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@howardtaxprepllc
Illinois Just Banned These Landlord Fees — What You Need to Do Before July 1, 2026
Published: April 10, 2026 | By Howard Tax Prep LLC | Category: Landlord Tax Tips At our Chicago tax preparation office for landlords, real estate investors, and small business owners, we assist landlords with tax planning to reduce their tax burden. Because we specialize in landlord and real estate investor tax preparation, we must stay abreast of laws affecting landlords. If you own…
"Unlike operating expenses (the cost you spend on monthly bills such as internet, rent, office software etc.) for an existing business, start-up expenses can’t automatically be deducted in a single year"
"Stephanie Murrin filed her 1993–1999 tax returns on time. There was no evidence that she personally intended to evade taxes. However, her preparer, Duane Howell, inserted false items on those returns to understate her tax liability. Howell eventually pled guilty to federal tax fraud in 2007—all without Murrin’s knowledge."
"Parents can elect to create a Trump Account for their child during the tax filing process by using form 4547. The IRS has stated that contributions—including the federal $1,000 and private $250—cannot be deposited until after July 4, 2026."
Don’t Leave Money on the Table!3 Year-End Tax Moves That Pay You—Not the IRS.
The goal of this article is simple—to help you put more money back in your pocket. While the IRS probably won’t mail you a check (though that can happen in some instances), the real benefit comes from paying less in taxes. In other words, this article is all about smart tax strategy. I’m breaking down three powerful business deduction moves you can easily understand and put into action before the…
Trump Accounts: Free Money for Newborns Explained
Trump Account In our South Loop of Chicago Tax Preparation office, and our Homewood, IL tax preparation office, we often come across taxpayers who want to legally reduce their income tax bill by using the tax code to their advantage. Many of the hardest hit taxpayers are those who don’t have children, and while this new clause in the OBBBA won’t provide a new tax deduction for those with…
Having a baby this year, or by 2028? The government is giving it $1,000, but there's a catch!
Trump Savings Account. In our South Loop of Chicago Tax Preparation office, and our Homewood, IL tax preparation office, we often come across taxpayers who want to legally reduce their income tax bill by using the tax code to their advantage. Many of the hardest hit taxpayers are those who don’t have children, and while this new clause in the OBBBA won’t provide a new tax deduction for those…
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Hiring Summer Help? Here’s How It Could Earn Your Business Valuable Tax Credits.
As summer approaches, many small businesses look for seasonal employees to help manage increased workloads or to fill in for staff on vacation. Whether you’re hiring teens for temporary help, college students returning home, or individuals looking for part-time employment, you could be eligible for thousands of dollars in federal tax credits—thanks to the Work Opportunity Tax Credit (WOTC). The…
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Congress passed the Mortgage Forgiveness Debt Relief Act in 2007. Thanks to this law, up to $750,000 of “qualified principal residence indebtedness”
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"Congress passed the Mortgage Forgiveness Debt Relief Act in 2007. Thanks to this law, up to $750,000 of “qualified principal residence indebtedness.”
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"if you make qualified energy-efficient improvements to your home after Jan. 1, 2023, you may qualify for a tax credit up to $3,200."
Photo by Ksenia Chernaya on Pexels.com Here in our Chicago South Loop Tax Preparation office and our Homewood Il Tax Preparation office, we work with homeowners and real estate investors that are looking to save on their taxes. As we always say, when it comes to taxes, the best tax benefit is a tax credit, because you receive the amount on a dollar-for-dollar basis, versus tax deductions which…
How to write off startup cost/ expenses on a rental property.
"A special tax rule allows you to deduct up to $5,000 in start-up expenses the first year you are in business, with the remaining cost being deducted over the next 15 years."
In our South Loop of Chicago Tax Preparation office, and our Homewood, Il tax preparation office, we often encounter taxpayers who want to generate additional revenue without having to take on a second job or a time-consuming activity. In most cases, taxpayers express an interest in becoming a commercial or residential landlord; however, prior to becoming a rent-collecting landlord, you’ll likely…
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Will The IRS Accept Your "Reason Why" & Waive Penalties?
Although not often discussed, in some cases, the IRS can waive penalties assessed against you or your business if there was “reasonable cause” for your actions.
Photo by Ketut Subiyanto on Pexels.com In our South Loop of Chicago Tax Preparation office, and our Homewood, Il tax preparation office, we often come across taxpayers who haven’t filed their tax returns in quite some time. However, once a taxpayer chooses to file back tax returns, the IRS and the state Department of Revenue will assess the tax due along with penalties and interest. Although not…
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Make The Closing Statement Work for You When Buying Rental Property.
"When you buy rental property, tax law divides your loan costs into two categories: Costs you incur to obtain the loan. Costs, like points, that decrease the mortgage interest rate."
Photo by Ivan Samkov on Pexels.com In our South Loop of Chicago Tax Preparation office, and our Homewood, Il tax preparation office, we often come across taxpayers that want to reduce their tax bill and save money (legally). Because we specialize in small business owner and real estate investor tax preparation & tax planning, we often come into contact with new landlords. Most of your purchase…
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In our South Loop of Chicago Tax Preparation office, and our Homewood, Il tax preparation office, we often come across taxpayers that want to reduce their tax bill and save money (legally). Because…
Make The Closing Statement Work for You When Buying Rental Property.
In our South Loop of Chicago Tax Preparation office, and our Homewood, Il tax preparation office, we often come across taxpayers that want to reduce their tax bill and save money (legally). Because we specialize in small business owner and real estate investor tax preparation & tax planning, we often come into contact with new landlords. Most of your purchase costs when acquiring a rental…
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Businesses and Rentals Existing on Jan. 1 Must File Ownership information with FinCEN.
Photo by Karolina Grabowska on Pexels.com Here in our South Loop Chicago Tax Preparation office, we assist new entrepreneurs with creating their business entity. Recently we have received questions regarding the new beneficial owner report that FINCEN will be requiring. This article will address the FINCEN business owner reports, the information required, and the businesses that must…
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