Blog
QTA Consultants, Ltd.
Top Strategies for Winning Your Tax Dispute Resolution
Jul 24, 2024Renata BliumaiteUnderstanding tax dispute resolution
Continue reading >
Brake for e-bike tax breaks
Jul 22, 2024Renata BliumaiteAlert: Currently, there are no federal income tax breaks for buying electric bicycles. But proposed legislation would create a credit for new e-bike purchases. What’s more, you may already be entitled to tax benefits for e-bikes on the state tax level.
Continue reading >
The Role of Sales Tax Compliance in Growing Your Oak Brook Law Firm
Jul 22, 2024Renata BliumaiteWhen it comes to sales tax compliance, every detail matters. In the bustling Oak Brook area, ensuring your law firm is equipped to handle the complexities of sales tax regulations can be a key factor in sustaining and expanding your business. From understanding the importance of compliance to leveraging technology for streamlined processes, every aspect plays a crucial role in shaping the growth of your firm.
Continue reading >
5 Investment Tax Planning Strategies for Real Estate Investors
Jul 19, 2024Renata BliumaiteWhether you're a beginner or experienced real estate investor, understanding investment tax planning is crucial for maximizing your profits and minimizing your tax liabilities. Here are some key strategies to consider for effective tax planning in real estate investing:
Continue reading >
Tax planning in Oak Brook - Innovative Capital Gains Strategies for Law Firms and Dental Offices
Jul 18, 2024Renata BliumaiteExploring the Importance of Capital Gains in Professional Services Understanding the importance of capital gains is crucial for the prosperity of law firms and dental offices in Oak Brook. These professional services rely on strategic financial planning to not only increase profitability but also to ensure stability in an ever-changing market environment.
Continue reading >
Tax Audit Defense: What Every Real Estate Professional Should Know
Jul 18, 2024Renata BliumaiteIn the complex world of real estate, navigating tax audit defense can be a critical aspect of maintaining financial health and compliance. Understanding the nuances and strategies involved can make a significant difference in safeguarding your business. Join us on a journey to uncover key insights and practical tips that every real estate professional should know to confidently tackle tax audit challenges.
Continue reading >
Intellectual Property Tax Essentials for Creative Professionals2
Jul 16, 2024Renata BliumaiteIn the world of creative professionals, understanding intellectual property tax is crucial for protecting your innovative work while maximizing your financial opportunities. From copyright to patents, navigating the tax complexities can greatly impact your creative ventures. Let's delve into the essential aspects of intellectual property tax to empower you in your creative journey.
Continue reading >
Accountant in oak brook - Intellectual Property Tax Essentials for Creative Professionals
Jul 16, 2024Renata BliumaiteIn the world of creative professionals, understanding intellectual property tax is crucial for protecting your innovative work while maximizing your financial opportunities. From copyright to patents, navigating the tax complexities can greatly impact your creative ventures. Let's delve into the essential aspects of intellectual property tax to empower you in your creative journey.
Continue reading >
Tax planning in Oak Brook - Estimated Tax payments
Jul 03, 2024Renata BliumaiteEstimated tax payments are crucial for those with significant income and not ax withholdings, like self-employed individuals and those with income from dividends, interest, capital gains, rents, and royalties.
Continue reading >
Tax planning in Oak Brook - Make mid-year tax moves
Jun 28, 2024Renata BliumaiteStrategy: Focus on your tax picture for 2024. If you wait until the end of the year to start tax planning, you may be too late. Although a mid-year plan can take various forms, here are five common tax-saving moves you might use during the summer.
Continue reading >
Accounting Services in Oak Brook - Think biz taxes at mid-year
Jun 28, 2024Renata BliumaiteWhere does your small business stand midway through the year? Strategy: Estimate your 2024 tax liability. Then, some timely tax moves should be implemented to improve the outlook. Here are five bright tax-saving ideas for small business owners to consider.
Continue reading >
Maximizing Tax Benefits with the 20 percent QBI Deduction for Rental Income
Jun 24, 2024Renata BliumaiteDiscover how rental property owners can leverage the 20% Qualified Business Income (QBI) deduction to reduce tax liability. This deduction applies to self-employed individuals and pass-through entity owners, including landlords reporting rental income on Schedule E. Learn about the eligibility criteria, including how to classify rental activities as a trade or business under IRS guidelines or meet the safe harbor requirements.
Continue reading >
Tax Strategy for Vacation Homes: Charging Rent to Family Members
May 22, 2024Renata BliumaiteLearn how to navigate the complex tax rules surrounding vacation homes by implementing a strategic approach with your relatives. By charging a rental fee when family members stay at your vacation home, you can potentially preserve valuable tax deductions and avoid limitations on tax losses. Discover more about this effective tax-saving strategy and ensure you maximize your benefits under current tax laws.
Continue reading >
Maximizing Mortgage Interest Deductions Under the New Tax Law
May 22, 2024Renata BliumaiteDiscover how you can leverage the Tax Cuts and Jobs Act (TCJA) of 2017 to your advantage when it comes to mortgage interest deductions on home equity loans. By strategically using the proceeds of a home equity loan for home improvements, you can potentially avoid upcoming restrictions set to take effect in 2024. Learn more about this tax-saving strategy and how it could benefit you financially.
Continue reading >
Maximizing Tax Benefits: Understanding Renovation Tax Credits Under the TCJA
May 22, 2024Renata BliumaiteDiscover how the Tax Cuts and Jobs Act (TCJA) impacts tax credits for building renovations. Learn about the preserved 20% historic structures credit and the eliminated rehabilitation tax credit (rehab credit). Understand the application process, requirements, and gradual claiming over five years. Navigate these changes effectively with expert guidance to maximize your tax benefits.
Continue reading >
Tax Treatment of Repairs vs. Improvements: Key Considerations for Businesses
May 22, 2024Renata BliumaiteEnsure your business building maintenance strategy aligns with tax regulations in Oak Brook, IL. Learn how to distinguish between deductible repairs and capitalized improvements to optimize your tax benefits. Contact us for expert advice on navigating the complexities of tax treatments for business property expenses.
Continue reading >
Maximizing Medical Expense Deductions on Your 2024 Tax Return: Uncover Overlooked Deductions
May 22, 2024Renata BliumaiteDiscovering deductible medical expenses on your 2024 tax return might seem daunting, but with careful review, you could uncover expenses that push you beyond the 7.5% of your Adjusted Gross Income (AGI) threshold. Explore our list of 35 surprising deductions and ensure you're not leaving money on the table this tax season.
Continue reading >
Using Your IRA for a Down Payment: A Smart Strategy for Oak Brook Homebuyers
May 13, 2024Renata BliumaiteNavigating the down payment hurdle for your dream home in Oak Brook? Consider leveraging your IRA as a secondary source of funds. While IRAs are primarily for retirement savings, utilizing them for a home purchase can be advantageous, especially with potential exemptions from early withdrawal penalties. Learn how this strategy can help you secure your ideal home without incurring hefty tax penalties, and explore the requirements and benefits of using IRA funds for qualified acquisition costs.
Continue reading >
Mastering Tax Dispute Resolution: Essential Guide for Oak Brook Taxpayers
May 02, 2024Renata BliumaiteNavigate tax disputes with confidence in Oak Brook using our comprehensive guide. Learn key strategies, from gathering evidence to leveraging negotiation and alternative dispute resolution methods. Discover how early intervention and professional assistance can safeguard your interests and achieve favorable outcomes. Whether you're facing IRS disagreements or need expert advice on compliance, our tailored insights empower you to navigate tax challenges effectively.
Continue reading >
Navigating Business Deductions: The Cohan Rule
Apr 29, 2024Renata BliumaiteDiscover how the Cohan rule can help substantiate business deductions without complete records. Learn about its origins from a landmark court case and its application in today’s tax landscape. Find out how credible evidence can support deductions under this rule, offering flexibility in documenting expenses for tax purposes.
Continue reading >
Maximizing Your Home Sale Profit with Proper Tax Basis Calculation
Apr 25, 2024Renata BliumaiteLearn essential tips for calculating your home's tax basis to maximize profit when selling. Understanding the tax basis is crucial as it directly impacts your gain from the sale. Discover how to include purchase price, settlement fees, and adjustments like home improvements to increase your home's tax basis. This knowledge not only simplifies tax calculations at sale but also ensures you take full advantage of the home sale exclusion.
Continue reading >
Understanding Tax Implications of Reverse Mortgages
Mar 19, 2024Renata BliumaiteCurious about reverse mortgages? Learn why payments from a reverse mortgage are not taxable income. Explore how tapping into your home equity can offer financial flexibility in retirement without impacting your tax liabilities. Discover if a reverse mortgage could be the right choice for your financial future.
Continue reading >
Maximizing Tax Benefits for Your Vacation Home Rental
Mar 19, 2024Renata BliumaiteDiscover how to benefit from a unique tax break on your vacation home rental income. Learn why renting out your property for two weeks or less annually can result in no federal income tax obligations. Explore tips for maximizing financial gains while complying with IRS rules. Unlock the potential of your vacation home with this tax-efficient strategy.
Continue reading >
Navigating Tax Audits Without Receipts: Strategies and Considerations
Mar 11, 2024Renata BliumaiteLearn how to manage IRS tax audits effectively without receipts. Discover alternative documentation options like bank statements and canceled checks to support deductions. Get expert advice on handling capital improvements and navigating audits with professional guidance. Protect your financial interests by maintaining accurate records and complying with IRS regulations during tax audits.
Continue reading >
Accelerate Depreciation Deductions with Cost Segregation Studies
Mar 10, 2024Renata BliumaiteDiscover how small business owners can expedite depreciation deductions for commercial buildings through cost segregation studies. Learn about the benefits of reclassifying building components as personal property under MACRS rules and navigating IRS scrutiny with recent Audit Techniques Guide (ATG) insights. Explore expert strategies to accelerate tax savings and enhance cash flow through strategic depreciation planning.
Continue reading >
Securing Your Tax Advantage: The Ins and Outs of Like-Kind Exchanges
Mar 10, 2024Renata BliumaiteLearn about the potential changes to the federal income tax break for like-kind exchanges of real estate and why acting promptly to engage in like-kind real estate swaps can optimize your tax strategy. Discover the criteria and benefits of Section 1031 exchanges and how they can defer taxes on property transactions, provided you comply with IRS regulations and deadlines.
Continue reading >
Obtain tax relief as innocent spouse
Mar 10, 2024Renata BliumaiteLearn about innocent spouse relief and how it can protect you from unfair tax liabilities stemming from errors or omissions on a joint tax return filed with your spouse. Discover the criteria required to qualify for this relief, ensuring you understand your rights and obligations under joint and several liability rules enforced by the IRS.
Continue reading >
Maximizing Cybersecurity Tax Deductions for Your Small Business
Mar 10, 2024Renata BliumaiteDiscover how your small business can maximize tax deductions by investing in cybersecurity measures in 2021. Learn about deductible expenses such as software packages, firewalls, IT compensation, and more, designed to safeguard your business from cyber threats while reducing taxable income. Stay informed about evolving IRS guidelines to optimize your cybersecurity-related deductions effectively this tax year.
Continue reading >
Maximizing Your Medical Expense Deductions: A Guide for 2023
Mar 10, 2024Renata BliumaiteExplore how you can maximize your tax savings by deducting medical expenses under the reduced threshold of 7.5% of adjusted gross income (AGI) in 2023. Discover a comprehensive list of unusual but deductible medical costs, including treatments, equipment, and services that can lower your taxable income significantly. Prepare to claim these deductions strategically to benefit from lower tax liability and potential refunds this tax year.
Continue reading >
Tax Benefits for Energy Efficiency and Electric Vehicles: What You Need to Know
Feb 28, 2024Renata BliumaiteDiscover the tax advantages of energy-efficient home improvements and electric vehicle purchases under the Inflation Reduction Act (IRA). Learn about the 30% credits available for qualifying upgrades and renewable energy installations, alongside incentives for purchasing eligible electric vehicles that meet specific energy standards. Stay informed to maximize tax savings while supporting environmental sustainability initiatives.
Continue reading >
New Tax Legislation: Key Highlights and Potential Impacts
Feb 20, 2024Renata BliumaiteExplore the latest tax legislation highlights passed by the House, including potential expansions to the Child Tax Credit, modifications to business deductions, and incentives for capital investments. Stay informed about upcoming Senate deliberations that could shape future tax policies and impact your financial planning.
Continue reading >
Maximizing Tax Benefits: Student Loan Interest Deduction Explained
Feb 15, 2024Renata BliumaiteDiscover how to leverage the student loan interest deduction to lower your taxable income in 2023. Learn about eligibility criteria, income thresholds, and how this deduction can benefit taxpayers managing student loan repayments after recent policy changes.
Continue reading >
Navigating Tax Implications When Selling Your Small Business in Your 70s
Feb 15, 2024Renata BliumaiteDiscover how staying employed as an employee-consultant after selling your small business in your 70s can delay required minimum distributions (RMDs) from retirement plans. Learn about tax-saving strategies and the benefits of deferring RMDs under IRS rules.
Continue reading >
Understanding Taxation of Reinvested Dividends: A Comprehensive Guide
Feb 07, 2024Renata BliumaiteLearn about the tax consequences of reinvesting dividends in your brokerage account. Discover why even reinvested dividends are taxable income and how to navigate capital gains taxes on appreciated shares.
Continue reading >
Understanding Tax Treatment for Business Mold Removal Costs
Feb 07, 2024Renata BliumaiteDiscover how businesses can navigate tax implications for environmental clean-up costs, including a unique case where mold removal expenses were deductible based on specific IRS criteria. Learn why most clean-up costs are capitalized and explore exceptions under IRS rules for deductions in similar scenarios.
Continue reading >
Maximizing Tax Benefits Through Lifetime Gifts: A Comprehensive Guide
Feb 06, 2024Renata BliumaiteDiscover how to pass valuable assets to family members through lifetime gifts while maximizing tax benefits on your 2023 return. Learn about federal gift tax exclusions and strategic gifting rules to minimize tax liabilities effectively.
Continue reading >
Claiming Worthless Stock Losses on Your 2023 Tax Return: A Complete Guide
Feb 06, 2024Renata BliumaiteLearn how to claim tax relief for worthless stock on your 2023 return, offsetting capital gains and reducing taxable income. Understand the critical steps and timing to substantiate your deduction effectively.
Continue reading >
Deducting Health Insurance for Self-Employed Individuals: Your Comprehensive Guide
Feb 06, 2024Renata BliumaiteDiscover how starting a self-employed business allows you to deduct health insurance premiums above the line on your tax return, providing immediate tax benefits without AGI limitations.
Continue reading >
Investing in Low-Income Housing Credits: A Tax-Favored Opportunity
Feb 06, 2024Renata BliumaiteExplore investing in real estate that generates low-income housing credits—a tax-favored opportunity that supports affordable housing initiatives while offering potential financial benefits.
Continue reading >
Understanding the Saturday Night Stay Tax Strategy for Business Travel
Feb 06, 2024Renata BliumaiteLearn how the Saturday night stay rule for business travel can impact your tax deductions. Discover strategies to optimize savings on travel expenses while ensuring compliance with IRS guidelines.
Continue reading >
Updated 2024 Retirement Plan and IRA Contribution Limits: What You Need to Know
Jan 17, 2024Renata BliumaiteExplore the increased 2024 retirement plan and IRA contribution limits announced by the IRS. Learn how these changes can enhance your retirement savings strategy and maximize tax benefits with expert guidance in financial planning.
Continue reading >
Understanding Limitations and Tax Implications of S Corporations in Real Estate
Dec 28, 2023Renata BliumaiteDiscover the limitations and tax implications of S corporations in real estate for shareholders in Oak Brook, IL. Learn how these constraints impact tax planning strategies and explore alternatives for optimizing business structures with our expert advice.
Continue reading >
Maximizing Your Home Sale Gain Exclusion: A Strategic Approach
Dec 28, 2023Renata BliumaiteLearn how delaying your home sale gain exclusion could maximize tax savings. Discover strategic tips for Millennials in Oak Brook, IL to optimize tax planning and utilize tax breaks effectively. Consult with our expert accountants to navigate the complexities of home sales and tax implications wisely.
Continue reading >
How Long Should You Keep Tax Records? A Guide for Millennials
Dec 28, 2023Renata BliumaiteDiscover why keeping tax records is crucial for Millennials. Learn how long to retain documents, from receipts to real estate records, to comply with IRS regulations and protect your financial interests. Get expert advice from Oak Brook, IL accountants on effective record-keeping practices.
Continue reading >
Understanding Estimated Federal Income Tax Payments for 2024
Dec 28, 2023Renata BliumaiteDiscover the importance of meeting your estimated federal income tax obligations for 2024. Learn how to calculate and manage quarterly payments effectively, ensuring compliance and avoiding penalties. Get expert insights from Oak Brook, IL accountants to streamline your tax planning process.
Continue reading >
Understanding Tax Reporting for Cryptocurrency Gains and Losses
Dec 28, 2023Renata BliumaiteDiscover key insights into reporting cryptocurrency gains and losses for 2023 on your tax return. Understand tax rates, compliance requirements, and essential tips to streamline your tax filing process as advised by Oak Brook, IL accountants.
Continue reading >
Understanding the Deadline and Benefits of S Corporation Election
Dec 22, 2023Renata BliumaiteExplore the advantages and considerations of electing S corporation status for the 2024 tax year in Oak Brook, IL. Learn about tax benefits, liability protection, and the deadline for making this strategic business decision.
Continue reading >
IRS Announces 2024 Standard Mileage Rates for Business and Personal Use
Dec 15, 2023Renata BliumaiteExplore the IRS’s latest updates on 2024 standard mileage rates for business, medical, and charitable purposes in Oak Brook, IL. Learn how these rates impact deductions and tax planning strategies for vehicle use across different purposes.
Continue reading >
Understanding the Latest IRS Updates on Employee Retention Credits (ERC)
Dec 15, 2023Renata BliumaiteStay updated on the IRS's crackdown on Employee Retention Credit (ERC) claims in Oak Brook, IL. Learn about disallowed claims, withdrawal options, and how to navigate ERC eligibility with expert guidance to avoid penalties.
Continue reading >
Understanding the Enhanced Alternative Fuel and Electric Vehicle Charging Tax Credit
Dec 12, 2023Renata BliumaiteExplore the enhanced Alternative Fuel and Electric Vehicle Charging Tax Credit, now extended through 2032. This tax credit covers 30% of qualified property costs for storing alternative fuels or charging electric vehicles, with increased limits up to $100,000 for business use. Discover how Oak Brook residents and businesses can benefit from investing in sustainable energy solutions and reducing carbon footprints while saving on installation expenses.
Continue reading >
Understanding the Energy Efficient Home Improvement Credit for 2023
Dec 12, 2023Renata BliumaiteDiscover the enhanced Energy Efficient Home Improvement Credit for 2023, formerly known as the nonbusiness energy property credit. With increased benefits and annual limitations, homeowners in Oak Brook, IL, can now receive up to 30% of the cost of qualified energy-efficient improvements. Explore how these changes encourage investments in insulation, windows, doors, and more, while promoting sustainability and reducing energy costs.
Continue reading >
Understanding Social Security Benefits: A Comprehensive Guide
Dec 12, 2023Renata BliumaiteDiscover the comprehensive benefits of Social Security in this insightful guide. From retirement income to disability benefits and medical coverage, learn how even minimal contributions can secure extensive financial support throughout your life. Understand why Social Security is more than just a retirement plan—it's a crucial safety net for all Americans.
Continue reading >
Maximizing Tax-Free Scholarships: A Guide for Parents and Students
Dec 04, 2023Renata BliumaiteHere’s how to navigate tax-free scholarships effectively: Understand which scholarships are exempt from tax, such as those used for tuition and mandatory fees. Learn the IRS criteria for determining degree candidacy to maximize tax benefits. For detailed guidance, consult IRS Publication 970, and consider professional advice to optimize educational funding.
Continue reading >
Year-End Tax Planning Guide for Oak Brook Small Businesses: 10 Essential Strategies
Nov 27, 2023Renata BliumaiteDiscover the top year-end tax planning strategies tailored for small businesses in Oak Brook. From maximizing depreciation deductions to leveraging retirement plan credits and optimizing business vehicle depreciation, this guide outlines key steps to maximize tax savings before the year ends. Learn how to navigate tax laws effectively with expert insights to secure your business’s financial future.
Continue reading >