tax strategies

Can anyone qualify to own an S-Corporation?

Business Incorporation in Illinois is one of our Accountants in Chicago specialty. That’s why it is very important to know which are the tax savings from operating your ordinary income business under an S-Corp.  However, not everyone is a qualifying shareholder of an S-Corporation.  If you are from a foreign country living here in the U.S. with a ‘Visa’ or …

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Short Sale or Foreclosure – the Income Tax Consequences

We are CPAs in Chicago and provide the following summary for the benefit of Taxpayers in Chicago and surrounding suburbs. These days a lot of home owners or real estate investors are encountering numerous questions about the tax consequences of these situations. That’s why it’s more important than ever for real estate owners to understand …

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MARRIED COUPLES VS. SAME SEX COUPLES? WHO PAYS MORE: BY CHICAGO CPA

The federal 1996 Defense of Marriage Act doesn’t offer tax breaks for gay spouses even more because the federal government doesn’t recognize gay marriage it results in paying as much as $6,000 extra a year for the same sex couples. While filing jointly, as a married couple provides tax benefits, the same sex couples can …

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“Gimme Shelter”—Musicians have a history of seeking tax shelters

Sunday night’s Grammy Awards ceremony illuminated two sides of today’s music industry. On stage, British soul singer Adele cleaned up big time, winning Album of the Year, Record of the Year, and Song of the Year. On the darker side, the night was filled with tributes to fallen angel Whitney Houston, who died Saturday after …

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