Chicago Accounting Articles

Cash vs. Accrual Basis Year End Tax Planning Tips

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...

2023 Tax Planning Tips

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...

Additional Residential And Vehicle Clean Energy Credits

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,...

The Energy Efficient Home Improvement Credit

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...

Pass Through Entity Tax Credit Still Valid

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...