tax tips

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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Black Friday Savings -Tax Perspectives

We are accountants in Chicago, and we keep an eye on any significant changes that would affect every taxpayer one way or another. Let’s analyze last week’s celebration of our most uniquely American holiday and no, we are not talking about Thanksgiving. We’re talking aboutBlack Friday, our national homage to consumerism, conspicuous consumption, and all things …

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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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Hot Thoughts

What do Margaret Mitchell, Mark Twain, and Shaquille O’Neill all have in common? None of them like paying taxes, that’s what! Here’s a collection of tax quotes to start your day. “Death and taxes and childbirth. There’s never any convenient time for any of them.” Margaret Mitchell “Blessed are the young, for they shall inherit …

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