CPA Client Bulletins
The Tax Cuts and Jobs Act (TCJA) of 2017, passed at year end, has been called the most extensive tax legislation in more than 30 years. It’s certainly far reaching, covering individual income taxes, business income taxes, and estate taxes. The new law has many tax saving opportunities as well as possible pitfalls.
What’s Inside
- Patience is prudent
- Know your true tax rate
- Rethinking retirement contributions
- Regard Roth conversions carefully
- Are state and local taxes reasons for relocaion
- Positive prognosis for medical deductions
- Home equity hassle
- New tax deduction for pass-through entities
- Tax Calendar
READ ISSUE
CPA Client Bulletins
Most portfolio allocations call for a mix of stocks (equities) and bonds (fixed income). The underlying theory is that stocks may deliver substantial results over the long term, whereas bonds contribute interest income and lower volatility.
What’s Inside
- Weighing the risks of bond funds
- Two five-year tests for Roth IRA’s
- How small companies can address harassment issues
- Tax Calendar
READ ISSUE
CPA Client Bulletins, WRDR News
So far, following counties are known to allow prepayments:
Cook, DuPage, Grundy, Kane, LaSalle and Will.
Cook first installment only; can be paid online – bills already available online. Also by mail (postmarked by 12/31/2017) or at any Chase Bank branch in Illinois.
DuPage and Grundy can be paid in person or by mail (postmarked by 12/31/2017)
Grundy up to 100% of amount paid in 2017 taxes for 2016 taxes.
DuPage up to 105% of amount paid in 2017 for 2016 taxes.
Kane can be paid in person or by mail, but it must be RECEIVED by 4:00 PM on 12/29/2017 even if by mail.
Kane up to 100% of amount paid in 2017 taxes for 2016 taxes rounded down to the nearest $100. Also must use the Application for Kane County Property Tax Prepayment Program form available online.
LaSalle and Will county in person only by 12/29/2017. Up to 100% of amount paid in 2017 for 2016 taxes.
Kendall County is not allowing prepayment.
CPA Client Bulletins
A transition is underway within investment firms. Increasingly, the people you hire to manage your money don’t refer to themselves as brokers or stockbrokers. Instead, they’re now financial advisers, financial planners, or financial consultants.
What’s Inside
- Pros and Cons of Asset Management Fees
- Win With a Roth IRA Reversal
- Year-End Thank You Gifts from Business Owners
- Tax Calendar
READ ISSUE
CPA Client Bulletins
As of this writing, year-end tax planning is clouded by questions about federal legislation. President Trump and many of the Republicans in Congress favor changes that would affect the tax code. Currently, the success they’ll have in their efforts is difficult to predict.
What’s Inside
- Uncertainty Hampers Year-End Tax Planning
- Year-End Planning for Investors
- Year-End Retirement Tax Planning
- Year-End Tax Planning for Charitable Donations
- Year-End Business Tax Planning
- Tax Calendar
READ ISSUE
CPA Client Bulletins
An AICPA survey discovered that parents are more likely to talk with their children about manners, eating habits, school grades, and substance abuse than about finances. All these topics are important, but it’s also vital to teach your kids the basics of handling money.
What’s Inside
- Prepare Your Kids for Financial Independence
- New IRS Ruling May Rescue Estate Plans
- Tax Court Approves 100% Business Meal Deduction
- Tax Calendar
READ ISSUE
