AMC Accounting Solutions

As a business owner, it's important that you classify workers correctly as either employees or independent contractors because misclassifying them could trigger an IRS audit. If you treat workers as independent contractors but the IRS considers them to be employees, the tax agency may impose back taxes, interest and penalties. If you're looking for personalized, in-depth tax assistance when classifying workers, you've come to the right place. Contact us today at (630) 848-1197 to set up your first consultation.

Reminder: Those who are blind or 65+ years of age are entitled to an additional standard deduction amount. The exact amount depends on your filing status and other personal details.??Not sure if you’re eligible? Don’t fret – we are here to help you out! Contact us at (630) 848-1197 to get started on your tax assistance today.

Did you know the 2025 contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is $23,500? That’s up from $23,000 for 2024. The limit on annual contributions to an IRA remains $7,000. (Those age 50 or older can make additional catch-up contributions.) Questions about what else has changed this year? Contact us at (630) 848-1197.

Navigating finances as an unmarried couple can be challenging so it is important to approach financial matters with open communication to establish a strategic plan to achieve your long-term goals. Remember, it is all about building a strong financial partnership! https://bit.ly/3WzLbro

If in 2025 you give money or property worth more than the $19,000 annual gift tax exclusion to someone other than your spouse, you may have to pay gift tax. Your gift can still be tax-free if you haven’t used up your lifetime gift and estate tax exemption, which is $13.99 million for 2025. If gift tax is due, usually the giver is responsible for paying it rather than the recipient. Even though recipients aren’t subject to any immediate tax implications, they may have to pay capital gains tax if they sell their gifted property in the future. Need help? You came to the right place - (630) 848-1197.

Getting audited by the IRS can be stressful for a business owner. So it's important to be aware of potential audit red flags when filing your tax return. Reporting lower income than similar businesses in your industry or reporting significantly lower income than you reported in recent tax years can be a red flag for the IRS that you might be underreporting income. Our team can help you file your tax return correctly and with ease and we’ll ensure you claim every tax break you’re entitled to. Contact us today at (630) 848-1197 for your initial consultation.

Under federal tax law, you can give a certain amount of money or assets annually without incurring gift tax. The 2025 annual gift tax exclusion is $19,000 (up from $18,000 in 2024). This means you can give up to that amount to as many people as you like tax-free. You must report gifts beyond the exclusion to the IRS on Form 706, but these gifts might still be tax-free under your lifetime gift and estate tax exemption - which is $13.99 million for 2025. Have questions? Contact us at (630) 848-1197.

There are two main methods for business accounting: accrual and cash-basis accounting. Knowing the benefits and drawbacks of both can help you to determine which better suits the needs of your business needs and financial goals. https://bit.ly/3YupJUC

It's advisable to begin saving money in a retirement account as soon as you can to increase your nest egg. The longer you put off saving, the less time your assets have to grow. Now may be a good time to discuss your retirement plans with a qualified financial advisor like us. We’d love to help you! Contact us today at (630) 848-1197.

Some gifts can be made tax-free without using up any of your $19,000 annual gift tax exclusion or $13.99 million lifetime exemption. Specifically, you can pay an unlimited amount for someone else’s tuition or medical expenses. To be tax-free, the payments must be made directly to the qualified educational institution or health care provider. Understanding the nuances of federal gift tax law can help keep taxes to a minimum - that's where we come in! Give us a call at (630) 848-1197 today.