Scott's Tax and Business Services

Public Service Announcement: If you receive correspondence from the IRS or the Illinois Department of Revenue, it is advisable to refrain from contacting them directly. Instead, reach out to the tax professional who prepared your return, as reputable practitioners will provide guidance and representation on your behalf. Be aware that the IRS will only communicate via mail, never initiating contact through phone calls. At Scott Tax and Business Services, we are committed to assisting you in navigating interactions with the IRS and the State of Illinois. For your peace of mind, we strongly recommend consulting your tax preparation professional or, if unavailable, contacting us for support. We are dedicated to helping you address any concerns related to tax correspondence.

Good Morning!
PSA: Please don’t allow anyone to put on your tax return overtime. If you do not have overtime on your check stub or included in your gross income on your W2 you will have to pay it back and possibly be penalized, It’s not worth it! The IRS is asking for proof of overtime, they already know who has overtime. If you allow someone to put overtime on your tax return this year you will be sorry. Thank you and have a great day!

FYI: if you have overtime and you are wanting to claim your tax-free overtime if you are a server and you have tips and you want to claim your tax free tips on your tax return please understand that you must have your last check stub and your last check stub must itemize and say that it is overtime or double time we just cannot take your word for it. Your last check stub must have overtime on it as far as tips your tips should be on your W-2 and then we will be able to give you that credit.

Next, no tax on car loan interest to qualify for this no tax on car loan interest you must have purchased a car between January 1, 2025 and December 31, 2025. It must be a new vehicle not preowned or used and must have GVW less than 14,000 pounds must be for personal use only and must have undergone final assembly in the USA. If you purchased two vehicles, you must have those VIN numbers, but you cannot qualify for more than two VIN numbers. You must bring your bill of sales and it must show how much tax was added to the vehicle and it must have the loan information.
Please don’t try to do this tax credit on your own please consult a qualified tax professional before you try to do this on your own cause it can mean the difference between a one dollar refund and a $10,000 refund or it can mean the difference between owing $1000 and owing $10,000 so please consult a professional and not try to do this on your own. There are some difficult calculations that must be done.

If you have any questions please contact Scott Tax and Business services at 773-378-4202. 

We have provided a few helpful tips to facilitate your tax season preparations; please do not hesitate to contact us if you require additional assistance.

TAX SEASON ALMOST HERE, ARE YOU READY?

TAX SEASON IS ALMOST HERE!!!!

TAX SEASON IS ALMOST HERE!

Tax season is getting close, are you ready?! It’s time to gather all of your documents and receipts and verification of exemptions and expenses to file your 2025 Tax Return! If you need assistance give us a call 773-378-4202 we are here to help you!

PSA: When having a person prepare your taxes, this is what you should look for:
1. They should have a PTIN that is issued by the IRS. (Personal Tax Identification Number)
2. On the second page of the 1040, their name and company name and address should be there and their printed name and signature.
There are a lot of people that will tell you that they prepare tax returns and don’t have a PTIN and don’t know the current tax law for this year. Tax laws change every year. In addition if they prepare your return and there is no PTIN or their name if there is are discrepancies or you get audited your return looks like you prepared it yourself and there is nothing or no one you can hold accountable! The IRS doesn’t care what you say or who you say did it you are responsible for what is on your return! Please ask questions to the person you are trusting to have access to all your personal information and make sure they are qualified!!!!!
Scott’s Tax and Business Services 38 years of experience and IRS approved!

TAX ADVISORY: we want to teach you how to save for retirement, set up savings and any other personal or business financial bucket list you are planning! Give us a call for an evaluation and consult! Let’s get ready for the new tax season!

Greetings! As we enter the new tax year, it is crucial to prepare all required tax documents. Our experts can help you navigate the changes that may impact you in 2025. Do not hesitate to contact us for assistance.

Tax Season just around the corner!!!! Cash advances on your refund starts January 2, 2024! Must have all of you income statements to qualify! Give us a call 773-378-4202, or email us at [email protected].