Ruman & Associates, Ltd.

Ruman & Associates, Ltd. Ruman & Associates, Ltd. is a tax and accounting firm providing each client with the close attention

Innovation can happen in places you might not immediately think of as research and development.Improving a product, test...
10/07/2026

Innovation can happen in places you might not immediately think of as research and development.

Improving a product, testing a new process, experimenting with materials, or refining how work gets done may involve activities relevant to the R&D Tax Credit. The key is understanding what your business is actually doing and maintaining documentation that supports those activities and related expenses.

Don't rule out the credit based on your industry alone. Have our team take a closer look at your operations to identify potential R&D tax credit opportunities.

Up to $5,120 of the Adoption Tax Credit Is Refundable for 2026 – Did You Know?The Adoption Tax Credit helps eligible fam...
10/06/2026

Up to $5,120 of the Adoption Tax Credit Is Refundable for 2026 – Did You Know?

The Adoption Tax Credit helps eligible families manage qualified costs such as adoption fees, travel, legal services and home studies. In recent years, the credit was nonrefundable: it could reduce a person's federal income tax, but any unused amount generally had to be carried forward.

Under rules that took effect in 2025, part of the credit is now refundable. For tax year 2026, up to $5,120 per eligible child may be refundable, even if the taxpayer owes no federal income tax. Any unused nonrefundable portion may be carried forward for up to five years, but a carryforward cannot become refundable in a later year.

The Adoption Tax Credit is subject to income limits and other restrictions, and the timing of a claim depends on the circumstances of the adoption. A tax professional can help determine whether you qualify and how much credit you may claim.

Good financial decisions start with knowing what your numbers are telling you.Which metrics do you rely on most to measu...
10/05/2026

Good financial decisions start with knowing what your numbers are telling you.

Which metrics do you rely on most to measure your business performance? Cash flow, profit margins, expenses, revenue growth, or something else? Share your answer in the comments.

If your financial reporting could use more structure or clarity, our team can help you build a better system for tracking the numbers that matter.

A new hire can be a smart investment in your practice, but the salary on the offer letter is only part of the financial ...
10/02/2026

A new hire can be a smart investment in your practice, but the salary on the offer letter is only part of the financial commitment.

Payroll taxes, benefits, insurance, retirement contributions, onboarding, and training can all increase the actual cost of adding someone to your team. Looking at the full picture beforehand can help you determine what your practice can comfortably support without putting unnecessary pressure on cash flow.

Planning to grow your team? Give us a call before expanding your payroll so we can help you evaluate the numbers.

Unexpected expenses are easier to manage when you have a financial cushion in place.An emergency fund can help cover unp...
10/01/2026

Unexpected expenses are easier to manage when you have a financial cushion in place.

An emergency fund can help cover unplanned costs without immediately turning to credit cards, loans, or other debt. Building that reserve consistently can give you more flexibility when circumstances change.

Want to strengthen your overall financial plan? Our team can help you identify practical steps based on your goals.

Enhanced Tax Credit Can Help Cover 2026 Childcare Costs – Did You Know? (2/2)If you pay for care for your child under 13...
09/30/2026

Enhanced Tax Credit Can Help Cover 2026 Childcare Costs – Did You Know? (2/2)

If you pay for care for your child under 13 years of age, or for your spouse or other dependent who requires help with basic self-care, then you may qualify for a federal tax credit. The Child and Dependent Care Tax Credit (CDCTC) can help reduce your federal income tax based on care expenses that you pay in order to work or seek work.

The CDCTC is calculated as a percentage of eligible care expenses. As in the past, the credit is subject to phase-down ranges, meaning that the maximum credit amount may decrease based on a person's adjusted gross income (AGI). However, new rules that took effect this year have significantly increased the maximum credit amount for people with AGIs both below and within the phase-down ranges.

For example, a married couple filing a joint return with an AGI of $75,000-$150,000 may qualify for a credit of up to 35% of eligible care costs, up from 20% in 2025. Meanwhile, a single filer with an AGI of $15,000 or less may be entitled to a credit equaling 50% of qualifying expenses. Above $15,000, the rate gradually declines, reaching 35% once AGI exceeds $43,000. A tax professional can help you determine whether you qualify for the CDCTC, and if so, what percentage you may use to figure your credit amount.

Your tax return reflects what already happened. The real value of year round guidance is using your financial informatio...
09/29/2026

Your tax return reflects what already happened. The real value of year round guidance is using your financial information to help determine what comes next.

Growth plans, entity structure, cash flow, tax projections, and major business decisions are all connected. Having these conversations throughout the year gives you more opportunity to plan before decisions are finalized and deadlines arrive.

Your CPA should understand where your business is today and where you want it to go. Start a conversation with us about a more proactive approach to your financial and tax strategy.

Clean books often start with one simple habit: keeping business and personal finances separate.Dedicated accounts make i...
09/28/2026

Clean books often start with one simple habit: keeping business and personal finances separate.

Dedicated accounts make it easier to categorize transactions, monitor spending, prepare accurate financial reports, and maintain clear records for tax purposes. It also means less time sorting through mixed transactions when it's time to review your books.

Need help getting your business finances better organized? Message us to see how our accounting services can support you.

A lower-income year can change more than the amount of tax you owe.Changes in income may affect your eligibility for cer...
09/26/2026

A lower-income year can change more than the amount of tax you owe.

Changes in income may affect your eligibility for certain deductions, credits, contribution strategies, and other tax planning opportunities. Reviewing what changed can help ensure you're making informed decisions based on this year's numbers.

Your tax strategy should reflect your current financial picture. Give our team a call to review what may apply to you.

A year end equipment purchase should start with a business decision, not a tax deduction.The potential tax benefit is on...
09/24/2026

A year end equipment purchase should start with a business decision, not a tax deduction.

The potential tax benefit is only one part of the equation. Cash flow, financing costs, business use, depreciation options, and the expected return on the investment can all affect whether the purchase makes financial sense for your practice.

Considering new equipment before year end? Speak with us before you commit so we can help you evaluate the tax and financial impact first.

Address

477 Butterfield Road Suite 500
Lombard, IL
60148

Opening Hours

Monday 9:30am - 7pm
Tuesday 9:30am - 7pm
Wednesday 9:30am - 7pm
Thursday 9:30am - 7pm
Friday 9:30am - 7pm
Saturday 10am - 3pm

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