Importance of Record Keeping for Small Businesses

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 [...]

2024-08-06T10:33:42-07:00August 6th, 2024|Business, financial, Tax, Tax Season|Comments Off on Importance of Record Keeping for Small Businesses

Importance of Personal Tax Planning Throughout the Year

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 [...]

2024-08-06T10:30:41-07:00August 6th, 2024|financial, life insurance, retirement, Social Security, Tax|Comments Off on Importance of Personal Tax Planning Throughout the Year

Illinois’ Income and Property Tax Rebate

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 [...]

2022-08-12T05:20:06-07:00August 12th, 2022|Tax|Comments Off on Illinois’ Income and Property Tax Rebate

10 Things to Do with Your Tax Refund

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 [...]

2022-05-03T09:24:15-07:00May 3rd, 2022|Tax|Comments Off on 10 Things to Do with Your Tax Refund

In Depth Tax Analysis

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 [...]

2021-11-10T07:54:27-07:00October 25th, 2021|retirement, Social Security, Tax|Comments Off on In Depth Tax Analysis

End of the Year Money Moves

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 [...]

2021-11-10T08:17:04-07:00October 5th, 2021|financial, Tax|Comments Off on End of the Year Money Moves

9 Awesome Reasons You Need Lake in the Hills Tax Services

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 [...]

2021-06-23T14:07:48-07:00June 22nd, 2021|Tax|Comments Off on 9 Awesome Reasons You Need Lake in the Hills Tax Services

IRS update on non-taxable unemployment

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 [...]

2021-04-27T09:49:46-07:00April 27th, 2021|Law Changes, Tax|Comments Off on IRS update on non-taxable unemployment

Earned Income Tax Credit – IRS News

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 [...]

2021-01-25T10:53:19-07:00January 25th, 2021|Tax, Tax Season|Comments Off on Earned Income Tax Credit – IRS News

IRS releases information for 2020 filing season

The IRS announces they will be open for filing 2020 taxes on February 12th.  Those who claim Earned Income Credit and possibly additional child tax credit should not expect refunds until March. Most other filers can expect a refund within 21 days of e-filing AND the IRS strongly encourages using e-file and direct deposit. Here [...]

2021-01-18T10:50:37-07:00January 18th, 2021|Tax, Tax Season|Comments Off on IRS releases information for 2020 filing season

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Lake in the Hills, IL 60156

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Elmhurst, IL 60126
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