Whenever tax time comes around, being a small business owner can be stressful.
You have to keep track of tax deadlines, distribute your employees’ income statements, and complete your business and personal tax return all at once.
With that in mind, you may slip up and make a few tax errors. Here are some common mistakes and how to avoid them.
Underpayment of estimated tax
Continue reading “Avoid These Mistakes If You’re A Small Business Owner”
Like many taxpayers, you may think hey, the deadline is a ways away.
This is a common mistake when it comes to claiming a prior-year refund. We tend to forget that time moves quickly and when the deadline comes around, it becomes an unnecessarily stressful time.
Here’s how to change that.
Dates to remember:
October 15, 2018, was the e-file and extension deadline for your 2017 tax return. After this date, you’re required to paper-file your tax return. Therefore, you can no longer e-file your 2017 tax return.
Continue reading “April 15, 2021, is the Last Day to Claim Your 2017 Refund!”
Gas taxes are on the rise
However, Illinois is one of the states that increased dramatically. The motor fuel tax (such as gasoline, gasohol, and compressed natural gas) doubled from 19 cents per gallon to a whopping 38 cents per gallon.
The diesel fuel tax (such as diesel fuel, liquefied natural gas, and liquefied petroleum gas) increased by 5 cents now making it 45.5 cents.
What’s the reason for the tax hike?
Continue reading “Illinois’ Gas Tax Doubles & What That Means For You”