Chicago Accounting Blog

Accounting news and information

Buying A Business? Better Ask the Right Questions Before Closing!

As one grows older, it is likely that they will eventually make some large purchases including, buying a house, purchasing an automobile, or taking out a loan for personal or professional reasons. Of all the purchases that one makes in … Continue reading

Five Ways That Your Business Can Save Money and Accumulate Profit

Out of the millions of people who inhabit the Greater Chicagoland Area, it would be reasonable to state that only a handful possess the knowledge, resources, and experience required to properly operate a successful business. The purpose of business is … Continue reading

The Domestic Production Activities Deduction; An Often Overlooked Deduction for Manufacturers, Construction, Architects, Engineers, and other Domestic Producers

This deduction began in 2005, and is available for all businesses large or small. It provides tax relief for domestic producers to keep jobs in the US rather than shipping them overseas. The deduction applies to almost any business that … Continue reading

Beware of Factoring your Accounts Receivables and other Credit Card Type Lending Products

In these difficult economic times, it is quite difficult to obtain financing. Most traditional sources of lending have just about stopped lending altogether. The few traditional loans I have seen in the commercial markets recently have been real estate loans … Continue reading

How to Handle Overdue Payments and Late Income Tax Returns

So, you wake up on Wednesday April 19th, 2017, and feel that something is inherently wrong. A cloud hangs over your head, yet you can’t put a finger on what exactly is the trouble. Then it dawns on you. The … Continue reading

3 Solutions That Can Benefit Your Small Business

Do you remember when running your small business was easy? Remember when handling balance sheets, payroll, inventory, customer satisfaction, and the plethora of other objectives was a walk in the park?  Good.  Neither do we. With Accounting Solution Ltd’s cumulative … Continue reading

Why! Your! Small! Business! Should Be Excited About Outsourcing Your Accounting

With decades of experience serving small businesses, estates, and trusts across the Chicagoland Area, we at Accounting Solutions Ltd. strive to provide high quality service in the accounting and taxation fields. As our loyal clients are aware, we don’t only … Continue reading

Attention Landlords: Five Things To Watch Out For When Preparing Taxes On Rental Properties

The preparation of tax returns on rental properties is not that difficult to do properly. Why is it that I have so many new clients coming in where their prior returns are glaringly wrong? In our many years of dedication … Continue reading

Some (More) Changes To Expect This Upcoming Tax Season

Do you know anyone who gets genuinely excited around tax season? Excited as in genuinely ecstatic to tread through the ever-changing deductions and tax rate schedules that are updated annually? If so, they are almost certainly an accountant! While ‘excitement’ … Continue reading

Changes To Deductions, Brackets, and Exemptions That May Affect You This Coming Tax Season

Being one of Chicago’s top sources for tax advice is something that isn’t easy. With a new government in place, constantly shifting rates, and a number of other obstacles, our dedicated CPAs work hard to ensure that all of our … Continue reading