Better Business Blog

On January 20, the House approved by voice vote H.R. 4462, a bill that would allow donors to accelerate the income tax benefits for charitable cash contributions for the relief of victims of the earthquake in Haiti. Also on January 20, a companion bill was introduced in the Senate with the promise of swift passage.
The [...]

On December 19, 2009, the 65% COBRA premium subsidy that was due to expire December 31, 2009 for newly terminated employees was extended. The extension adds another six months to the maximum period that the COBRA subsidy can run, and also extends the up-to-15 month COBRA premium subsidy to workers who lose their jobs during the first [...]

When you purchase items subject to sales tax from an Illinois vendor, the vendor normally properly charges you sales tax.  However what happens when you purchase items from out of state, and that vendor is not required to collect sales tax on that purchase?
Illinois requires you to self-assess the sales tax; it’s called Use Tax [...]

The 2009 edition of the tax planning guide is now available on our website.  Click here for a pdf version.
Just be sure to stay tuned to our blog, emails and Twitter feed.  As legislation changes we will be posting highlights as soon as e can get the laws analyzed.
Also, don’t forget to check out our [...]

From time to time, I’m asked to assist a company in obtaining financing for business purposes.  Part of the key in finding clients the cash they need is finding a bank who is willing to lend.  And in today’s economic environment the health of banks range from managing day-to-day to avoid an FDIC takeover, to banks who are [...]

On November 5, 2009, the House of Representative passed H.R. 3548, the Worker, Homeownership, and Business Assistance Act of 2009″.  The measure was OK’d by the Senate on November 4, so it is cleared for the President’s expected signature.
The current Homebuyer Tax Credit is available for qualifying first-time home purchases made after April 8, 2008 [...]

On November 5, 2009, the House of Representative passed H.R. 3548, the Worker, Homeownership, and Business Assistance Act of 2009″.  The measure was OK’d by the Senate on November 4, so it is cleared for the President’s expected signature.
The Act contains several changes for business. The two most significant changes that affect clients we serve [...]

Q: My sister has been living with us for about a year. Is it possible to claim her as a dependent and what are the requirements?
A:  There are a series of tests which must be met in order for you to claim an individual as a dependent on your tax return.
1. The first part is [...]

If you are currently caring for a foster child, or considering doing so, there are several tax benefits of which you should be aware. This analysis is pertinent for those that will be taking a foster child into their home—for reasons other than profit—and that an agency is going to make monthly payments for so long as you provide the foster care. Questions that arise are how foster parents should treat those payments for tax purposes, whether you can deduct your expenses in raising the foster child, and whether there are any other tax aspects to providing foster care.

I wanted to alert you to an email circulating today that purports to be coming from the IRS.  If you receive this email, DO NOT RESPOND or click on any of the links contained in that email. Here is a sample I personally received:
 

 
Remember that the IRS never sends correspondence via email.  If ever in [...]