Chicago Accounting Articles

The Ridiculousness Of Estimated Tax Deposits

The system of Estimated Tax Deposits (ETDs) requires an individual in general to deposit 100% of last year’s tax or 110% of this year’s tax; whichever is lower. Since no one has a good idea of what they’ll owe in taxes this year, the simplest way is...

Pricing Structures

After doing only God knows how many income tax returns this season, it was obvious from the financial results that some of my entrepreneurs knew how to price their products and services properly. Others don’t. We live in inflationary times. If inflation is...

What To Do If You Can’t Pay Your Taxes Today

It’s April 15th the end of tax season. Somehow, don’t ask me how, I made it through another one. So your return is done, and you owe more money that you can afford to pay today. What can you do? Crying about it probably isn’t the answer. Sticking...

Inflation Increases Again

The Consumer Price Index numbers for last month came out this morning, and they weren’t good. The prices on a consumer basket of goods and services rose 3.5% from a year earlier in the month of March. This was up from 3.2% in the prior month. So far this year,...

Higher Income Tax Study Leads To Mixed Results

A study by the American Economic Association, a Non-Partisan Organization, is providing mixed results on states that increased their income tax rates. The report looked at income tax rate increases and the resulting affects over the 110 years from 1900 to 2010. The...