IR-2024-273, Oct. 22, 2024WASHINGTON — The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025.Revenue Procedure 2024-40 PDF provides detailed information on adjustments and changes to more than 60 tax provisions that will impact taxpayers when they file their returns in 2026.Notable changes for tax year 2025The tax year 2025 adjustments [...]
I wanted to take a moment to emphasize the critical importance of record keeping for small businesses. Effective record keeping not only ensures compliance with regulatory requirements but also plays a pivotal role in the strategic management and growth of our company. Here are a few key reasons why maintaining accurate records is essential: Financial [...]
As we continue through another year, I wanted to highlight the significant benefits of engaging in proactive personal tax planning. Whether you're a freelancer, business owner, or employee, effective tax planning can make a substantial difference in optimizing your financial situation and ensuring compliance with tax obligations. We, at Merlak Tax, recognize this and encourage [...]
Many Illinois residents could soon see checks in the mail or money in their bank accounts thanks to new income and property tax rebates this fall, but who is eligible? Under Gov. J.B. Pritzker's Illinois Family Relief Plan, which was approved in April, one-time individual income tax and property tax rebates will be issued to [...]
WHAT TO DO WITH YOUR REFUND: Start an emergency fund - It is recommended that you have 3 to 6 months living expenses set aside for emergencies. What is you got hurt tomorrow and could not work? How would you pay your bills? What if your car breaks down? Using your refund to create [...]
People are asking what can I expect from an in depth tax analysis strategy session. Well, you first will see what tax bracket you are in and where the next cut off is so you can plan for filling that tax bracket. You next will find out what deductions and credits you qualify for plus [...]
End-of-the-Year Money Moves Here are some things you might consider before saying goodbye to 2021. Provided by Carla Merlak What has changed for you in 2021? For some, this year has been as complicated as learning a new dance. Did you start a new job or leave a job behind? That’s one step. Did you [...]
Take the Stress Out of Tax Season with Tax Services in Lake in the Hills! What is your least favorite part about doing your taxes? Is it how long it takes to do them, or is it the uncertainties that arise along the way? Of course, the looming presence of the IRS is also never [...]
For those of you who had unemployment in 2020 and filed prior to mid-March, you probably paid taxes on the full amount of unemployment. The tax law changed to exclude the first $10,200 of unemployment as taxable. For a married couple there is a $10,200 exclusion for each person. The IRS is stating that you [...]
The EITC usually affects the lower income earners with children, but even if you do not have children, it is possible you qualify for the additional credit. Keep in mind that unemployment is not earned income, therefore does not count toward qualifying for the EITC. I believe many people will be surprised when they file [...]
