Avoiding (and Understanding) the Underpayment Penalty
Like Ben Franklin said, taxes are one of the two things in life that can’t be avoided. While Franklin’s adage definitely applies to most...
Illinois Education Tax Credit for K-thru-12
Illinois residents can receive a tax credit of up to $500 for expenses relating to kindergarten through 12th grade. The state income tax...
Six Reasons to File Your Tax Return ASAP
Although the deadline for filing tax returns for individuals, April 15, is still seven weeks away, there are plenty of good reasons why...
Introducing the Home-Office Standard Deduction
Deducting expenses for your home office just got a lot simpler with the new standard deduction The home-office deduction can be one of...
Section 179 Limits May Be Cut Substantially in 2014
Business owners might have a big incentive to hurry up and make their large equipment purchases before the end of 2013. Unless current...
Small Tax Changes for 2013 Could Cost You Big
The Affordable Care Act of 2010 and the American Taxpayer Relief Act of 2012 created several small taxes on high-income taxpayers that...
10 Reasons Why You Might Hate Your CPA This Spring
How much you like your CPA often depends on how much you end up owing the IRS on April 15. CPAs across the United States are bracing for...
Home Sweet Home Tax Deductions
Now that the housing market is several quarters into a full-fledged recovery, home ownership is once again looking like the American...
What Healthcare Reform Means for Small Businesses
UPDATE: The requirement that all companies with at least 50 full-time employees provide health insurance–or face a penalty–was originally...
Understanding the Dreaded Alternative Minimum Tax
As if figuring out how much you owe in taxes weren’t complicated enough, the government actually makes you figure it out two separate...
