Roughly six million Illinois residents were slated to receive income and property tax rebates from the state of Illinois, but the process could take some time. Payment distribution started September 12th, but not everyone will receive their checks right away. Distribution will take roughly eight weeks. Here's what you need to know about the two rebates. [Read more...]
Fall season is officially here! Fall is generally well received, as the days get cooler and less humid and pumpkin spice-everything is in full swing. However, fall also begins the busiest time of year for many of us, as kids are back in school, holiday and family gatherings have commenced, and holiday gift-shopping can be stressful. This extra stress tends to cause important tasks to get tossed aside, including preparing for filing your income tax return next spring. [Read more...]
Do you ever feel on edge because you’re not sure if you have enough in your bank account to cover your bills and put food on the table? If so, the following steps can help you stress out less about your money situation. [Read more...]
If you’re a homeowner and you’re planning on a few home improvements that will boost the energy efficiency of your house, you may save some money on your projects now that the Inflation Reduction Act has been signed into law. One of the tax credits included in the Act is the Energy Efficient Home Improvement Credit, formerly known as the Nonbusiness Energy Property Credit, which expired at the end of 2021. However, the Inflation Reduction Act has brought it back to life and improved it substantially. [Read more...]
With the beginning of the school year already in full swing, the Internal Revenue Service reminds teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return in 2023. If filing a joint tax return and both taxpayers are educators, you can each claim up to $300 in expenses for a total of $600. Prior to 2022, the deductible amount was $250. [Read more...]
If what you do outside of “work” is your true passion, then why not consider making it your career too? After all, you probably want to love what you do, especially if you’re going to spend most of your life doing it. However, it’s going to take more than just passion to launch a successful business. It’ll take time, dedication, planning, and a bit of risk on your part.
To get a full picture of your new entrepreneurial endeavor, you’ll want to follow these steps. [Read more...]
Family caregivers contribute both their time and money to help support those they love. When tax time rolls around, it’s important to understand that you may be able to claim your care recipient as a dependent on your federal income tax return and lower your tax bill.
To begin, there are a few rules that determine who may claim a dependent and who may be claimed as a dependent. [Read more...]
When you own and operate a business, there's always the chance that someone could get hurt on the job or that an accident could cause an injury or property damage to a third party. General liability and workers compensation insurance are two types of coverage that could help protect your business from the cost of these liabilities. Knowing how general liability and workers compensation coverages differ, and when you might need other coverages, can help your business stay protected. [Read more...]