Wilson CPA Services

Had a great time a couple of weeks ago at the Multi-Chamber Economic Outlook Networking Luncheon & Business Expo! Heard an insightful keynote from Ellen Rissman, Assistant Vice President of Policy and Communications at the Federal Reserve Bank of Chicago. I appreciated her views on the U.S. economy and Illinois more specifically. Plus, I connected with some awesome local businesses at their booths at the expo. 💼📈📊

Enjoyed another Lakeview East Chamber of Commerce event last night! I attended the annual meeting which was held in the 1914 Club this year. It sounds like the neighborhood is thriving with storefront vacancies down 32% year-over-year and the MLB Allstar Game coming to Wrigley in 2027! I also found it interesting that the neighborhood is launching a digital gift card.

The S Corp and partnerships deadline may have passed, but this is still relevant for individuals who will fill out Schedules C and/or E on their individual returns!

With the S Corporation and Partnership deadline quite literally around the corner (Monday, March 16), I wanted to quickly share the most frequently missed deductions I’ve helped clients claim. Here… | Jesse L. Wilson, CPA With the S Corporation and Partnership deadline quite literally around the corner (Monday, March 16), I wanted to quickly share the most frequently missed deductions I’ve helped clients claim. Here they are in ascending order: 🧾 Previous CPA Fees: If you have just switched CPAs, do not forget t...

It’s the second most wonderful time of the year (tax season)! Monday, January 26 is when the IRS begins accepting individual returns.

Our firm is accepting new tax preparation clients (individuals, businesses, and trusts). Please fill out the form on our website to get started. https://www.wilsoncpas.com

*Upcoming Deadlines*
Individuals: April 15, 2026 is the deadline to file and pay taxes.

Businesses: March 16, 2026 is the deadline for S corporations and partnerships to file taxes. April 15, 2026 is the deadline for C corporations, sole proprietors, and single-member LLCs to file taxes.

Estimated Tax Payments: The Q1 deadline is April 15, 2026.

Wilson CPA Services Introducing Wilson CPA Services, your trusted tax advisor.Through tax preparation and planning, we reduce friction and save money for W-2 earners and small business owners. Our approachWe serve individuals and small businesses by giving them the tax support they need. Our mission is to relieve stres...

⏱️Timing is a major part of the equation to take full advantage of the U.S. tax code. Purchasing a vehicle for your business at the end of the year is a common example. If you purchase a vehicle in December, and use the vehicle strictly for business use, you may deduct 100% of the purchase price of the vehicle on your taxes, even if you only made a small down payment. In many cases, using the vehicle 100% for business purposes is a roadblock on this deduction. Choosing to purchase the vehicle toward the end of the year can make it easier to satisfy this criterion.

⚠️As with any tax strategy, there are caveats. One, the vehicle must have an unloaded GVWR (gross vehicle weight rating) of more than 6,000 pounds. This represents the weight of the vehicle without maximum passengers and cargo. Two, if business usage of the vehicle drops below 51% in following years or if the vehicle is sold, previous depreciation claimed as a deduction will be treated as income (i.e., depreciation recapture).

🚗Here are 8 examples of vehicles that you could purchase for your business that would qualify for bonus depreciation. Please note that we have listed curb weight below, which is always lower than GVWR. You can find the GVWR in the driver door or the owner’s manual.

Name of Vehicle | Curb Weight | Base Price

✅2025 Chevrolet Suburban (High Country Trim) | 6,051 lbs. | $82,489

✅2025 GMC Yukon XL (Denali trim or higher) | 6,107 lbs.| $81,753

✅2025 Cadillac Escalade (Luxury trim or higher) | 7,900 lbs. | $90,402

✅2025 Toyota Tundra i-FORCE MAX CrewMax| 6,095 lbs. | $58,654

✅2025 Land Rover Range Rover (P550e SE trim or higher) | 6,025 lbs. | $118,474

✅2025 BMW XM | 6,094 lbs. | $153,914

✅2025 Infiniti QX80 | 6,005 lbs. | $82,540

✅2025 Mercedes-Benz Sprinter 2500 (High Roof Trim) | 6,019 lbs. | $64,862

📲Get in touch with us to discuss this and other tax strategies!

Seeing “IRS” and “audit” in the same sentence can be more intimidating than it actually is. Swipe to learn more about the IRS audit process, and red flags the IRS is looking for.

Has anyone else been receiving multiple calls a day from New York area codes about a tax resolution? Some friends and I have recently experienced this, but tax scams can come in other shapes. Swipe to inform yourself about how the IRS legitimately contacts you and red flags to watch out for.

Are you keeping an eye on mortgage rates? Do you own real estate or are you in the market? If so, keep these real estate strategies in your back pocket. Contact us to discuss more complex strategies like qualifying as a real estate professional.

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