Better Business Blog

Prior to the recent economic downturn, flipping real estate was popular.  With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again.   House flipping is, essentially, purchasing a house or property, improving it, and then selling it (presumably for a profit) in a short period of time.  [...]

On Monday, August 16th, Governor Quinn approved the bill to establish a tax amnesty program for all taxpayers for taxes due for any taxable period ending after June 30, 2002 and prior to July 1, 2009.  The amnesty period will run from October 1, 2010 through November 8, 2010.
The amnesty program will afford taxpayers a small [...]

The Illinois General Assembly has passed a measure to implement an amnesty on taxes administered by the Department of Revenue and has sent the measure to Gov. Pat Quinn. The amnesty period would run from October 1, 2010, through November 8, 2010. Under the terms of the amnesty, upon payment by a taxpayer of all [...]

In today’s tough job market, students seeking summer employment, young adults looking for full-time employment, and college graduates looking to begin their careers are finding it difficult to land a job.  The family business may be the only place for some family members to find work, even if only temporarily until [...]

The chairmen of the House and Senate tax-writing committees today released a summary of “H.R. 4213,” also called “The American Jobs and Closing Tax Loopholes Act of 2010.” It is considered an extenders bill because it extends some favorable tax provisions due to expire this year. However there is one item tucked away in this bill is something that could affect owners of small (3 or fewer employees) S corporations engaged in a professional service business.

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 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 [...]

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.

If you have not yet filed your 2008 tax returns, you are quickly running out of time!  Corporate filing deadlines come in September, and personal filing deadlines arrive in October.  After that you are subject to stiff fines from both the IRS and Illinois Dept of Revenue.
Deadlines coming up include:

September 15, 2009 for calendar year-end corporations, [...]