P: 815.464.8730
Time to Look at Your Paycheck

We are in the second half of year and it is time to look at your current year income tax withholding from your paycheck.  If you receive a large refund from IRS after you file your income tax return, or you owe the IRS money when you file your return, you should consider adjusting your income tax withholding.

Tax withholding from your paycheck is based on the number of withholding allowances you claim on Form W-4, Employee’s Withholding Allowance Certificate.

If your tax or family situation change, it’s up to you to give your employer a new W-4. Many people neglect to take this step, resulting in withholding that is either too high or too low. (more…)

Charitable Donation Documentation

It is now more important than ever to have proper documentation of your charitable contributions, the IRS may ask for you to produce your documentation. The IRS may do this by sending you a letter asking you to forward a copy of documentation.  While all contributions must be substantiated, contributions of $250 or more require a written receipt from the charity. If you donate property valued at more than $500, additional requirements apply.

For a contribution of cash, check, or other monetary gift, regardless of amount, you must maintain a bank record or a written communication from the donee organization showing its name, plus the date and amount of the contribution. It’s not sufficient to maintain other written records, such as a log of contributions.

(more…)

Illinois Corporations – Watch Out for Scam

In the last month Illinois corporations have received a mailing from “Corporate Records Service” stating all Illinois corporations are required to complete this form and pay $125.  This is a scam to take $125 of your money.  See the Secretary of State link for information regarding the scam

http://www.cyberdriveillinois.com/departments/business_services/business_not-for-profit/home.html

 

Small Businesses have many more issues than Tax Issues

All the talk about the “Fiscal Cliff”will make it seem as if taxes is the only issue for small business.  In fact there are many issues for small business owners.  The link will take you to an article that states that small business owners are also concerned about:

1.  Health Insurance Costs

2. Current Economic Conditions

3. Energy Costs

http://www3.cfo.com/article/2012/10/growth-companies_small-business-election-issues-obama-romney-debate

 

Payroll Tax Cut will Expire and Probably not Renewed

According to this news report and other sources it appears that the 2% employee social security payroll tax cut will not be extended to 2013.  This means everyone will have a 2% net pay decrease.

Follow the link for more information.

http://www.nytimes.com/2012/10/01/business/economy/payroll-tax-cut-unlikely-to-survive-into-next-year.html?_r=0

Tax Cliff Uncertainty is Hurting Business

The uncertainty of the tax law for 2013 is creating uncertainty and lack of planning for future business expansion.  Congress needs to resolve the issue as soon as possible so that the economy can grow for 2013.  See the link discussing the issue.

http://www.journalofaccountancy.com/News/20126434.htm

 

Categories
Accounting & Auditing
Business
Chicago Southland
Corporate Finance
Deadlines & Events
Estate & Retirement Planning
Income Tax
Payroll
Pension Compensation & Benefits
Small business
Standard
Tax
Uncategorized
Upcoming Dates
No Upcoming Dates
About   |   Personal   |   Blog   |   Business   |   Resources   |   Client Log-in
815.464.8730   |   info@curriercpa.com