Shelly Dambman, CPA

Shelly Dambman, CPA Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Shelly Dambman, CPA, Accountant, 107 E School Drive, Lanark, IL.

The window to lower your taxes is quickly closing. Here are tips to know when you need a review.
11/24/2023

The window to lower your taxes is quickly closing. Here are tips to know when you need a review.

There is still time left in the year to impact your tax obligation, but only if you act soon. Here are some key triggers that mean a planning session might be in order.

Sales to related parties, like children, grandchildren and siblings can cause tax trouble if you aren't careful. Before ...
11/17/2023

Sales to related parties, like children, grandchildren and siblings can cause tax trouble if you aren't careful. Before you act, call to discuss the specifics of your transaction.

Selling property to family is a common practice, but these transactions can have some unfavorable consequences if not planned for in advance. Here are four common related party situations and tips to help you avoid tax trouble.

As year-end approaches it's important to understand the transaction trends within your mutual funds. Taxable dividends a...
11/10/2023

As year-end approaches it's important to understand the transaction trends within your mutual funds. Taxable dividends and distributions from mutual funds can bring surprising additional taxes.

Year end moves by mutual fund managers often cause tax obligations for their fund owners. These surprises come in the way of 1099 DIV and 1099 B tax forms. Here are some ideas to help manage the problem.

IRS audits are about to become more common place. Your best defense, be prepared. Here are some great ideas.
11/03/2023

IRS audits are about to become more common place. Your best defense, be prepared. Here are some great ideas.

Taking valid deductions on your tax return is your right. Defending your deductions is going to be more common place as the IRS hires more staff. Here are some tips.

Do you know the benefits of municipal bonds? Here is what you should know.
10/27/2023

Do you know the benefits of municipal bonds? Here is what you should know.

With the rise in interest rates, it is time once again to consider investment alternatives versus parking your money in a low interest savings account or in higher risk stocks. Here is a summary of the tax benefits of municipal bonds.

Consider withdrawing money from tax-deferred retirement accounts as soon as you turn 59 to reduce future tax risk on you...
10/20/2023

Consider withdrawing money from tax-deferred retirement accounts as soon as you turn 59 to reduce future tax risk on your Social Security benefits.

A big surprise can occur when you see your Social Security Retirement Benefits being subject to income tax. This additional tax is often triggered by Retirement Account distributions. Are you prepared for this?

$8,400 more of your income is subject to Social Security taxes in 2024. Here are the details.
10/13/2023

$8,400 more of your income is subject to Social Security taxes in 2024. Here are the details.

2024 Cost-of-Living Adjustment (COLA) changes are here. This is what you need to know.

You can start receiving Social Security benefits when you turn 62, but you can give yourself a raise of 8% per year if y...
10/06/2023

You can start receiving Social Security benefits when you turn 62, but you can give yourself a raise of 8% per year if you put it off.

When you decide to start taking your Social Security Benefit can have a big impact on the monthly amount you receive. Plan now to maximize your payments.

Take advantage of all tax-free ideas. Many of them come from your employer. Here are a few to consider.
09/29/2023

Take advantage of all tax-free ideas. Many of them come from your employer. Here are a few to consider.

Not everything is taxed. This is especially true of many employee benefits. Here is what you should know.

Here's an area of the tax code that surprises many with a larger tax bill.
09/22/2023

Here's an area of the tax code that surprises many with a larger tax bill.

Too many taxpayers using a home office or having rental property are surprised by their tax bill when they sell their property. A little understood area of the tax code called depreciation recapture is often the culprit.

Did you know that business meals are deductible but business entertainment isn't? Make sure you keep a detailed expense ...
09/15/2023

Did you know that business meals are deductible but business entertainment isn't? Make sure you keep a detailed expense log distinguishing the two.

If you own your own business, are self-employed or run a side business, can you deduct the cost of client meals? The answer is not so clear after the passage of the Tax Cuts and Jobs Act. Here are some tips to stay on the right side of the new rules.

Reminder: 3Q estimated taxes are due Friday, September 15. Here are some things to consider.
09/08/2023

Reminder: 3Q estimated taxes are due Friday, September 15. Here are some things to consider.

If you have not already done so, please plan to make your third quarter estimated tax payment. The due date is Friday, September 15th.

Address

107 E School Drive
Lanark, IL
61046

Website

Alerts

Be the first to know and let us send you an email when Shelly Dambman, CPA posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category