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Tag Archives: IL CPA
2014 Tax Extenders

The tax extender bill retroactively extends more than 50 expired tax provisions for 2014.  The bill is know as the Tax Increase Prevention Act of 2014 as it extends many tax provisions for 2014.  Some of the individual tax provisions extended for 2014 are:

  1. Teacher educator deduction for certain expenses
  2. Exclusion from income discharge of qualified principal residence indebtedness.
  3. Reinstating parity between employer provided mass transit and parking benefits
  4. (more…)
Is Long- Term Care insurance a Tax Deductible Medical Expense?

Nursing-home care can be very expensive. As a result, insurance for such care is growing in popularity. Fortunately, there is some tax relief for these expenses. Both the cost of qualified long-term care and insurance coverage for such care qualify as deductible medical expenses.

“Qualified long-term care” services are necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative services, and maintenance or personal-care services required by a chronically ill individual. The services must be provided under a plan of care presented by a licensed health care practitioner. (more…)

Scholarships are Tax-Free Except for:

Scholarships are generally tax-free, whether for elementary or high school students, for college or graduate students, or for students at accredited vocational schools. It makes no difference whether the scholarship takes the form of a direct payment to the individual or a tuition reduction.

For the scholarship to be tax-free, certain conditions must be satisfied. The most important are that the award must be used for tuition and related expenses (and not for room and board) and that it must not be compensation for services. (more…)

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

 

Wealth Essentials Radio

Listen to Wealth Essentials Radio on Sunday, May 27th from 5:30pm to 7:00pm.  I will be giving tax tips and important information at approximately 6:45pm.

 

See attached link for more information.

http://campaign.r20.constantcontact.com/render?llr=hjbatrjab&v=001Sr5a1LSTp6M4UHs0zyG7ndL2gnn2oHB0jUVeszudprJWJKzLQnz-6zYyk8REHwI-OsTBJOpXaqo-WGc1RpHqF5qnmYLCloRvghj46kpPnjI%3D

Chicago Southland Chamber of Commerce

The Chicago Southland Chamber of Commerce Annual Meeting was a great night as Jeff Arseneau passed the gavel to me for 2012.  2011 was a great year for the Chamber under the leadership under Jeff Arseneau.  Jeff is a strong leader, good friend and mentor.  He hands the gavel over to me I want to work harder to improve the Chamber for 2012.  See the link for more information

trib article

 

Work from Home, What do you do?

Can You Claim a Home Office Deduction?

Answer the following questions to determine if you qualify for the home office deduction:

  1. Is your home office used in a trade or business?
    1. You can only take a home office deduction if you are involved in a trade or business.   No deduction can be claimed for non- trade or business activities, for example personal investments
  2. Do you regularly use your home office exclusively for business?
    1. You must use a room or separately identifiable area of your home only for business.  Any personal use of the separately identifiable area will disqualify that area for any home office deduction. (more…)
Chicago Southland Chamber Janaury RCL

The Chicago Southland Chamber of Commerce January RCL Luncheon speaker was Cook County President Toni Preckwinkle.  See the two links for information about the luncheon:

http://triblocal.com/tinley-park/community/stories/2012/01/preckwinkle-talk-focuses-on-big-savings-job-initiatives/

http://triblocal.com/tinley-park/2012/01/10/preckwinkle-talks-economic-development-at-southland-chamber/

 

IS YOUR BUSINESS A HOBBY?

Many people start and run a business and ask the question is my business subject to the IRS hobby loss rules?  There is no easy answer because there is no clear cut rules for “Hobby Loss Rules.”  People at the greatest risk for hobby loss rules are people who run a business in addition to their regular job.  The big question do you engage in your business with a profit motive, in other words, are you trying to make a profit?

(more…)

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