Dugan & Lopatka welcomes two associates
Michelle is a 2016 graduate of Olivet Nazarene University where she received her Bachelor of Science in Accounting. During her college career she served as a supplemental instructor, assisting professors in both financial and managerial accounting courses and guiding students in their coursework. She was also a four year member of the women’s varsity soccer team.
Jennifer is a 2016 graduate of the University of Illinois, where she received her masters in accounting science degree. She also received her bachelor of science in accountancy from U of I. While a student at U of I, she served as an account reconciler with the University’s Department of Kinesiology and Community Health. She also worked in Finance Operations at Zurich American Insurance Company in Schaumburg.
Both will focus their practice on assisting a variety of companies and not-for-profit organizations including religious, educational, and professional associations.
Dugan & Lopatka welcomes Eric Thompson
Eric is a graduate of the University of Illinois at Urbana-Champaign, holding both a Bachelor and Master in Accounting Science degree.
As an associate, Eric’s responsibilities include assisting clients with their monthly, quarterly, and annual accounting work such as conducting reviews and compilations of financial statements and closing the books at the end of a client's accounting cycle. Eric also prepares tax returns for businesses and their individual owners.
Eric served as an accounting intern at Dugan & Lopatka and also Luse Holdings, Inc. (The Construction Financial Management Association) prior to joining the firm.
Dugan & Lopatka announces promotions
Dugan & Lopatka recently announced that four members of the firm received promotions and one member passed the Uniform CPA Exam.
IRS lowers business mileage rate for 2016
The standard mileage rates you can use to calculate your deductible vehicle expenses during 2016 for business, medical, and moving mileage have decreased from last year. Here's a recap.
Smoothing out cash flow could save your business
A sad and oft-repeated truth is that half of all new businesses fail within the first five years. In fact, all too many fail in their first decade.
Although many factors contribute to business failure, a common culprit is poor cash management. Farmers, retailers, and car dealers are especially aware of seasonal fluctuations in cash flows. But to some extent, all businesses, large and small, must deal with the uncertainty of fluctuating sales, inventories, and expenses. An owner-manager who engages in wishful thinking about profitability, who becomes lackadaisical about money flowing through the business, is often headed for disaster. By endeavoring to smooth out cash fluctuations, prudent managers keep their companies strong throughout the business cycle.
Illinois shows improvement in State Business Tax Climate Index
The Tax Foundation recently released its 2016 State Business Tax Climate Index and Illinois improves from 31st to 23rd due to the sunset of higher corporate and individual income taxes enacted in 2011. Each year the Tax Foundation compiles the Index to rank the 50 U.S. states across more than 100 variables in the areas of corporate income tax, individual income tax, sales tax, property tax, and unemployment insurance tax.
179D Federal Energy Tax Deductions
If you own a building you may be overlooking a very important tax deduction that, if applicable, can provide substantial tax savings for your business.
Good communication keeps your customers happy
As a business owner, you know how much effort goes into attracting new customers. So once you've found a new customer, you want to keep that customer as long as possible. Good communication can help. Make your customer feel known, understood, and appreciated at every stage of the relationship – before the sale, while you're reaching a deal, and after you've concluded the sale.
State Business Tax Climate Index 2015
The Tax Foundation recently released its 2015 State Business Tax Climate Index. Each year the Tax Foundation compiles the Index to rank the 50 U.S. states across more than 100 variables in the areas of corporate income tax, individual income tax, sales tax, property tax, and unemployment insurance tax.
Year end projects for small and middle market companies
By Jerry Lopatka, Managing Principal
Jerry Lopatka is Dugan & Lopatka’s managing principal. He specializes in business tax planning for privately-held companies and has extensive experience in the areas of corporate tax, LLCs, real estate transactions, and succession planning. This article appeared in the November 9, 2015, edition of the Daily Herald Business Ledger.
Self-Employed? Get Tax Breaks
When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of attractive tax breaks.