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Now is a Good Time to Start Planning for Next Year's Tax Return

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The tax deadline may have just passed but planning for next year can start now.

Memorial Day signals the unofficial kickoff of summer for many: school is winding down, the weather is getting warmer, flowers are in bloom… what – tax planning is not on your mind?  The tax deadline may have just passed but planning for next year can start now.  Taking time now to get organized and to plan ahead can save time, money, and headaches in 2013. Here are seven things you can do now to make next April 15 easier and potentially keep some more money in your pocket.

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May 14, 2012Posted in:

Tax "Brakes" for Using Your Car for Business

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What is tax deductible when you use your personal auto for business?

Whether you are self-employed or an employee, you are eligible to get the benefit of tax deductions if you use your personal vehicle for business.

There are two options for claiming deductions:

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May 2, 2012Posted in:

Tax Tips for Individuals Selling Their Home

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Important Tax Tips If You Are Selling Your Home This Year

Spring is here and it’s the start of the home selling season.  There is some important information to share with individuals who have sold or are about to sell their home.  If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income.  Here are ten tips from the IRS to keep in mind when selling your home.

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May 2, 2012Posted in:

Grow Your Business – Sell to the State of Illinois!

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The state Illinois wants to buy goods and services from your small business!

The State of Illinois purchases more than $10 billion worth of products and services each year to run social service facilities, office buildings, garages, state parks and more.

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February 20, 2012Posted in:

Saving for Your Child’s College Tuition (or an iPad): Tax Advantages of Educational Savings Plans

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Two educational savings vehicles allow individuals to save for education on a tax-favored basis: Section 529 plans and a Coverdell education savings account.

Paying for college is a challenge for many parents.  For that matter, elementary and high school isn’t necessarily a free ride, either.  Families with young children should consider the cost of higher education well in advance.  Two educational savings vehicles allow individuals to save for education on a tax-favored basis: Section 529 plans and a Coverdell education savings account.

 

Section 529 Plans

 

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