February 13, 2011

“Schedule A” Form FINALLY approved!!

Yes, the IRS FINALLY approved the 2011 Schedule A form!  If you haven’t submitted your tax paperwork with my office let’s get on it ASAP and get that refund!!!

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January 13, 2011

Hike it up!

As I’m sure you have heard, the state of Illinois has raised the income tax rate from 3% to 5%.  For my businesses clients, make sure you speak with us regarding how this affects paying your employees…

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January 1, 2011

Happy New Year!!!

Another year is upon us.  Have you thought about your income taxes yet?  Probably not…but you should!  Try to get everything together now to avoid being rushed later…

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February 26, 2010

Sale of principal residence used for business

This law has changed!  Unfortunately it hasn’t changed for the better.  It’s news you need to know if you have a principal residence that you’ve used as business property.  We can tell you what to expect so you can plan accordingly…

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February 19, 2010

To deduct or not to deduct?

You pay state taxes.  You also pay sales tax.  Do you really need to add up all of your sales tax receipts for the year?  You could but you don’t have to.  We can still take a sales tax deduction for you….or if you pay a lot of state taxes we can take that deduction instead.  One or the other.  Most people don’t realize we can take whatever’s higher…and if you didn’t add your sales tax receipts we have an IRS guide to tell you what you can deduct!!

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February 12, 2010

Education, education, education!!!

The IRS now offers three different credits for education expenses (last year was two).  In addition, the new credit is refundable!!!  Whether you’re a part time student or a full time student, if you’re paying out of pocket for schooling you will qualify for one of them.  Let us pick the correct one and maximize that credit amount…

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February 5, 2010

Looking to buy a house?

The First-Time Homebuyer Credit has already changed and expanded to include more taxpayers.  Can you take advantage?  The clock is ticking but if you enter into a home contract soon you may qualify for the credit on your 2009 taxes!!  Talk to us for more information…

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January 29, 2010

New energy efficient property? New car purchase?

The Residential Energy Credit returns for 2009 (which has been around for a few years but was not active in 2008) and we can tell you exactly what you can buy and how much of a deduction you’re entitled to receive.  There are also new 2009 rules governing deductions for a new vehicle purchase that can help those that could not utilitze a deduction for such a purchase in the past.

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January 22, 2010

Unemployed last year?

Unlike previous years, in 2009 not all of your unemployments benefits are taxable.  We will make sure you’re not taxed on money that doesn’t need to be taxed.  Why pay unnecessary tax, correct?

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January 15, 2010

Want $250 for free? $400? $800 maybe?

If you have earned income you could be entitled to a $250, $400 or even an $800 credit in 2009.  This amount can either directly decrease your tax bill or be cash in hand if you zero out your bill.  Ask us how you could qualify.

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