With the tax season upon us, The Hechtman Group would like to remind you of some important tax opportunities for 2023 which may impact your return. There have not been many drastic changes in the past year. As a result, there are many ways to save on your taxes as there have been in…
This summary of this year’s most common schemes and scams was released just in time to protect taxpayers from losing hard-earned money this tax season In April, the Internal Revenue Service (IRS) released 2023’s edition of their infamous Dirty Dozen list. A coveted record of both old and new scams, the list operates as…
Employee Retention Credit (ERC) related scams are on the rise Every year, the Internal Revenue Service (IRS) releases their infamous Dirty Dozen list. A coveted record of both old and new scams, the list operates as an opportunity to educate taxpayers on the most common scams in a given year. Many of these plots begin…
The tax code is regularly changing with the passing of every year, and it can be time consuming to keep track of all the changes to the fine print. One specific provision that is essential for individuals and businesses to be aware of is the phasing-out of bonus depreciation. With the tax season upon us,…
Becoming a real estate professional creates many loopholes within the tax codes that are applicable to properties and the income generated from them. While there are not many requirements to becoming a real estate professional, the ones that are in place are quite sizable feats. Here, we determine whether becoming a real estate professional is…
With the tax season upon us, The Hechtman Group would like to remind you of some important tax opportunities for 2022 which may impact your return. There have not been many drastic changes in the past year. As a result, there are many ways to save on your taxes as there have been in past…
With the tax season upon us, The Hechtman Group would like to remind you of some important tax changes that occurred in 2021 which may impact your return. Businesses Earlier in the year, Illinois passed an elective pass-through entity tax known as the SALT workaround. This is used for partnerships, LLC’s and s-corporations as a…
Illinois Governor Priztker recently signed the FY22 budget bill which includes new stipulations that could help small business owners save money on their taxes. Signed into law, bill SB2531 provides a workaround for the $10,000.00 state and local (SALT) tax cap. The SALT cap workaround provides IL partnerships and S-corporations the option to elect to…
Last week the SBA published the Paycheck Protection Program (PPP) Loan Forgiveness Application. Although the application is not overly technical, there is flexibility in borrower interpretation of information required which can affect the outcome of the loan amount. (UPDATE): The House approved legislation on May 28th, making it easier for recipients of the PPP to…
After extending the April 15 deadline for income tax payment earlier in the week, Treasury Secretary Steven Mnuchin today announced that the income tax filing deadline has been extended 3 months to July 15. This includes the extension of all income tax payments of any amount. Please note that the filing extension applies only to…