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ERC, a tax credit that encouraged business owners to keep employees on payroll during the pandemic, has helped many businesses survive the last few years.

What you need to know about the Employee Retention Credit in 2022

The Coronovirus Aid, Relief, and Economic Security (CARES) Act contains a business relief provision known as the Employee Retention Credit (ERC), a...

Pass-through entity (PTE) taxation can help counter negative implications of the cap on itemized SALT (state and local tax) deductions.

How to use the pass-through entity tax in Wisconsin or Illinois

The Tax Cut and Jobs Act of 2017 had many long-ranging implications, but perhaps none more significant than its effect on itemized deductions and how...

S-corp, Partnership, or C-corp: Which is right for your small business growth?

S-corp, Partnership, or C-corp: Which is right for your small business growth?

According to the Bureau of Economic Analysis, S corporations account for 76.8% of corporations with less than 500 employees and 37.3% of corporations...

auto repair shop tax deductions

7 Auto Repair Shop Tax Deductions to Save Money

Did you know that most businesses lose out on a significant amount of money each year by neglecting to take advantage of tax deductions? In fact, you...

Augusta Rule: How to Master this Tax Loophole

Augusta Rule: How to Master this Tax Loophole

The Masters Tournament, held in Augusta, Georgia, is one of the most prestigious PGA golf tournaments. It’s so widely attended that people will rent...

A man wearing a blue hard hat uses a hammer. It's crucial to properly classify a worker before hiring to avoid costly penalties, back taxes, and potential litigation.

Employee vs. Contractor: Avoid Costly Misclassification for Your Business

Misclassifying workers as independent contractors instead of employees can put your business in hot water. Think heavy fines, back...

IRS Estimates the Tax Gap Totals Hundreds of $$BILLIONS

IRS Estimates the Tax Gap Totals Hundreds of $$BILLIONS

If you are a small business owner, and you have never experienced an IRS audit, consider yourself fortunate. Be aware though, the...

Millions of Backlogged Tax Returns

Millions of Backlogged Tax Returns

If you are one of the many people wondering what happened to the refund you expected from your 2019 federal tax return, you are not...

Employer Tax Credit for Paid Family and Medical Leave

As a small business owner, there’s a lot to manage and frankly, it can be daunting. The Family and Medical Leave Act (FMLA) and all...

Illinois Secure Choice Savings Program

ILLINOIS BUSINESS OWNERS A retirement savings program is mandatory as of November 2019. You have options, and we can help....

Sales Tax Responsibilities Have Undergone a Seismic Shift Recently

Sales tax responsibilities have undergone a seismic shift recently due to the landmark court case known as the Wayfair case. This case...

Do You Have More Credit Card Debt than Emergency Savings?

Putting away money for a rainy day and spending within your means makes great sense. Any financial planner, child of the...