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tax

A smiling cashier handing a payment terminal to a customer using a credit card, with a visible 'Surcharge Notice' sign on the counter in a modern retail store setting, emphasizing Illinois surcharge laws compliance in 2024.

Illinois Credit Card Surcharge Laws: What Businesses Should Know for 2025

Illinois lets businesses add surcharges to credit card transactions, but the rules are a bit tighter here than in other states. Let’s dive into what...

Learn the top IRS red flags for small businesses and how to avoid them to minimize audit risks and keep your business compliant with tax laws. The image shows a desk with tax forms, a calculator, a pen, and a caution sign, symbolizing the importance of compliance and careful recordkeeping.

The Top 5 IRS Red Flags for Small Business

When it comes to running a business, one of the last things you want is to attract the attention of the IRS. Unfortunately, certain common tax...

Learn about the importance of the W-9 form for businesses and vendors.

What Is a W-9 and Who Is Required to Fill It Out?

A Form W-9 is an important document used by businesses to request the taxpayer identification number (TIN) of individuals, entities, or certain types...

Why You Should Buy Real Estate for Your Small Business

Why You Should Buy Real Estate for Your Small Business

When we set out to start or buy a business, our minds are often preoccupied with finding customers, building a team, and scaling growth. Little did...

Learn about the backdoor Roth IRA, a powerful retirement savings strategy for high earners.

Backdoor Roth IRAs: The Hidden Retirement Tool

In the ever-evolving world of finance, there are always new techniques and strategies emerging to help individuals save for their retirement. One...

Learn 3 key tax strategies often overlooked by CPAs.

Top 3 Tax Strategies Your CPA Could Be Missing

As a firm that has been in existence for 60 years, we’ve seen all there is to see in reviewing tax returns in the marketplace. Some are a little… out...

Learn how S Corporations are taxed and whether it's the right choice for your business.

How Do S Corporations Get Taxed?

One of most frequent questions we hear from business owners is around how an S Corporation works. Now, almost every business we work with has a tax...

Pass through entity taxation cans save business owners thousands.

Understanding Pass-Through Entity Taxation: Save Thousands in Taxes

Pass-through entity taxation is a concept that might sound complex at first, but it's actually a game-changer for small business owners. In this...

Learn how to comply with the beneficial ownership information reporting requirements and prevent financial crimes in your small business.

Demystifying BOI: Guide to Beneficial Ownership Information Reporting

Many small business owners may feel overwhelmed at the thought of yet another reporting requirement. However, BOI, or beneficial ownership reporting...

Make the Most of End of Year Bonuses for Your Employees

Make the Most of End of Year Bonuses for Your Employees

Year-end planning is focused on reducing taxable profit. One popular way to reward employees and mitigate taxes is by issuing year-end bonuses. ...

Maximizing Depreciation for the Best Tax Position

Maximizing Depreciation for the Best Tax Position

When it comes to maximizing depreciation deductions before the end of the year, timing is critical. It's important to start thinking about this well...

Differentiating between good and bad debt can help you make informed decisions to safeguard your financial health.

Managing, Reducing and Controlling Debt

Debt can be a double-edged sword when it comes to its impact on a business. It has the potential to either propel a company towards success or plunge...