Filing season for our 2016 taxes opened January 23, 2017, and because of a holiday, the deadline for filing is April 18th this year. As we await our last W2s and 1099s, hopefully some of us are expecting a return! What new tax laws are in store for our 2016 tax filing? What tax law […]
Taxes for Businesses
Tax Code Section 179 and Small Businesses
Are you saving your small business all the money you possibly can? Tax code section 179 is a popular one for business owners for their money-saving strategy during their tax season. Section 179 Deduction This section applies to companies that have property they want to depreciate. Under normal circumstances, a company would depreciate a piece […]
Record Keeping How-To for Businesses
Many questions arise when it comes to record keeping so we’ll cover some basic guidelines that should help you better understand when to keep it and when to trash it. Keeping records far past the necessary time-frame can cost unnecessary time and money, and in some cases can expose your business to litigation. However, understanding […]
How to File a Tax Extension for Businesses and Individuals
Updated April 2018 Sometimes we aren’t quite as prepared for tax time as we’d like to be! Which is why knowing how to file a tax extension comes in handy. Tax payments however, except in a few special cases, cannot be granted a time extension and the due date is April 18 (for individuals) to […]
Understanding State Tax Law For Businesses: Illinois
As we all are aware, each state differs in the way they handle taxes for businesses. In this post we will focus on Illinois tax law, starting at a high level and working down to some key details which may spark some creative thinking for what you can do to decrease your business’s tax contribution. […]
List of the Best Tax Deductions for Businesses
Business owners are often hit hard with taxes, which is why deductions and credits are so important to keep track of over the tax year, to minimize as much as possible what you’ll be handing over at the end of your business year. Business Tax Credits Plug-In Electric Drive Vehicle Credit See if your electric […]
