Leading Financial Services, Inc.

Tax season will officially kickoff in about a week and half on 1-29-2024. We are preparing things behind the scenes to be able to provide our clients with an exceptional experience no matter what service they need. We can help with tax filing, tax planning, tax resolution, accounting, & payroll. We also offer cash flow management coaching/strategies via our Profit First Professionals certification. We’d love to connect & help ease any anxieties that you may have over any of these situations.

We can help you navigate life changes, give us a call.

When going through a legal separation or divorce, the change in your relationship status also affects your tax situation. has some tips that can help: https://ow.ly/nzTQ50PpU42

Don’t forget to write down your beginning odometer reading for 2023.

We are busy preparing for tax season to begin, which is right around the corner, in order to provide our clients with the best service possible!

Please don’t fall for the commercials that promise to save you lots of money. If you have tax debt or I filed returns, we’d be happy to assist you in clearing thing up so you can have a little less stress in your life. Let us do what we do so you can do what you want to be doing instead of trying to deal with the IRS on your own.

Companies who promise to eliminate tax debt sometimes leave taxpayers high and dry | Internal Revenue Service Tax Tip 2022-103, July 7, 2022 — As the old saying goes: When something sounds too good to be true, it probably is. Taxpayers with outstanding tax bills might be tempted by businesses who advertise and offer to help them reduce their tax debt.

Attention IL residents!

2022 State of Illinois Tax Rebates - 2022 Illinois Tax Rebates Anyone, 5 years of age and older, is eligible to receive the COVID-19 vaccine. Find your nearest vaccination location at vaccines.gov.

New mileage rates starting July 1st. Make sure you track your mileage for each half of the year instead of just giving us a total for the year since there will be 2 different rates for 2022 now.

IRS increases mileage rate for remainder of 2022 | Internal Revenue Service IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

Save your receipts! The IRS is reminding teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses—or $600 per married couple if you're both educators—for the tax year 2022 (the return you'll file in 2023).

And don't forget that the deduction is above-the-line, sometimes called an adjustment to income, so you don't have to itemize to take advantage. Currently, you'll find the deduction on Schedule 1, Part 2, line 11 (see below).

The deduction was previously $250. This is the first time the limit has increased since it was introduced in 2002.

https://www.irs.gov/newsroom/for-the-first-time-maximum-educator-expense-deduction-rises-to-300-in-2022-limit-250-for-those-filing-2021-tax-returns

https://www.washingtonpost.com/politics/2022/02/11/irs-returns-backlog/

IRS backlog hits nearly 24 million returns, further imperiling the 2022 tax filing season The inventory of unprocessed returns and related correspondence was provided by the IRS’s taxpayer advocate service to the tax-writing committees in Congress. The Treasury Department, the IRS’s parent agency, warned in January that it expected its response to be subpar this year.

It’s that time of year again! Let us take care of all of your tax needs this season. Follow this link to schedule an appointment with us: https://go.thryv.com/site/LeadingFinancialServicesInc/online-scheduling

Not available for an appointment? Feel free to upload all of your documents to our secure online portal and we will get started on them ASAP:
IL Client Portal: https://leadingfinancialservicesil.taxdome.com/login
IN Client Portal: https://leadingfinancialservicesinc.taxdome.com/login

If you have any questions, give us a call at one of our locations and we’ll be happy to help:
Algonquin, IL: 224-267-5051
Highland, IN: 219-972-0404

If you are earning money from a hobby, be sure to check these tips: http://go.usa.gov/xdQYX

sending letters to recipients of advance payments and third . Using the information in these letters when preparing your tax return can reduce errors, avoid refund delays. https://go.usa.gov/xt3mm

Wondering what an Enrolled Agent can do for you? They are authorized to represent you to the IRS, which means they can fulfill many functions. For example, they can handle all correspondence with the IRS, talk to local, state, and federal tax agencies on your behalf, and set up installment agreements.

One of the biggest problems for small business owners is passing control of vital parts of the business to someone else. Entrepreneurs feel like super heroes but when it comes to letting go of specific parts of the business it may be very hard, but needed.

By starting to gather your tax documents early, you give yourself and your tax accountant much more time to catch potential mistakes. If there are no complications, then you will end up filing early, which means that you will get your refund back much faster.

While owning a business can provide you with a wealth of new write-offs, it also brings a plenty of additional responsibility. Since not all expenses can actually be considered business expenses for tax purposes, it’s smart to work with a tax accountant for at least a few years until you gain a better understanding of what you can and cannot do.

The Time Period Principle means that financial reports should be reported over a standard time period, typically monthly, quarterly or annually.

What to improve your cash flow? Purchase this video book (currently $2.99 for a limited time) to hear how the system works then contact us so we can be your partner in implementing the system. Even though this is aimed at business cash flow, it can be implemented for personal finances as well, let us show you how.

https://litvideobooks.com/profit

LIT Videobooks LIT is a new platform to watch bestselling business books in a new format called videobooks. Watch the #1 NYT bestseller, Contagious by author Jonah Berger, in an hour. Produced by an Emmy award-winning team. 60% off for a limited time.

There is no better time than now to express how grateful we are to work with clients like you. Happy Thanksgiving!

An IRS audit is never a good surprise. If you're being audited, it can be a good idea to seek advice from an Enrolled Agent. They are authorized to represent taxpayers in dealings with the IRS, so they can make sure you get the most favorable terms possible for things like payments and collections.

Use a filing system that allows you to keep track of all of your deductions and important figures. Organize a system that allows you to categorize all records and paperwork quickly and easily.

You might want to work on creating your IDme account sooner than later!

IRS unveils new online identity verification process for accessing self-help tools | Internal Revenue Service IR-2021-228, November 17, 2021 — The IRS today announced the launch of an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.

Did you know that an un-enrolled tax return preparer cannot sign documents for a taxpayer? They can only represent taxpayers in limited situations before the IRS, revenue agents, and customer service representatives. For expert tax help that can represent you at all levels, contact our Enrolled Agents for tax specialization.

What is your time worth? Hiring an accountant may be more cost effective than you think, by delegating the financials to someone else so that you are free to build and run your business.

Do you know the difference between cash and accrual accounting? Under the cash method, you report income in the tax year you receive it. You usually deduct or capitalize expenses in the tax year that you pay them.

Ever wonder about the origin of the federal estate tax? This was instituted in an attempt to make the tax revenue system more evenly and equitably balanced, leading to Congress (in 1916) for the first time levying a tax upon the transfer of a decedent’s net estate.

In what famous movie did Charles Martin Smith play accountant, Oscar Wallace? a) Capone, b) Hoffa, c) The Untouchables, d) Godfather II. Answer: C. Smith appeared in "The Untouchables" with co-stars Sean Connery, Kevin Costner and Andy Garcia.

What is an Enrolled Agent (E.A.)?

Someone who took an extensive 4 part exam focused on tax law in order to be able to represent clients in front of the IRS. We can handle all your tax filings and communicate with the IRS on your behalf to save you the stress and trouble of representing yourself. Some EAs also offer other services such as accounting/bookkeeping and payroll to name a few.