Haney & Company, Ltd.

02/07/2025

In two days, the Kansas City Chiefs and Philadelphia Eagles will be facing off in the Super Bowl and as Bears fans, we do not have much to worry about except the tax implications for the biggest sports event of the year.

Many of the same tax issues these teams must consider also apply to our local clients.

11/15/2024

Child care costs are one of the biggest costs for new families. The tax code provides two different ways to offset those costs, but many do not know how they operate or what yields the best tax benefit.

Check out our article below so you are prepared for enrollment season!

Childcare expenses can consume a significant portion of a taxpayer’s income throughout the year. There are two methods to offset these costs that taxpayers should be aware of.

10/23/2024

With the holidays approaching, many employers begin to consider giving monetary and non-monetary gifts to employees. When the employer does their taxes or the employee receives their paycheck, it may come as a surprise that these gifts may be considered taxable wages.

And as we know, tax-related surprises are rarely welcomed. Be sure to read our short article giving you some tips around employee gifts and make sure your surprises aren't tax-related!

Employers give out gifts at various times of the year, most commonly around the holidays. However, many employers aren't aware that certain types of gifts may be considered taxable wages.

07/24/2024

It is commonly thought that when you gift money to someone, you must immediately file a gift tax return and/or pay taxes but that is not always the case. Planning your gifts and the inheritance you plan to leave behind can be one of the most valuable tax planning conversations.

Our newest article helps break down the basics of gift and estate taxes and how they could apply to you.

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07/04/2024

Happy Independence Day!

05/16/2024

It is summertime which means many of us are beginning those costly home improvements. Revamped for 2023, there are two tax credits than could help offset those costs. Our article helps you know what to be on the look-out for.

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05/02/2024

It is National Small Business Week!

We want to recognize all of our small business clients that not only support our small business but make their communities thrive. The joy from advising small businesses and making them more tax efficient is our Why.

If you are a small business owner, please be sure to check out the IRS's small business resources here: https://www.irs.gov/newsroom/small-business-week

If not, comment your favorite small business!

03/04/2024

Just 42 days left to file your individual tax return and you may be asking yourself, should my spouse and I file separate returns this year?

This is usually when we say it depends, but it most instances filing separate returns is to your detriment. Check out our most recent article for more insight into the answer to this question.

The tax code generally favors filing joint income tax returns but there are a few instances when it is better to file separate income tax returns.

12/29/2023

Do you need to take a required minimum distribution before Dec. 31, but don't want to pay the taxes on the distribution? Look into making a qualified charitable distribution (QCD) instead. Read Below 👇

Do you need to take a required minimum distribution from a retirement account, but don't want to pay the taxes on the distribution? Look into making a qualified charitable distribution.

12/05/2023

Illinois recently approved grants of up to $30,000 for businesses started between January 1, 2020 and December 31, 2021. Grants are awarded on a first-come first-serve basis and the application window closes January 11, 2024.

If you or a friend started a business between these dates, review our blog page or reach out to a Trusted Haney & Company Advisor to see if you may qualify.

On November 16, Illinois announced the B2B NewBiz grant program to provide funding to new businesses established during 2020 and 2021.

11/16/2023

A reminder to all Illinois employers that the Illinois Paid Leave for All Workers Act goes into effect on January 1, 2024. The act mandates that employers provide their employees with 40 hours of paid leave during a 12-month period.

If you have an existing paid time off policy that allows for 40 hours of paid leave within a 12-month period in place prior to January 1, 2024, you may be able to keep that policy and not be subjected to the other provisions in the act.

For employers who do not have a qualified existing paid time off policy, full-time and part-time Illinois employees will now accrue one hour of paid time off for every 40 hours worked. Employees will be eligible to begin using their accrued paid time off within 90 days of their start date. Nearly all employees will be entitled to these benefits with there being very limited exceptions.

Illinois recently released a set of FAQs to assist employers and says further guidance is forthcoming. Should you have any questions, please reach out to your trusted Haney & Company advisor.

Link to FAQs:

The Frequently Asked Questions (FAQs) provided below highlight topics and specific questions that are often asked of the Illinois Department of Labor (IDOL). The information provided in the FAQs is intended to enhance public access and understanding of IDOL laws, regulations and compliance informati...