G & A Loyal Tax Services

Felicidades a unos de nuestros clientes ganadores de la rifa de la temporada de impuestos del 2024!!! Congrats to one of our clients and winner of the tax season’s raffle 2024!!!
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Here are the May 2024 Business Due Dates

May 2024 Business Due Dates

The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep an individual from using gifts to avoid the estate tax that is imposed upon the assets owned by the individual at their death.

Gift and Estate Tax Primer The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep an individual from using gifts to avoid the estate tax that is imposed upon the assets owned by the individual at their death. This can be a significant is...

This SMB guide walks you through the stages of launch, growth, shake-out, maturity, and decline, offering tips that can influence your strategic decisions and operational adjustments at any stage.

Unlocking the Secrets of the SMB Business Life Cycle

Tap into your full potential. Wednesday Wisdom from G & A Loyal Tax Services

Many parents who work or are actively looking for work must arrange for care of their children after the school day ends and during school vacations. If you are in this situation, and your children requiring care are under 13 years of age or disabled, you may qualify for a childcare tax credit.

Tax Facts about Claiming Tax Benefits for Childcare Expenses Many parents who work or are actively looking for work must arrange for care of their children after the school day ends, on weekends when they get called in to work, and during school vacations.

This guide will help you understand and correctly handle payroll taxes to be legally compliant. Learn more.

Payroll Management: A Complete Guide for SMBs

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Design your tax plan with our firm.

While the specific details of Tekashi 6ix9ine's tax issues leading to the seizure have not been fully disclosed, the operation's visibility and targeted items suggest significant tax liabilities.

Understanding IRS Actions: A Detailed Look at Tekashi 6ix9ine While the specific details of Tekashi 6ix9ine’s tax issues leading to the seizure have not been fully disclosed, the operation's visibility and targeted items suggest significant tax liabilities.

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A custodial account is a financial account established by an adult on behalf of a minor. There are two main types. Learn more.

Secure Your Child's Financial Future: The Importance of Establishing Custodial Accounts Early

Using the installment sale method of receiving and reporting the gain from the sale of a capital asset can spread that gain over multiple years and possibly avoid the higher capital gains rates as well as avoid or minimize the 3.8% surtax on net investment income.

Installment Sale – a Useful Tool to Minimize Taxes

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The Recovery Rebate Credit was designed for those who did not receive one or both Covid-19 pandemic-related stimulus checks they were entitled to in 2020. This credit is claimed on the 2020 tax return, allowing taxpayers to receive the amount they were owed as part of their tax refund. It's important to note that the deadline for filing a 2020 tax return for a refund is May 17, 2024.

Reminder: Claims For Recovery Rebate Credit About to Expire The Recovery Rebate Credit was designed for those who did not receive one or both Covid-19 pandemic-related stimulus checks they were entitled to in 2020.

Chicago has been facing significant property tax challenges. Discover how the recent "Mansion Tax" rejection could impact the Windy City.

Chicago's Property Tax Turmoil: Challenges After "Mansion Tax" Rejection Chicago has been facing significant property tax challenges. Discover how the recent ‘Mansion Tax’ rejection could impact the Windy City.

Start your week on the right foot with Monday Motivation from G & A Loyal Tax Services

Focus on the travel planning, leave the tax planning to us.

G & A Loyal Tax Services - Some Friday tax knowledge for our friends and colleagues.

The tax code provides two advantageous ways of saving for your children's education. One covers kindergarten through postsecondary education, but very limited contributions are permitted, and the other benefits postsecondary education with limited distributions available for elementary and secondary school tuition but allows large contributions. Neither provides tax-deductible contributions, but the earnings are tax-free if used for allowable expenses, such as tuition.

How Coverdell and 529 Education Savings Plans Differ The tax code provides two primary advantageous ways of saving for your children’s education. We frequently get questions about the differences between the programs and about which program is best suited for a family’s particular needs.

Discover the essentials of business cyber security, from understanding cyber threats to implementing effective network security measures. Protect your digital assets and fortify your business against cyber-attacks with our comprehensive guide.

A Comprehensive Guide to Business Cyber Security

Farmers and fishers who chose to forgo making 2023 estimated tax payments by January must generally file their 2023 federal income tax return and pay all taxes due by Friday, March 1, 2024.

Many Farmers and Fishers Face March 1 Tax Deadline

The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its final rule regarding whether a worker is an employee or an independent contractor under the federal Fair Labor Standards Act (FLSA). The new rule, which becomes effective March 11, 2024, rescinds the 2021 independent contractor rule issued under former President Donald Trump and replaces it with a six-factor test.

New Employee vs Independent Contractor Rule Effective March 11 The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its final rule regarding whether a worker is an employee or an independent contractor under the federal Fair Labor Standards Act (FLSA).

Unlock the complexities of plaintiff awards and their tax implications. Delve into our expert insights to navigate legal settlements and judgments with clarity. Learn about exemptions, reporting requirements, and more.

Taxing Questions: What You Need to Know About Plaintiff Awards

It matters how you get there. Wednesday Wisdom from G & A Loyal Tax Services

The decision concerning whom you designate as the beneficiary of your traditional IRA is critically important and affects the minimum amounts you must withdraw from the IRA when you reach age 73, who will get what remains in the account after your death, and how that IRA balance can be paid out to beneficiaries.

Naming Your IRA Beneficiary – More Complicated Than You Might Expect The decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important.

Discover the importance of separating personal and business finances for small business owners. Learn how distinct bank accounts and credit cards can streamline bookkeeping, enhance financial reporting, and protect personal assets.

The Importance of Separating Personal and Business Finances

Explore the rising tide of credit card debt in America, now at historic highs, and uncover expert strategies to navigate out of financial distress. From balance transfer cards to repayment methods, learn how to combat debt and reclaim financial freedom.

The Cresting Wave: Wading Through the High Tide of Credit Card Debt