Apr 26, 2024 | Chicago CPA
A couple of new studies have come out showing a direct correlation between climate change and substantial increases in living expenses. One of the studies presented a hypothesis that children born this year will face an additional $500K in bills directly related to...
Apr 20, 2024 | Chicago CPA
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...
Apr 18, 2024 | Chicago CPA
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...
Apr 18, 2024 | Chicago CPA
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...
Apr 10, 2024 | Chicago CPA
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,...
Apr 9, 2024 | Chicago CPA
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...
Apr 3, 2024 | Chicago CPA
Annually the Internal Revenue Service publishes the Dirty Dozen. It’s a collection of the biggest tax scams currently occurring in the country. The top four heading this year’s list are… 1 – Phishing and Smishing Scams Fraudsters can be...
Mar 29, 2024 | Chicago CPA
The Federal Budget passed by Congress last week officially gives the IRS a $20.2B haircut. This had been previously agreed upon, but not actually signed into law. The bill provides a $12.3B budget for the Service in Fiscal 2024. This is the same amount that’s in...
Mar 25, 2024 | Chicago CPA
As long as I can remember, The Internal Revenue Service (IRS) has put individual income tax returns through a matching process. This is a part of the grading process that determines whether or not your return will be referred to the audit division. The Service already...
Mar 20, 2024 | Chicago CPA
Governors of the Federal Reserve Bank will meet again today, deciding whether or not to change their Fed Funds interest rates. Their decision is due this afternoon. It’s widely expected that they’ll hold rates steady in a game of wait and see. The question...
