Alvino & Associates, Ltd.

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 (773) 561-9119 to set up your first consultation.

If you're making an IRA contribution - no matter the amount and timing - you're on the right track to boost your retirement savings. If you forgot to make a 2024 contribution by December 31, it may not be too late! You can make a 2024 contribution to a traditional or Roth IRA up until the tax filing deadline of April 15, 2025. For more guidance on IRAs, give us a call at (773) 561-9119.

Businesses can deduct “ordinary and necessary” expenses they incur in the course of operations. If your business claims higher-than-average deductions for your industry, it might be a red flag that triggers an IRS audit. You could have to prove that certain expenses are ordinary and necessary by providing invoices, receipts, contracts and other documentation. Organizing your expense records to stand up to IRS scrutiny doesn't have to be complicated. Let us handle your numbers so you can focus on what matters - running your business. Schedule an appointment with us today at (773) 561-9119.

As a business owner, navigating tax debt and knowing your options for resolving it effectively is essential. By being proactive, the strategies you can take towards tax relief and relieving the burden of financial stress can be easy! Don’t let tax challenges overwhelm you and your business.

Options for Businesses Facing Tax Debt | www.financialhotspot.com Navigating tax debt can be a daunting challenge for any business owner. Whether you're struggling to meet your tax obligations due to unexpected financial setbacks or facing penalties for past non-compliance, it's essential to explore your options for resolving tax debt effectively. From negotiating...

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 (773) 561-9119 today.

Starting a new business? Then you need to set up your accounting. To find out more, call our office at (773) 561-9119 to schedule your first appointment with us. We can help you lay down a proper foundation.

A trust ensures that your assets are transferred to your beneficiaries properly and adhering to your wishes. However, different trusts may affect how the inheritance is transferred. Before choosing a trust, take these tips into consideration to guarantee the right trust for your loved ones.

Choosing the Right Trust for Your Beneficiaries | www.financialhotspot.com When planning your estate, one of the most important decisions you'll make is ensuring your assets are transferred in a way that benefits your loved ones. One tool that can help you do that is a trust. Trusts come in various forms, and choosing the right one for your beneficiaries is crucial. Select...

Searching for a skilled and professional accountant? Look no further! Contact us at (773) 561-9119 to schedule your consultation. We look forward to working together!

Just like going to the doctor for a health check-up, your business needs regular financial check-ups to stay in tip-top shape! Contact us at (773) 561-9119 to ensure your business is on the track for success.

No one likes seeing a lot of their money go straight to taxes. But your savings can grow tax-deferred, or even tax-free, with tax-advantaged accounts. Contributions to traditional IRAs and 401(k)s can be tax-deductible or pre-tax, with no taxes due until money is withdrawn. Contributions to Roth IRAs and 529 plans are after-tax, but qualified distributions are tax-free. Need help figuring out which ones may be best for you? Schedule an appointment with us at (773) 561-9119. We can give you personalized tax guidance.

Are you struggling to balance your debt-to-income ratio? With the right strategies, these struggles can be a thing of the past. Regain control of your finances and work towards a future of financial stability by following these helpful tips to reduce your debt. https://bit.ly/3NPSRRm 📞(773) 561-9119

Tips for Balancing Personal Income and Debt | www.financialhotspot.com Balancing personal income and debt is a challenge many people face at different stages of life. Whether you're paying off student loans, managing a mortgage, or trying to juggle credit card bills, finding the right balance between income and debt can feel overwhelming. However, with the right strate...

Effective accounting and bookkeeping are critical to a business’ success. While related, they have separate functions. Bookkeeping is the recording of daily financial transactions, including payments made and payments received. Bookkeepers also systematically store financial documentation, such as receipts, purchase orders and invoices. In contrast, accounting uses the data bookkeeping maintains to produce financial statements. Analyzing the statements, accountants like us can provide insights that help owners like you evaluate performance and make smart business decisions. For more information, contact us at (773) 561-9119.