When it comes to managing healthcare expenses and planning for the future, Health Savings Accounts (HSAs) offer a powerful and versatile solution. For high-net-worth individuals and business owners in Illinois, these accounts are not only a practical way to cover medical costs but also a strategic tool for tax savings and financial growth. Let’s dive […] Read more “Understanding HSAs: A Smart Way to Save on Healthcare”

As a small business owner in Chicago’s dynamic entrepreneurial landscape, planning for retirement while maximizing tax benefits is crucial for your financial future. If you’re self-employed or run a small business with no full-time employees (besides yourself and possibly your spouse), a Solo 401(k) plan could be your ideal retirement solution. Let’s explore why this […] Read more “Solo 401(k) Plans: The Ultimate Retirement Solution for Chicago Small Business Owners”

Last Updated: December 2024 The IRS has announced major changes to Form 1099-K reporting requirements for 2024, lowering the threshold to $5,000. Whether you’re a small business owner, freelancer, or gig worker, these new tax reporting requirements will affect how you report income from PayPal, Venmo, Cash App, and other payment platforms. Key Highlights of […] Read more “2024 IRS 1099-K Rules: Complete Guide to the New $5,000 Reporting Threshold”

What is the Qualified Business Income Deduction? A Simple Explanation The Qualified Business Income (QBI) deduction, also known as Section 199A, is a valuable tax benefit introduced by the Tax Cuts and Jobs Act of 2017. This guide explains everything business owners need to know about calculating and maximizing their QBI deduction in 2024. Quick […] Read more “The Complete Guide to Qualified Business Income (QBI) Deduction: Calculate & Maximize Your Tax Savings”

Are you leaving money on the table at tax time? If you’re not taking advantage of the Qualified Business Income (QBI) deduction, the answer might be yes. This powerful tax benefit could save eligible business owners up to 20% on their qualified business income—yet many entrepreneurs overlook it. What Is the QBI Deduction? The Qualified […] Read more “The One Tax Deduction Business Owners Can’t Afford to Miss: Your Guide to the Qualified Business Income Deduction”

Managing accounts receivable (AR) effectively is one of the most important yet often overlooked aspects of running a successful business. For business owners focused on growth and sustainability, understanding the direct link between AR management and cash flow can mean the difference between thriving and merely surviving. What Are Accounts Receivable and Why Do They […] Read more “Why Managing Accounts Receivable Is Crucial for Your Business’s Cash Flow”

For startups in Chicago’s bustling entrepreneurial ecosystem, from the innovation hubs of the West Loop to the tech corridors of River North, managing finances effectively can make the difference between success and failure. Professional bookkeeping services aren’t just a luxury – they’re a crucial investment in your startup’s future. Here’s why Chicago startups need to […] Read more “Why Chicago Startups Need Bookkeeping Services”

In today’s fast-paced business environment, maintaining accurate and up-to-date accounting records isn’t just good practice—it’s essential for survival and growth. While many small business owners might be tempted to handle their books independently or put off accounting tasks until tax season, this approach can lead to costly mistakes and missed opportunities. Let’s explore why investing […] Read more “Why Current and Accurate Bookkeeping is Essential for Your Business Success”

An asset sale is a transaction where a company sells some or all of its tangible and intangible assets rather than its stock. This type of sale can include physical assets like equipment and inventory, as well as intangible assets such as patents, trademarks, and customer lists. In an asset sale, the buyer selectively purchases […] Read more “What is an Asset sale and tax benefits?”

Planning for retirement involves more than just saving money; it also requires strategic thinking about taxes. By employing tax-efficient strategies, you can maximize your after-tax income and ensure a more comfortable retirement. Here are some key strategies to consider, updated with the 2024 tax year amounts: 1. Utilizing Tax-Advantaged Accounts Roth IRAs: Contributions to Roth […] Read more “Tax-Efficient Retirement Strategies: Maximizing Your After-Tax Income”

When managing business expenses, understanding how to depreciate a vehicle used for business purposes can significantly impact your tax benefits. This blog post will guide you through the key concepts and rules surrounding auto depreciation, including the Section 179 deduction, special depreciation allowance, and Modified Accelerated Cost Recovery System (MACRS) depreciation. Section 179 Deduction Special Depreciation Allowance MACRS […] Read more “Understanding Auto Depreciation: A Guide for Business Owners”

I’ve always had an interest in investments. Whether it’s in the form of stocks, a 401k, certificates of deposit, or any other investment vehicle, I firmly believe the key to preparing for your future is investing early.  With that being said, I feel there is a significant lack of education on the topic. So, I’ve […] Read more “Invest Early to Jumpstart Your Financial Journey”