When Should an LLC Consider an S-Corp?
An S-Corp may reduce taxes for some business owners, but there is no magic profit threshold. Learn what factors determine whether it makes sense.
Year-End Financial Review for Business Owners
Learn what business owners should review before year-end to understand where their business stands, prepare for tax planning, and address financial issues while there is still time.
Why Accurate Bookkeeping Matters for Year-End Tax Planning
Year-end tax planning starts with reliable numbers. Learn how accurate bookkeeping supports tax projections and helps business owners evaluate potential tax-planning opportunities before year-end.
Behind on Bookkeeping? Why You Should Catch Up Before Year-End
If your bookkeeping is behind, waiting until tax season may mean missing valuable time for year-end tax planning. Learn why accurate, current books matter before the year ends.
2025 Tax Bill: What’s Included
The 2025 Tax Bill—officially titled the One Big Beautiful Bill Act (OBBBA)—has been signed into law, bringing major tax changes for individuals, families, and small businesses. At DuPage Tax Solutions, we’ve reviewed the final legislation and summarized the key tax provisions that could impact your finances starting this year.
Business Tax Myths Exposed
Running a business means juggling countless responsibilities, especially when it comes to taxes. With laws frequently changing, keeping up with your federal, state, and local tax obligations can feel overwhelming. When it comes to small businesses, misinformation is everywhere. Below, we clear up several common misconceptions that could be costing you.
Turn Travel into a Tax Deduction
Did you know your next vacation could qualify as a tax deduction? With the right strategy, travel can become a powerful business write-off. In this guide, we break down how to structure your travel to stay compliant with IRS rules.
Tax Strategies for Individuals
Proper tax planning and documentation are crucial to saving money and ensuring compliance with IRS rules. Many taxpayers miss out on valuable deductions because they fail to track expenses or keep receipts. By staying organized and informed, you can make the most of available tax-saving opportunities.
2024 Retirement Plan Changes
Retirement plans often undergo regular annual updates, and 2024 is no exception. The SECURE 2.0 Act of 2022 brings significant updates to retirement plans, with several key provisions that took effect in 2024. These changes aim to enhance retirement savings, provide greater flexibility, and expand opportunities for taxpayers. Below are the updates specific to the 2024 tax year:
Tax-Loss Harvesting: Lower Your Taxes
Tax-loss harvesting is a strategy that can significantly reduce your capital gains tax. By selling investments at a loss, you offset the gains you’ve made on other assets, potentially lowering your tax liability. While this approach can be highly beneficial, understanding its mechanics and the rules involved is key to effectively leveraging it.