Illinois Income Tax Update

As you have heard, the Illinois legislators passed an income tax hike earlier this month which is effective July 1, 2017.  What does this mean for you? Illinois income tax rates increased from 3.75 percent to 4.95 percent for individuals, trusts and estates. Beginning...

2017 Mileage Rates

The Internal Revenue Service has issued its 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2017, the standard mileage rates for the use of a...

Deducting Business Education Expenses

The rules for business education deductions are as follows: You must already work in the business the education relates.¹ You must have already met the minimum educational requirements for the work.² If your education meets the above requirements, the rules let you...

Failed Rental Property Purchase Tax Procedure

When your attempt to purchase rental property fails, two types of costs are considered Capital acquisition costs Start-up expenses Capital acquisition costs are those costs that you capitalize and add to basis.  Two examples of rental capital acquisition costs are...