Shaqildi CPA Group - Accountants & Advisors

03/19/2026

11/12/2025

Businesses involved in some clean energy projects and products are hurt by the One Big Beautiful Bill Act. That’s because it accelerates the phaseout of certain tax credits and adds new restrictions to tax breaks related to solar, wind, and hydrogen power and electric vehicle charging stations. The dates that clean energy tax breaks end vary. Some may be available until 2026 or 2027. Contact us at 708-856-2494 if you have questions about your situation. The date that projects begin construction is critical.

11/11/2025

If you pay more than $10,000 in state and local taxes (SALT), such as property tax and state income tax, a 2025 tax law change could significantly reduce your federal income tax liability. For 2018–2024, the SALT itemized deduction was limited to $10,000. For 2025, you can deduct up to $40,000. But the deduction drops by 30% of the amount by which modified adjusted gross income (MAGI) exceeds $500,000; when MAGI reaches $600,000, the $10,000 cap applies. (Be aware that lower limits and thresholds apply to married taxpayers filing separately.) To maximize your deduction, you may want to take steps to keep your MAGI under the reduction threshold or accelerate property tax payments into 2025. Contact us at 708-856-2494 to discuss whether you can benefit from these or other year-end tax planning strategies.

11/10/2025

Are you suffering from “retirement sprawl?” You might be if you’ve switched jobs several times and left 401(k) plan accounts behind. You may even have a few traditional or Roth IRAs out there. Over time, having many accounts can make managing and tracking retirement investments increasingly difficult. So it’s time to round up those accounts and consolidate them! Contact us at 708-856-2494 for advice on avoiding negative tax consequences in the process.

11/06/2025

The “high-low” per diem method is a simplified way to reimburse employees who travel for your business vs. tracking actual business travel expenses. The IRS announced the 2025–2026 high-low per diem rates that became effective Oct. 1, 2025. The per diem rate for high-cost areas in the continental U.S. is now $319. For other areas, the per diem rate is $225. High-cost rates are available only part of the year in certain areas. If eligible, you can use these rates to reimburse employee expenses for lodging, meals and incidentals when traveling. Contact us at 708-856-2494 if you have questions about efficient and tax-compliant travel reimbursement methods.

11/05/2025

Running a business is challenging. Managing the finances of your business doesn’t have to be. From bookkeeping and accounting to tax planning and business advisory, we provide comprehensive services designed to keep your business on track and winning. Let us handle the numbers so you can focus on what matters most: operating a profitable business. Contact us at 708-856-2494.

11/04/2025

Are you charitably inclined and looking for a powerful year-end tax-saving strategy? Consider donating appreciated publicly traded stock you’ve held more than one year to a qualified charity. You may be able to enjoy two tax benefits: First, if you itemize deductions, you can claim a charitable deduction equal to the stock’s fair market value. Second, you won’t be subject to the capital gains tax you’d owe if you sold the stock. Donating appreciated stock can be especially beneficial if you’re facing the 3.8% net investment income tax or the top 20% long-term capital gains rate this year. To learn more about minimizing capital gains tax or maximizing charitable deductions, contact us at 708-856-2494 today.

11/03/2025

College costs like tuition, books, computers and, generally, room and board have long qualified for tax-free 529 plan withdrawals, with no annual limit. For elementary and secondary school expenses, the limit has been $10,000 per year per student, with only tuition qualifying. Starting with expenses incurred after July 4, 2025, additional K–12 expenses like books and instructional materials also qualify, with the cap increasing to $20,000 per year in 2026. Also effective after July 4, 2025, certain credentialing programs qualify. Call us at 708-856-2494 to discuss how to make the most of 529 plans.

10/30/2025

The most common business structures are sole proprietorships, partnerships, LLCs, C corporations and S corporations. Choosing the right entity has many implications, including the taxes you pay. Although S corps may provide tax advantages over C corps in some cases, there are potential tax problems to assess before converting from C to S status. One issue to consider is last-in, first-out (LIFO) inventory. A C corp that uses LIFO must pay tax on the benefits it derived by using LIFO if it converts to an S corp. Other issues are the built-in gains tax, passive income tax and unused net operating losses. If you’re interested in an entity change, contact us at 708-856-2494 to learn about the implications.

10/29/2025

The chart of accounts is the foundation of a company’s bookkeeping. It organizes every dollar that comes in or goes out. But if your chart is cluttered, inconsistent or poorly structured, your financial reports will be, too. Clear account groupings, consistent labels and alignment with your reporting goals are essential for meaningful financial insights. Contact us at 708-856-2494 to help design a chart of accounts tailored to your business. We’ll make it detailed enough to guide decision-making, but simple enough to stay manageable.

10/28/2025

Beginning in 2025, individuals age 65 or older generally can claim a new “senior” deduction of $6,000 under the One Big Beautiful Bill Act (OBBBA). But if your 2025 modified adjusted gross income (MAGI) exceeds $75,000 ($150,000 if you’re a married joint filer), a MAGI-based phaseout will reduce (or may even eliminate) the deduction. If you’re at risk of the senior deduction phaseout, you can take steps before year end to reduce your MAGI and maximize your deduction. For example, harvest capital losses in taxable brokerage accounts to offset capital gains that would otherwise increase your MAGI. Contact us at 708-856-2494 to discuss additional MAGI-reduction tips and other year-end tax planning strategies.