Alphameric Accounting

Alphameric Accounting Our Specialties Include:
- Representing clients to the IRS
- Assisting insurance audits
- Payroll and quarterly reporting
- Individual Tax Returns

As we write this, mortgage rates are about 3% and interest rates on a typical bank loan are anywhere from 2.5% to 7%. Bu...
03/28/2022

As we write this, mortgage rates are about 3% and interest rates on a typical bank loan are anywhere from 2.5% to 7%. But rates are going up in 2022. So now is the time to lock in lower rates and convert your short-term debt to something longer term.

Pay down your variable, high-interest credit card debt or shift the balance to cards that offer lower rates. Better yet, refinance this debt into a longer-term loan with lower, fixed interest rates, even if that means a second loan on an asset like your house or business property.

If your business is eligible, consider a Section 7(a) fixed-rate loan from a Small Business Administration (SBA) banker where you can borrow up to $5 million for working capital or to refinance existing business debt.

Don't forget these 14 self-employed expenses on your tax return. If you forgot and have already filed, remember them for...
03/23/2022

Don't forget these 14 self-employed expenses on your tax return. If you forgot and have already filed, remember them for next year!

If you're getting a refund, you'll likely get it much faster If you choose the direct deposit option. Avoid any holdups ...
03/21/2022

If you're getting a refund, you'll likely get it much faster If you choose the direct deposit option. Avoid any holdups by making sure you give the IRS the correct account number and routing number.

We like chatting with you! đŸ“±đŸ’»
03/18/2022

We like chatting with you! đŸ“±đŸ’»

Nope! Although a tax deduction and a tax credit both help lower the taxpayer’s tax, there’s a difference between them. I...
03/16/2022

Nope! Although a tax deduction and a tax credit both help lower the taxpayer’s tax, there’s a difference between them. In general, a deduction reduces taxable income, whereas a credit reduces the tax itself.

💰💡Tax deductions reduce the taxable portion of an individual’s income, which then reduces the tax on that income. But tax deductions come in a variety of flavors (itemized, business, etc).

📝đŸ’čTax credits come in several varieties, and the amount of benefit can vary (refundable, nonrefundable, business-tax, etc).

If you’re working harder and harder and putting extra hours into your business, without seeing a significant increase in...
03/15/2022

If you’re working harder and harder and putting extra hours into your business, without seeing a significant increase in revenue and personal income, it might be time to drop those damaging business habits you've let yourself get into.

What are they?

1. No Follow-Up on Perfectly Qualified Leads

2. Being a “One Stop Shop”

3. NOT Asking for the Almighty Referral

Want a deeper dive? Check it out: https://bit.ly/3tZXfmj

KNOW THE DIFFERENCE: Employees pay into their Social Security and Medicare through payroll taxes. Payroll taxes are 15.3...
03/14/2022

KNOW THE DIFFERENCE: Employees pay into their Social Security and Medicare through payroll taxes. Payroll taxes are 15.3%, but there’s one key difference: When you’re an employee, your employer pays half of your payroll taxes (7.65%) and you pay the other half (7.65%).

đŸ˜© When you’re self-employed, you pay the entire 15.3% yourself.

✅ However, when you operate as an LLC taxed as an S Corp, your income is divided between employee paychecks and business profits.

💾 You have to pay income taxes on everything you earn, but you only have to pay self-employment tax on your wages. Depending on your paychecks and total income, that could easily add up to thousands of dollars in annual savings.

We're family owned and operated since 1977! Oftentimes, the transition from generation to generation results in clients ...
03/10/2022

We're family owned and operated since 1977! Oftentimes, the transition from generation to generation results in clients leaving because they doubt the next generation’s ability to provide the same level of expertise or service. We take pride in the fact that NOT ONE of our clients has left the firm. We believe this is due to our family-centric approach to business and the personal connections built through years of hard work.

Give us the opportunity to showcase our passion and commitment, and we promise that through financial success you’ll realize just how much we care about you and your business.

Gotta side hustle? Changes are coming on how you report income on your 1099, including a provision to reduce the reporti...
03/08/2022

Gotta side hustle? Changes are coming on how you report income on your 1099, including a provision to reduce the reporting threshold to $600, effective in 2022. Learn more: https://bit.ly/3pNiir6

The tax system is complicated enough - and sometimes even more so for the self-employed. From not knowing all of your ta...
03/04/2022

The tax system is complicated enough - and sometimes even more so for the self-employed. From not knowing all of your tax deductions or using a personal account to pay for business expenses - mistakes can happen when you go at it alone. That's where we come in! Our team can streamline your processes and manage day-to-day finances so you can focus on running your business. Want to learn more about how we can tailor our services to you? Visit alphamerictax.com/services/

Illinois offers tax-based incentives and credits to help your business create jobs and investment in Illinois. Learn mor...
03/01/2022

Illinois offers tax-based incentives and credits to help your business create jobs and investment in Illinois. Learn more: https://bit.ly/3vzqJKa

Address

3940 W Touhy Avenue # 1
Lincolnwood, IL
60712

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm
Saturday 9am - 1pm

Telephone

(847) 673-8800

Website

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