. Tax-deferred compounding 529 plans are generally state-sponsored, and the…
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2017 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October…
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Watch Out for Potential Tax Pitfalls of Donating Real Estate to Charity
Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For example, if you’ve held the property for more than one year, you generally will be…
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Tax Planning Critical When Buying a Business
If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the odds of a successful acquisition, it’s important to devote resources…
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The ABCs of the Tax Deduction for Educator Expenses
At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s common for teachers to pay for some classroom supplies out of pocket, and the tax…
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Larger Deduction Might Be Available to Businesses Providing Meals to Their Employees
When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is if the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code. A recent U.S. Tax Court ruling could ultimately mean that more employer-provided meals will be 100% deductible under this exception.…
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Yes, You Can Undo a Roth IRA Conversion
Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that you would have been better off if you hadn’t converted…
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Illinois Kids Campaign Update
From the desk of State Rep, Kelly Burke, a loyal Crusader mom and a huge advocate for us in Springfield. Dear Principals and Presidents: I hope the school year is off to a great start. I am writing to give you an update on the progress of the Illinois Kids Campaign. Earlier this summer, the…
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Could Captive Insurance Reduce Health Care Costs and Save Your Business Taxes?
If your business offers health insurance benefits to employees, there’s a good chance you’ve seen a climb in premium costs in recent years — perhaps a dramatic one. To meet the challenge of rising costs, some employers are opting for a creative alternative to traditional health insurance known as “captive insurance.” A captive insurance company…
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How to Determine if You Need to Worry About Estate Taxes
Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers of wealth at death, hence why it’s commonly referred to as the “death tax.” Its sibling, the gift tax — also being considered for repeal — applies to transfers during life.…