Reminder: Illinois 2nd Quarter Tax Estimates Due 6/15/20

As you know, in response to COVID-19, Illinois extended the filing deadline and payment due date of the 2019 individual tax return to July 15, 2020. And as you may remember, the state did not extend the due dates for making 2020 estimated tax payments. Therefore, the due date for all 2020 estimated tax payments remain the same with the 2nd quarter due date of June 15, 2020 quickly approaching.

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The Often-Overlooked Tax Issues Related to Hobbies

A hobby exists for pure enjoyment – there’s (typically) no goal to make money or make a living from a hobby. They are passion projects or fun activities that people choose to spend their time on because it makes them happy. But that doesn’t mean that hobbyists don’t make money from their hobby – sometimes they do! Tax law generally does not allow deductions for personal expenses except those allowed as itemized deductions on the 1040 Schedule A, and this also applies to hobby expenses.

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An Introduction to Determining Your Tax Nexus

Audio Blog: Do you know what your tax nexus is and how it impacts your business? In this audio blog, CK Principal Karen Snodgrass gives an overview of nexus, how the Wayfair ruling has affected businesses, and what business owners should be doing to comply with nexus.

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Smart Money Moves to Make When You Turn 50

Congratulations on making it to half a century! Your fifties can be a time of change. Maybe not having to work anymore sounds like a dream, but you might be concerned you don’t have enough saved for your upcoming retirement. Those concerns definitely aren’t unfounded as 40 million households in America have no retirement savings at all.

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Will Moving Out of Illinois Reduce Your Tax Burden?

Audio Blog: If you live and/or own a business in Illinois, you know that taxes have continued to rise. To put it simply, it’s a tough time to be a resident. That’s why many individuals and companies are looking for ways to move out of state and reduce their tax burden.

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A Primer on the Complexities of Gift Tax and Estate Tax

You likely already know that the tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This limit is meant to keep individuals from using gifts to avoid the estate tax that is imposed upon inherited assets. It can be a significant issue for family-owned businesses when the business owner dies, and the business has to be sold to pay the resulting inheritance (estate) taxes. This is, in large part, why high-net-worth individuals invest in estate planning.

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The Unexpected Tax Consequences from Crowdfunding

Many crowdfunding platforms such as GoFundMe, Kickstarter and Indiegogo have fees ranging from 5% to 9%. Each platform specifies its own charges, limitations, and withdrawal processes. And in addition to those fees, funds raised may be taxable, depending on the purpose of the campaign. Here’s how each type of crowdfunding goal is taxed.

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