Everyone is welcome to hang out with us for a free tax presentation at the St Charles Library on January 9th at 6:30 PM. Harry is the guest speaker and the event is sponsored by the St Charles Chamber of Commerce and SCORE. This is a no cost way to get caught up on tax changes this year. Bring your tax questions! Feel free to drop in or click here to sign up for the event.
Good news for all our business where meals with clients are an important part of marketing. Tax reform last year was unclear on this but the IRS just put out Notice 2018-76 that says meals with clients are still 50% deductible. Carry on and continue dining!
For years, we have been advising clients about the benefits of the ‘Backdoor Roth’ strategy. Lack of IRS guidance had clouded the issue with many. Congress has finally put it’s finger on the scale with a few footnotes in the recent Tax Reform Bill.
Please join us to celebrate the new home of Fox Valley Tax Solutions at 605 West Main Street in Saint Charles. The open house will begin at 3:30 p.m. on Feb. 13 and will be attended by Mayor Ray Rogina who will officiate the ribbon cutting. Drinks and light snacks will be served following the ceremony.
We would like to express sincere appreciation to our valued clients for helping our business grow. It is always a pleasure serving your tax needs.
Press release: http://www.kcchronicle.com/2018/02/07/fox-valley-tax-solutions-expands-business-into-new-st-charles-location/aov633a/
Directions to New Office: http://www.foxvalleytaxsolutions.com/how-to-find-our-office-in-saint-charles/
Tax reform has both added and removed tax reduction opportunities for businesses in 2018. While the resulting tax code writing and interpretation will go on for quite some time, it is never too early to bounce the changes off of how you operate your business.
Check out our Special Edition Newsletter for some details.
We are contacting selected clients regarding a tax saving opportunity that is now available as a result of tax reform (Tax Cuts and Jobs Act) that was passed today.
You may benefit from prepaying your property taxes.
This legislation has limited the deductibility of property taxes for 2018 and beyond. In certain scenarios, it will be beneficial to pay your 2018 property tax bill before the end of 2017 and capture the deduction before it is lost.
The following must all be true to benefit on your 2017 tax return:
- Itemize deductions
- Pay Property tax
- Do not pay AMT tax
- Have the funds available to make a payment before the end of the year
Every county has different rules for prepaying your property taxes. For example, here are instructions for Kane County, Illinois: http://kanecountyconnects.com/2017/12/how-to-prepay-your-kane-county-property-tax-bill-and-potentially-save-money/
Please contact us if you would like us to analyze your specific situation to determine if prepaying your property taxes will be beneficial.
Harry and Todd are extremely fortunate that Carol Bly-Julian has joined Fox Valley Tax Solutions as a new partner. A well-respected Enrolled Agent, her considerable talents are an invaluable addition to our team.
Carol is a Graduate of DePaul University with a BA degree in Economics. While her early career was focused on Human Resources and Office Management, she soon started her own business and ultimately focused her attention on tax preparation. Carol has been doing tax work since 1999 and became an Enrolled agent in 2012. She has vast experience in business, payroll and sales tax and is skilled in bookkeeping issues. Carol is on the board of several not-for-profit organizations including Fox Valley Chapter of the Illinois Society of Enrolled Agents and her Snowmobile Club. When she is not doing tax work you can find Carol in her cabin up north churning up snow in her snowmobile.
Quite frankly, Carol takes the Fox Valley Tax Solutions emphasis on client service, depth of tax knowledge and continual improvement to a whole new level for us. Her experience in business tax and attention to detail are a perfect fit for the firm as we take the next step in providing clients with unmatched tax services.
Matters of the heart and tax matters normally need to be considered separately. That being said, it is good to be armed with the facts. The term ‘Marriage Penalty’ is thrown around a lot but this article breaks it down with some humor added for good measure. Taxes and humor…. who knew?