Dec 1, 2023 | Chicago CPA
It’s the 1st of December, the unofficial beginning of tax season. This is when I do the final tax planning sessions with all of my clients. We need to think about the moves we’ll need to make to legally end up in a reasonable taxation position. It should...
Nov 29, 2023 | Chicago CPA
The following are a few planning notes for the 2023 Tax Season. Qualified Business Income Deduction QBID, where owners of pass-through entities can receive a deduction of up to 20% of their business income, is still in place for this year. The thresholds for phase out...
Nov 28, 2023 | Chicago CPA
Taxpayers who make additional clean energy improvements to their homes may be able to receive the Residential Clean Energy Credit (RCEC). This credit is 30% of the cost of new, qualified clean energy property placed in service between January 1, 2023 and December 31,...
Nov 22, 2023 | Chicago CPA
The Inflation Reduction Act, signed into law back in August of 2022, has several new credits totaling up to $3,200 for your personal income tax return. The old credit only totaled $500 over your lifetime. Beginning in 2023, there’s a $1,200 maximum aggregate...
Nov 20, 2023 | Chicago CPA
Another way for owners of Pass Through Entities like S Corps or Partnerships to save a substantial amount of tax dollars is through the Pass Through Entity Tax Credit or PTETC. Multiple versions of these laws have been passed in Illinois and another 35 states. It...
