Staunton Accounting Services LLC

10/11/2026

All set up for the trunk or treat 4-6 at Livingston Park.

09/28/2026

Extended individual tax returns are due 10-15-2026. Please have all information to us by October 5th in order for us to file before the deadline.

09/01/2026

Make sure to track donations this year.

There’s a new tax benefit for charitable giving in 2026. Under the Working Families Tax Cuts, taxpayers who don’t itemize may be able to deduct up to $1,000 in cash contributions to certain qualified organizations, or up to $2,000 for married couples filing jointly. See the new charitable contribution deduction rules and find out what qualifies: https://ow.ly/yGkH50ZyczK

07/28/2026

IRS increases mileage rate July 1st

The revised standard mileage rates, effective July 1, are: 76 cents per mile for business, an increase from 72.5 cents, and 23.5 cents per mile for medical and moving purposes, up from 20.5 cents per mile for each. The mileage rate that applies to the deduction for charitable contributions is fixed under Sec. 170(i) of the Internal Revenue Code at 14 cents per mile.

07/28/2026

Illinois Estimated Tax Penalty

Did you recently get a Notice of Tax Due from Illinois?

You are generally required to make estimated tax payments to the state of Illinois if you expect to owe at least $1,000 in state tax for the year after accounting for any withholding and credits. This typically applies to taxpayers who receive income not subject to withholding, such as:

Out of State Workers
Self-employment income
Interest and dividends
Capital gains
Rental income
Business income from partnerships or S-corporations

If you did not pay enough tax throughout the year via withholding or estimated payments, you may owe a penalty even if you are due a refund.

Estimated payments are due in four equal installments (April 15, June 15, September 15, and January 15). If a quarterly payment is missed or short, the 2% or 10% late-payment penalty triggers based on when (and if) that specific quarter's balance gets resolved.

Staunton Accounting Services will give you estimated tax payment vouchers if requested.

It is hard to calculate the penalty accurately. The Illinois department of revenue calculates the penalty using the exact dates the State receives your payment. So we estimate your penalty based on the dates you mailed checks or electronically made payments to the Illinois Department of Revenue. With postage and processing time the dates can vary greatly. The amount we estimate is shown on page 2 of your Illinois 1040 line 34.

04/15/2026

The IRS often delays withdrawing payments due to high volume, weekends/holidays, or processing lags, typically taking 7-10 business days after acceptance. If you filed near the deadline, the debit may occur after April 15th. As long as you scheduled it correctly, no penalties will apply.

04/13/2026

There are only 3 Days left to file your individual 1040 tax returns. If you need an extension, please contact us by email or phone.

03/30/2026