If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax money you save! When you arrive at your appointment fully prepared, you’ll have more time to: Consider every possible … [Read more...] about It’s Tax Time! Are You Ready?
Indian CPA in Rolling Meadows
Year-end Capital Gains Strategies
2011 has produced some significant gyrations in the financial markets that have had an impact on everyone’s portfolios. But for tax purposes, gains and losses are not measured by the increased or decreased value of your portfolio, but by gains and losses recognized from the sale of capital assets during the year. So you still have until the end of the year to structure your … [Read more...] about Year-end Capital Gains Strategies
Last-Chance Opportunity to Deduct General Sales and Use Taxes?
For 2011, taxpayers have the option of deducting the amount of state and local income tax that they paid during the year or, if they so elect, of deducting their state and local general sales and use taxes as an itemized deduction on their federal income tax return. This choice is currently scheduled to expire at the end of 2011. If a taxpayer elects to deduct the sales and … [Read more...] about Last-Chance Opportunity to Deduct General Sales and Use Taxes?