It’s hard to believe that second quarter tax deadlines are already in our midst. Mark your calendars for the following due dates… April 15 — Besides being the last day to file (or extend) your 2018 personal return and pay any tax that’s due, 2019 first quarter estimated tax payments for individuals, trusts and calendar-year […]
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If your estate plan includes one or more trusts, review them before you file your tax return. Or, if you’ve already filed it, look carefully at how your trusts were affected. Income taxes often take an unexpected bite out of these asset-protection vehicles. 3 Ways to Soften the Blow For trusts, there are income thresholds […]
If you generate income from a passion such as cooking, woodworking, raising animals — or anything else — beware of the tax implications. They’ll vary depending on whether the activity is treated as a hobby or a business. The bottom line: The income generated by your activity is taxable. But different rules apply to how […]
Most individuals don’t regard themselves as businesses, trying to turn a profit and beat the competition. But, occasionally, it may help to look at your financial situation this way to determine where you might cut expenses and boost cash flow. Here are some tips. Lay Out Your Financials Where an executive might reach for financial […]
It’s a common story that we see far too often. Seasonal tax preparers looking to take advantage of taxpayers with promises of big refunds and overblown tax credits. Those most frequently targeted are the elderly, low-income taxpayers, non-English speakers, or some who may not have a filing requirement. They commonly advertise with word-of-mouth (boasting big […]
The IRS announced today that it will waive penalties for farmers and fishermen who do not meet the usual March 1st filing deadline. This essentially extends that federal deadline to April 15th for those qualifying taxpayers who in either tax year 2017 or 2018 received at least two-thirds of his or her total gross income […]
We are excited to introduce a new member of our fantastic team, Jessie Beckemeyer. Jessie joins us as our Human Resources Coordinator and will be based out of the Edwardsville office. Jessie received her undergraduate degree from Southern Illinois University Edwardsville in 2010 and went on to earn her Master of Science in Human Resource […]
It may sound too good to be true, but there may be valuable unclaimed property out there with your name on it. The term generally refers to financial assets being held for owners who haven’t been found. Just a few examples include uncashed dividend and payroll checks; unclaimed tax refunds; and insurance payments, refunds or […]
Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible […]
Whether you’re planning to claim charitable deductions on your 2018 return or make donations for 2019, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. What You Give Among the biggest factors affecting your deduction is what you give. For example: Cash […]
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