Resources Blog
Cryptocurrency and Your Taxes
Cryptocurrency and Your Taxes 2021 has been the year of cryptocurrency, in terms of news as well as new holders. More businesses are accepting various coins for transactions, and this is expected to increase through the rest of 2021 and beyond as sites such as...
Child Tax Credits and Your 2021 Taxes
Child Tax Credits Advances and Your 2021 Taxes The IRS began distributing advances on taxpayers’ Child Tax Credits on July 15, 2021, as part of the American Rescue Plan passed in March. Taxpayers have the option of opting out of the advance payments. If you have...
PPP Loans
PPP—Now What? Now is a good time to clear up any lingering questions you may have regarding PPP loans. Forgiveness periods are ending and the window for new loans has closed. Below we have broken down some of the main points that you need to know about filing for...
Guide to Schedule E
Guide to Schedule E The following is a guide to the IRS Schedule E. This is used to report supplemental or passive income* or loss from: Real Estate Rentals Royalties Partnerships and S Corporations Estates and Trusts REMIC Profit and Loss There are limits on...
Guide to Deductible Business Expenses, Schedule C
The following is a guide to allowable business expenses that can be deducted from your income taxes using Schedule C. If you have any questions about whether you are taking full advantage of these deductions, or need more information, please contact us. ...
Employer Retention Credit What You Need To Know
Employee Retention Credit can save companies a very substantial amount of money on their 2021 taxes. However, it is a complicated program and navigating it can be difficult. This blog is quite technical. If you have questions about the information, please contact...
The 7 Most Important Financial Steps To Take With Every Increase In Income
Approximately 53% of Americans were living paycheck to paycheck before Covid. Now the figure is closer to 63%. And that’s not just lower wage earners. According to Market Watch, as of February 2020, “1 in 5 people making more than $100,000 a year are still living...
FBPCPA Illinois Secure Choice
As a valued business client of Fates, Bodily & Parker, we wanted to make sure you are aware of the Illinois Secure Choice program and its implications for your business.
Taxes and Your Business Stimulus Funds
Millions of businesses have received Paycheck Protection Program (PPP) loans and COVID-19 Economic Injury Disaster Loans (EIDL) grants. As tax time nears, many of these businesses are wondering what receiving a PPP loan or EIDL grant means for their taxes.
Wealth Management and Retirement for Business Owners 2021
According to a 2019 study by SCORE, 34% of small business owners do not have a retirement savings plan. 40% are unsure of their ability to afford retirement after the age of 65. Working with a financial services firm that provides forward thinking advice, not just...
