Accounting Solutions Ltd.

Illinois Raises Sales tax Rates Again

Illinois Raises Sales tax Rates Again The Illinois Department of Revenue (IDOR) is raising various sales tax rates. These changes took effect on July 1st or will begin on August 1st of 2026. Of course, they did this and didn’t tell anyone about it. I only discovered it after one of my jewelry store clients got a phone call about it [....

2M Eligible Workers Locked Out Of The Workforce
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A New Retirement Planning Concept For Entrepreneurs

A New Retirement Planning Concept For Entrepreneurs The number of entrepreneurs between 55 and 64 years old who incorporated new businesses increased 22% over the past decade, compared with a 0.6% increase in total population. I’m also seeing a larger number of entrepreneurs who alter their businesses instead of retiring completely, to provide cont...

What Everyone Needs To Know About The Current Inflation And Interest Rates

What Everyone Needs To Know About The Current Inflation And Interest Rates Consumer prices were up 3.5% in June from a year earlier, beating expectations and improving from the 4.2% inflation rate in May. Most analysts had expected the rate to be at 3.8%. Over the month, consumer gasoline prices dropped substantially from May. But even excluding food and energy products, p...

What We All Need To Know About A Recent Tax Court Decision

What We All Need To Know About A Recent Tax Court Decision Dr. Keith Schumacher and his wife Rhonda are a Nebraska couple engaged in breeding and training horses. They did what many taxpayers with costly hobbies do, or would like to. They claimed their horse interest was a business, making the net losses from it deductible against their other income. In the...

IRS Signals Crackdown On Popular Tax Avoidance Strategy

IRS Signals Crackdown On Popular Tax Avoidance Strategy The Qualified Small Business Stock (QSBS) tax break allows founders to exclude up to $15M in capital gains from the sale of their businesses. The qualifications for this tax break include… 1 – The business must be a domestic C Corporation. S Corporations, partnerships, and traditional LLCs do no...

New Retirement Accounts Get a Major Boost From The IRS And Major Employers

New Retirement Accounts Get a Major Boost From The IRS And Major Employers The accounts known as 530A Accounts (a/k/a Trump Accounts), are available for children under age 18. Parents or guardians of babies born between 2025 and 2028 who open these tax-deferred accounts will receive a $1,000 initial deposit from the U.S. Department of the Treasury. To help fund these inves...

The Idea That Became America

The Idea That Became America Our American Republic and Concept of Democracy wasn’t invented by a single person. Rather, it was synthesized by our Founding Fathers who combined ancient historical models, European Enlightenment philosophy, and over a century of colonial self-rule. The Framers heavily drew their concepts of libe...

IRS Found To Provide Inaccurate Advice To Taxpayers Almost Half Of The Time

IRS Found To Provide Inaccurate Advice To Taxpayers Almost Half Of The Time The Taxpayer Inspector General For Tax Administration (TIGTA) examined the in-person advice being provided to taxpayers on a nationwide basis at the Taxpayers Assistance Centers (TAC). The report shows that TAC staff provided incorrect advice about the tax laws during nearly half of TIGTA’s visits...

Senators Propose One Of The Largest Tax Hikes In History Potentially Affecting Everyone

Senators Propose One Of The Largest Tax Hikes In History Potentially Affecting Everyone Senators Bernie Moreno (R-OH) and Elizabeth Warren (D-MA) made a proposal in a New York Times Op-Ed, to “save” Social Security by lifting the cap on earnings subject to payroll tax. This would result in one of the largest tax increases in recent history. It would amount to the the equivalent of ...