What Chicago Investment Income Is Deductible & Taxable

Investment Income: What is Deductible and Taxable in Chicago? When discussing the taxes on investment income, the first step is to understand what qualifies as investment income. In most cases, investment income refers to money that is used to buy … Read More

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MORTGAGE INTEREST DEDUCTIBILITY AND ASSISTANCE

Mortgage interest deduction is the ability to deduct any interest paid toward building a home, getting a loan for purchasing a home, or renovating a home. This deduction helps home-owners save money in taxes each year and can be used … Read More

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5 Tips To Reduce IRS Penalties

When it comes to paying taxes, the IRS has a no-frills approach to applying penalties for a variety of different reasons. The three most common reasons and their associated penalties include: Filing taxes late. Penalty up to 25% of unpaid … Read More

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IRS OVDP Vs. STREAMLINED

Tax payers who have failed to disclose offshore accounts and properties on their tax returns received a “pass” in 2009 when the Offshore Voluntary Disclosure Program was introduced. Under this program, individuals who choose to voluntarily disclose their assets from … Read More

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Avoiding Tax Penalties Through Voluntary Disclosure

In 2009, the Internal Revenue Service launched a few different programs to help companies and individuals with funds in offshore accounts come to terms with the tax liability laws. For many years, it has been considered a loophole for wealthy … Read More

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What To Do If You Overpay Taxes

Overpayment on taxes is an all too common occurrence for individuals who make errors when filing. The errors most often come from basic mistakes including identify theft, connection to the tax debt of your former spouse, or misunderstandings from incorrect … Read More

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Clinton Offers New Exit Tax On US Foreign Company Mergers

Presidential-hopeful Hilary Clinton has made it clear that it is time for big companies to stop hiding their assets overseas. As such, it is her hope to pass new legislation that will prevent this form of tax evasion. While the … Read More

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What Businesses Need to Know About the New IRS Early Interaction Initiative

Business owners are required to pay payroll/ employment taxes to the Internal Revenue Service. However, in recent years with the ups and downs of the economy, too many business owners have failed to do so. In response to this growing … Read More

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Board Splits Over Higher Tax Levy

Like many towns and cities across the United States, residents of Chicago are currently fighting over school tax hikes and their impact on their budget. The current dilemma is in District 41, where the school board members have proposed and … Read More

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3 Forms Affordable Care Act Plan Holders Will Receive in 2016

2015 marked the first full year of the implementation of the Affordable Care Act (ACA) without incident. For tax payers who took advantage of this program, 2016 will be the first year they receive new info statements for tax filing … Read More

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