Search

small business articles

Free Tax and Finance Advice for Families and Individuals

 Selling items on eBay and other online auction Web sites has become a very popular way to get rid of unwanted household stuff, as well as a way to turn a little profit. Many users have even started full-time businesses auctioning merchandise on the Web. But like any business venture, selling items in the virtual world has tax implications that are all too real.

  •  

    If you were unfortunately the victim if a fire, flood, or tornado. and your home, vehicle, or other personal property is damaged or destroyed by a sudden, unexpected casualty, an itemized tax deduction may help ease the financial burden.

  • How close to the edge are you when it comes to tax phase-outs? As you begin your fall tax planning, consider the effects of these benefit-limiting provisions, many of which are based on modified adjusted gross income, or MAGI. Knowing how close you are to the "edge" can help you preserve tax breaks for 2013.

  •  

    Did you hire a handyman, housekeepr, gardner or nanny or some other individual to work for you this year?  If these individuals don't do work for other people and you paid them more than $1,800 in 2013, you may have a payroll tax obligation.  This tax obligation is commonly called the nanny tax.

  • Looking for ways to control, perhaps slash, your spending in retirement without sacrificing your quality of life?  Spending does generally decline in retirement. The real challenge for many retirees is how to cut spending in retirement — perhaps lots of spending — without resorting to radical, depressing solutions like eating bologna sandwiches five days a week.

    Here are tips for saving money, often big bucks, in four key areas of retirement spending from experts:

    Health care. This is the big kahuna of retirement expenses. Health care will cost a 65-year-old couple retiring this year a whopping $280,000 throughout retirement, according to Fidelity Investments.

    How can you put a dent into such a staggering demand on your retirement finances? Exercise and education can make a big difference.

  • The Internal Revenue Service has announced that married same-sex couples will be treated just like opposite-sex couples for federal tax purposes provided that they were married in a jurisdiction, domestic or foreign, that recognized their marriage as legal even if they live in a state that does not recognize same-sex marriages as legal.

  • Give your investments a year-end tax review

    As year-end approaches, take a closer look at your investment portfolio. There may be some tax-saving strategies worth considering.

AddThis Social Bookmark Button

Ask a question

Ask Accounting Questions | Ask Tax Questions | Elk Grove Village Accounting Firm

By Dugan Lopatka - Accountants for Midsize Businesses in Chicago:  CPAs for Small Businesses

  • Addison
  • Aurora
  • Bartlett
  • Batavia
  • Bensenville
  • Bloomingdale
  • Bolingbrook
  • Burr Ridge
  • Carol Stream
  • Chicago
  • Clarendon Hills
  • Darien
  • Downers Grove
  • Elgin
  • Elk Grove Village
  • Geneva
  • Glen Ellyn
  • Glendale Heights
  • Hanover Park
  • Hinsdale
  • Hoffman Estates
  • Itasca
  • Joliet
  • Lemont
  • Lisle
  • Lombard
  • Montgomery
  • Naperville
  • North Aurora
  • Oakbrook
  • Oakbrook Terrace
  • Oswego
  • Plainfield
  • Romeoville
  • Roselle
  • St. Charles
  • Schaumburg
  • Streamwood
  • Villa Park
  • Warrensville
  • West Chicago
  • Western Springs
  • Westmont
  • Wheaton
  • Willowbrook
  • Winfield
  • Wood Dale
  • Woodridge

Dugan & Lopatka, CPAs, PC, 104 E. Roosevelt Road, Wheaton, Illinois 60187 -MAP- T: (630) 665-4440 Fax: (630) 665-5030