Real Estate Tax Pre-Payment Guidelines
Under New Tax Law
Due to the impending changes that will incur as a result of the new tax law, many of you have asked us about pre-paying your real estate taxes. The challenge of this legislation, is there is not a universal action to implement as it will impact each of you differently. The following are some parameters to consider:
1. If Line 40 of your 2016 tax return is less than $24,000 and you filed as a married person or $12,000 and you filed as a single person, you should pre-pay your taxes.
2. If in the past, you have been subjected to the Alternative Minimum Tax, you will not receive any benefit by pre-paying your income taxes. You can find this tax on line 45 of your 2016 tax return. You should not pre-pay your taxes.
3. If in the past you have not been subject to the Alternative Minimum Tax and Line 40 is in excess of the limits stated above in point 1, you should pre-pay your taxes.
Please check your County Treasurer's website for instructions on how your county is processing the pre-payments.
https://www.cookcountytreasurer.com/prepayment.aspx
https://www.dupageco.org/Treasurer/1831/
https://www.lakecountyil.gov/539/Pre-Payments
https://www.co.mchenry.il.us/county-government/departments-j-z/treasurer/advance-tax
www.willcountytreasurer.com
http://www.kanecountytreasurer.org/
One other point, that will impact many of you. If in the past you have claimed deductions for work related expenses that your employer has not reimbursed you for, such as mileage, cell phone use, home office, meals, etc., these will not be deductible to you after 12/31/17. Our recommendation is you discuss these expenses with your employer and have your employer incur these expenses as they will still be deductible by your employer, just not individuals.
If you have any specific questions, please do not hesitate to contact us and we are happy to discuss your specific situation.
Thank you and Happy Holidays!
WSJ.COM
How Much Will GOP Tax Cuts Affect the Federal Debt?
WSJ Politics
2 October 2017 at 13:08 ·
Republicans will start the process of turning their tax-cut plan into an actual piece of legislation on Capitol Hill this week. WSJ's Jerry Seib explains how the plan will affect the federal debt -- and whether lawmakers care.
WSJ Politics
2 October 2017 at 13:08 ·
Republicans will start the process of turning their tax-cut plan into an actual piece of legislation on Capitol Hill this week. WSJ's Jerry Seib explains how the plan will affect the federal debt -- and whether lawmakers care.
Fast approaching 2014 Tax Return Due Dates and Planning
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KPA clients have always been wonderfully generous in "giving back." Here are some brief guidelines to help insure your philanthropic efforts have the greatest possible impact.
PUBLIC.LPLGRAPHICS.COM
How to Give Wisely and Well
Warmest holiday wishes to all of the KPA family and friends! We look forward to working together with you to achieve a prosperous and successful 2013!
Beware of Statewide Corporate Scam
Illinois Secretary of State Jesse White is warning businesses to beware of a scam targeting Illinois corporations. This is the second attempt this year by this group to swindle businesses. A firm called Corporate Records Service is contacting Illinois businesses in an attempt to collect a $125 fee to fill out a corporation's "Annual Minutes Records Form."
The Illinois Business Corporation Act does not require corporations to file a "Minutes Records Form" or pay such a fee with the state or any private entity. "The problem is that the form this bogus firm is sending out looks similar to our Secretary of State's annual report form," White said. "We are concerned that companies are filing the form and paying the $125 because they believe they are filing their annual report with us, as required by law." The false notice, which is mailed in a green envelope, states that the fee must be paid by November 9, 2012. However, there is no fee due to the state for that purpose. The annual report fee is normally the only fee a corporation would pay.
Illinois corporations should be on the alert for this and other similar attempts to defraud them.
The scam is also currently occurring in Ohio, Florida, Rhode Island, Texas, and Washington. The scam has been reported in Connecticut, Michigan, New York, North Carolina, and Massachusetts.
White is urging anyone who has become a victim of the scam to call the Secretary of State's Business Services Office immediately at 217-782-6961 or 312-793-3380.
The Secretary of State Police is leading the investigation together with other state and federal agencies regarding this deceptive business practice. White is recommending that corporations do not reply to the solicitation. Businesses that have received the notice are encouraged to contact the Secretary of State's Business Services Office at 217-782-6961 or 312-793-3380.
For complete details, please click here
http://www.cyberdriveillinois.com/news/2012/october/121026d1.pdf
Kirkby, Phelan & Associates
Securities offered through LPL Financial
Member FINRA, SIPC
Phone (630) 339-5600
Fax (630) 339-5700
Goal: Help clients achieve their life goals by building lasting relationships, providing education and support as their trusted financial consultants.
CYBERDRIVEILLINOIS.COM
http://www.cyberdriveillinois.com/news/2012/october/121026d1.pdf
