Tax Law: Final Word On 20 Percent Pass-Through and Substitute Options

They did it! Despite shutdown difficulties, the IRS finalized and published the 20 percent pass-through deduction rules. Analysts predict the new standards may slash some businesses’ taxes by a fifth. In short, sects of real estate investors emerge as the big winners, while professional businesses may enjoy fewer deductions than past years. Our firm develops […]

IRS Expected To Clarify 20 Percent Pass-Through Deduction Before Year’s End

Officials recently held a public hearing on the 20 percent pass-through tax deduction. The IRS Held A Public Hearing About The New 20 Percent Pass-Through Deduction The IRS held a public hearing about the new 20 percent deduction for certain “pass-through” businesses. In attendance were representatives from the American Institute of CPAs and the National […]

New Tax Code: What You Need To Know About Real Estate Pass-Through Deductions

Let’s quickly discuss how the new tax code affects real estate professionals. The Tax Cuts and Jobs Act of 2017 created a 20 percent tax deduction for some types of pass through businesses.  However, certain professionals — like attorneys, consultants, financial advisors, and brokerage services — were limited in their ability to use the deduction. […]

Classifying Hobby and Business Income

Whether you’re an entrepreneur looking to turn your passion into profit, or a hobbyist seeking to maximize your enjoyment while minimizing your tax burden, this blog has something for you. We’ll delve into the often-blurred line between hobby vs. business income, exploring the unique tax implications of each and offering practical tips for maximizing your […]

Self-Employed Tax Returns

Self-employment can bring many advantages, and preparing for tax season is a crucial part of financial management when you’re your own boss. Self-employed individuals are required to pay self-employment tax in addition to income tax.

Tax Preparation Services

Tax Preparation Services in Chicago, IL Stress-Free Tax Return Filing and Personalized Tax Help Do you have complex taxes? Worried a mistake could cost you BIG in the long run? We’ve helped thousands of clients with tax preparation services, reducing their annual tax liability and maximizing tax deductions. We can do the same for you! […]

IRS Tax Penalties

Tax penalties can lead to many sleepless nights for taxpayers who owe the Internal Revenue Service (IRS). Delinquent taxes are one thing, but IRS tax penalties can leave individuals and businesses owing far more than they were initially required to pay. There are nearly 150 penalties in the Internal Revenue Code, but a few common mistakes […]

How to Change an LLC to an S-corp

Converting an LLC to an S-corp may seem like a daunting task, but it’s really not. Not when you have the whole process outlined in this article! If you’re wondering how to change an LLC to an S-corp, you’re probably already aware of the outstanding S-corp benefits. But how can you be sure it’s the […]