Things to do in Chicago - Part 58
Pullman National Monument
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Best Tax Consultant in Chicago Shares News About Tax Provisions
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Tax provisions change annually, and the upcoming 2022 year is proving to be no different. This means business and personal accounting and bookkeeping will be seeing some changes. Some will be great for the individual and for the business as well. Jeff Badu offers accounting services for individuals and businesses in Chicago, Illinois . He is consistently on the pulse of the tax changes coming from the state and federal governments each year. This year he has noted a few specific elements that deserve some explanation. One of the better tax credits available for the coming year is for electric vehicles. Tax credits of up to $8,500.00 are available for qualifying vehicles. This will be in addition to the normal depreciation allowed on business vehicles. Other green energy options available include an extension on the production tax credit for energy from renewable sources like wind and solar. There is also an increase under Section 48 specifically for solar and wind as well....
Business Tax Consultant In Chicago, IL Discusses When Home Office Can Be Deducted As a Business Expense
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The pandemic changed the way many do business and work. More and more people and businesses realized that working from home was fiscally feasible. Many chose this option and have kept it. Some are now considering what tax options are available to them for a home office. Jeff Badu of Badu Tax Services, LLC., offers business accounting services in Chicago , Illinois. The idea of a home office does come up frequently. There are certain rules that must be met to qualify for a home office. “The biggest one is certain pass-through businesses are allowed the opportunity to claim business office deductions on their personal income taxes,” said Badu The area of the home must be for work and work only. This means no hobbies or other activities are allowed in that area. However, it does not have to be an entire room. “A home office can be a nice deduction provided you meet the necessary requirements. I strongly recommend to all of my clients who would like a home office to contact me...