by Layne Bodily | Apr 5, 2023 | Taxes
This is the final installment of a three-part series on estate planning. Illinois is one of 12 states that impose an Estate or Inheritance tax in addition to the Federal Estate tax. The Illinois estate tax is administered through the Office of the Attorney General,...
by Layne Bodily | Mar 5, 2023 | Taxes
This is the second installment in a three-part series on Estate Planning. The federal estate tax is one of the most complex and controversial taxes in the United States. This tax is imposed on the transfers of property at death, and it can have a significant impact on...
by Team FBPCPA | Aug 5, 2022 | Business Planning, Financial Planning, Taxes
The IRS has delayed implementing the reporting changes discussed in this blog. We will update it as more information becomes available. Please see the full IRS announcement here. What is a 1099-K The 1099-K is an IRS information return used to report certain payment...
by Team FBPCPA | Feb 25, 2022 | Financial Planning, Personal Financial Insights, Taxes
What You Need to Know to File Your 2021 Taxes Correctly Child Tax Credits The IRS began distributing advances on taxpayers’ Child Tax Credits on July 15, 2021. If you chose to receive the advances it is important that you report these correctly on your 2021...
by Team FBPCPA | Jan 6, 2022 | Financial Planning, Personal Financial Insights, Taxes
As we begin another year of uncertainty, it is more important than ever to devise a budget, understand cash flow and build a tax plan. Everyone is familiar with tax preparation, the act of preparing your tax returns and filing them with local, state, and federal...
by Tyler Fates | Nov 12, 2021 | Financial Planning, Personal Financial Insights, Taxes
IRAs are Individual Retirement Arrangements. There are several types of IRAs with differing contribution limits and earnings thresholds. Funds for an IRA must come from employment earnings. More information about all IRAs and their regulations can be found on the IRS...
