Category Archives: Tax Tips

McLean County to correct tax bill snafu

McLean County to correct tax bill snafu

By Howard Packowitz BLOOMINGTON – McLean County government is asking some land owners to look carefully at their property tax bills which were mailed out last Friday. A statement released by county administrator Bill Wasson’s office late Wednesday afternoon said some 4,000 owners of multiple parcels have the wrong property tax identification number at the…MORE

Tax Tip: Child Care Credit 2017

Tax Tip: Child Care Credit 2017

A childcare credit of 20% to 35% of your childcare expenses is available for working parents who pay childcare for their children under the age of 13. The amount of eligible expenses is $3,000 for one child and $6,000 for two or more children. To be able to claim this credit, you must know the…MORE

Tax Tip: Substantiating Your Expenses 2017

Tax Tip: Substantiating Your Expenses 2017

Business travel, meal and entertainment expenses are not deductible unless you properly substantiate your expenses and have an expectation of deriving some specific benefit from the activity. In addition, business must actually be discussed or engaged in before, during or after the activity. You should substantiate each of the following four elements of your expense:…MORE

Tax Tip: Earned Income Credit Eligibility 2017

Tax Tip: Earned Income Credit Eligibility 2017

You may be eligible for earned income credit this year if: 1. Your earned income is less than $39,296 ($44,846 if MFJ) and you have one qualifying child. You may be eligible to receive up to $3,373 of EIC. 2. Your earned income is less than $44,648 ($50,198 if MFJ) and you have two qualifying…MORE

Tax Tip: We Work For You – Home Office Deductions 2017

Tax Tip: We Work For You – Home Office Deductions 2017

Office in home expenses will be allowed for the place of business which is used by the taxpayer for the administration or management activities of the taxpayer’s business if there is no other fixed location of the business where these activities are substantially performed. The home office must still be used regularly and exclusively, but…MORE

Tax Tip: Documenting business use of your personal automobile 2017

Tax Tip: Documenting business use of your personal automobile 2017

If you use your personal vehicle for work you may be able to write off the costs on your tax return. To qualify you must use your car in your job for the convenience of your employer or in your own business. You must maintain adequate records to prove your business use. If you can…MORE

Tax Tip: 2016 Audit Protection Plan

Tax Tip: 2016 Audit Protection Plan

With the Inspector General’s office indicating the federal government is losing billions of dollars due to fraud and improperly prepared tax returns, the IRS has been pushed by Congress to increase its enforcement efforts. I’m sure that is why this past summer we saw a huge increase in “mail audits”. The IRS and the Illinois…MORE

It’s Tax Time Again 2017

It’s Tax Time Again 2017

WOW! Our favorite time of the year is not just around the corner, it’s HERE! We hope that you had a rewarding and profitable year and we look forward to seeing you in our office very soon.MORE

Blogs

WJBC Voices: Staycations

As the days of summer wane, you might be looking for at least one more experience, perhaps even a “bucket list” item to do.