Tax Insights & Updates

QTA Tax Blog

Stay informed with the latest tax strategies, law updates, and expert insights from our experienced tax professionals.

Jun 12, 20265 min read

The Retirement Tax Trap: 10 Costly Mistakes You Might Be Making Right Now

Many retirees assume their taxes will automatically drop once they stop working—but the retirement tax system is full of traps. Here are 10 costly mistakes, from missed Roth conversions to the Medicare IRMAA surcharge and RMD timing, and how to protect your nest egg.

Business Tax

Jun 12, 20265 min read

Business Tax Account Expands to Partnerships & S Corps

The IRS has expanded its online Business Tax Account (BTA) to partnerships and S corporations—letting authorized partners and S corp officers view tax records, make payments, and manage obligations without calling or mailing the IRS.

Small Business

Jun 12, 20265 min read

Trump Accounts Open This Month

A brand-new tax-advantaged savings account for children—the Trump Account—opens for contributions July 4, 2026. Eligible newborns get a $1,000 federal seed deposit, and employers can contribute up to $2,500 per child tax-free. Here's how it works.

New W-2 Reporting Requirements for Tips & Overtime

Small Business

Jun 12, 20265 min read

New W-2 Reporting Requirements for Tips & Overtime

The OBBBA's no-tax-on-tips and no-tax-on-overtime deductions created new W-2 reporting obligations for employers. Starting with 2026 wages, qualified tips and overtime must be reported separately—here's how to update your payroll.

Six Smart Ways to Give to Charity Before Year-End

Tax Planning

Jun 12, 20265 min read

Six Smart Ways to Give to Charity Before Year-End

Summer—not December—is the right time to plan charitable giving. From bunching and donor-advised funds to QCDs and charitable remainder trusts, here are six techniques to give more tax-efficiently in 2026.

Tax News

Jun 11, 20265 min read

1099 Threshold Jumps to $2,000

Starting with payments made in 2026, the threshold for issuing Form 1099-NEC to independent contractors rises from $600 to $2,000 under the OBBBA. But the backup withholding rules haven't changed—here's what to update in your accounts payable process.

Small Business

May 14, 20265 min read

Accountable Business Expense Plan

Employees of the company will be reimbursed for ordinary and necessary business-related expenses incurred while performing services as an employee in accordance with the following guidelines.

HSA Changes by Oak Brook Tax Accountants

Small Business

May 14, 20265 min read

HSA Changes by Oak Brook Tax Accountants

Health savings accounts have long been one of the most tax-efficient benefits a small business can offer employees—contributions are tax-deductible, growth is tax-free, and qualified withdrawals are tax-free.

Tax Planning

May 14, 20265 min read

Check Your Withholding

With nearly half the tax year behind you, now is a good time to run the IRS Tax Withholding Estimator at irs.gov.

Retirement Savings via TrumpIRA by Oak Brook tax

Retirement Planning

May 6, 20265 min read

Retirement Savings via TrumpIRA by Oak Brook tax

Established by Executive Order in April 2026, this is a federal marketplace designed to help workers (especially freelancers and contractors) find low-cost retirement plans.

Do you have elder parents that do not qualify for Medicaid? by tax accountant in Oak Brook

Tax Planning

May 5, 20265 min read

Do you have elder parents that do not qualify for Medicaid? by tax accountant in Oak Brook

The core idea is simple: You buy your parents' home at its current market value. Instead of your parents moving out, they stay in the house as your tenants.

Real Estate

May 4, 20265 min read

Swap Real Estate tax-free! by tax accountant Oak Brook

Strategy: Arrange a "like-kind exchange" of properties. Under Section 1031 of the tax code, no current tax is due on the swap if certain requirements are met.

Give 'til it hurts by Tax Services Oak Brook, Illinois

Tax Planning

Apr 29, 20265 min read

Give 'til it hurts by Tax Services Oak Brook, Illinois

Strategy: Increase your charitable gift-giving in 2026. Under the new One Big Beautiful Bill Act (OBBBA), you can claim a charitable deduction even if you don't itemize deductions. But the new deduction for nonitemizers has its limits. Once you exceed the annual threshold, the excess is nondeductible.

Retirement Planning

Apr 17, 20265 min read

QnA with QTA: Tax dominos fall on RMDs

Will required minimum distributions from your IRA increase the tax on your Social Security benefits? In this Q&A, we explain how RMDs affect provisional income and the thresholds that trigger Social Security taxation.

Retirement Planning

Apr 17, 20265 min read

Invade your IRA without penalty

Need to tap your IRA before age 59½? The 10% early withdrawal penalty has built-in exceptions for substantially equal payments, medical expenses, first-time home purchases, and education costs.

Business Tax

Apr 17, 20265 min read

5 tax perks of hiring your spouse

Short-staffed at work? Hiring your spouse as an official employee opens up retirement contributions, business travel deductions, health insurance savings, education assistance, and group-term life insurance benefits.

Business Tax

Apr 17, 20265 min read

Pump up tax breaks at gym

Setting up a gym or athletic facility on your business premises can be a tax-free fringe benefit for employees—and a deductible expense for your business. Learn the rules under Section 132.

Tax Planning

Apr 17, 20265 min read

Swap real estate tax-free!

Despite a recent tax law crackdown, you can transfer real estate worth six or even seven figures out of your hands without paying one red cent in federal income tax. Learn how Section 1031 like-kind exchanges work.

Tax Planning

Mar 26, 20265 min read

Need more time to file? Take it

Having trouble pulling together everything for your 2025 return? The IRS provides an automatic six-month extension. Learn how to use Form 4868 and avoid underpayment penalties.

Tax News

Mar 26, 20265 min read

Fast-track R&E deductions

The One Big Beautiful Bill Act restores immediate R&E expense deductions retroactive to 2025. Learn how this change and the Alternative Simplified Credit can benefit your business.

Big Tax Refunds This Year: Why 2025 Refunds Are Higher Than Ever

Tax News

Mar 16, 20265 min read

Big Tax Refunds This Year: Why 2025 Refunds Are Higher Than Ever

Experts have said this year's tax refunds will be bigger than in years past, thanks in large part to several tax breaks for individuals in the OBBB that first took effect in 2025.

Understanding 1099-K on eBay: Do You Owe Taxes When Selling Personal Items?

Tax Preparation

Mar 16, 20265 min read

Understanding 1099-K on eBay: Do You Owe Taxes When Selling Personal Items?

I sold some personal items on eBay last year. Do I owe tax on the sales? Yes, provided you have gain from those sales. Here's what you need to know about the $600 reporting threshold and 1099-K rules.

Are Your Loved One's Lodging and Meal Costs at a Long-Term-Care Facility Tax-Deductible?

Tax Deductions

Mar 16, 20265 min read

Are Your Loved One's Lodging and Meal Costs at a Long-Term-Care Facility Tax-Deductible?

Key IRS criteria for chronically ill patients: lodging, meals, and medical costs at a long-term-care facility may qualify as deductible medical expenses.

Tax Deductions

Mar 6, 20265 min read

Self Employed Can Deduct Tips

Eligible self-employed individuals can deduct up to $25,000 of their tips — but only if they receive the right forms. Here's what you need to know about the new write-off.

Capital Gains

Mar 1, 20265 min read

Bypass Capital Gains Tax Break

Normally, investors who sell assets like securities may benefit from favorable long-term capital gain treatment. But sometimes it pays to forfeit that break — here's when and why.

Tax Deductions

Mar 1, 20265 min read

5 Wild and Crazy Tax Deductions

Think outside the box on your 2025 return. You may be entitled to write-offs that initially appear to be wild and crazy. Here are five real examples approved by the IRS and Tax Court.

Estate Planning

Mar 1, 20265 min read

Estate Tax Shelter

With careful planning, most families can avoid dire federal estate tax consequences. Learn how the deceased spousal unused exemption (DSUE) election can shelter up to $30 million for married couples.

DO YOU FILE SCHEDULE A, if yes read the updates

Tax Planning

Feb 24, 20265 min read

DO YOU FILE SCHEDULE A, if yes read the updates

The number of filers who itemize has dropped sharply since 2017. But if you still file Schedule A, major changes from the One Big Beautiful Bill affect your SALT cap, charitable deductions, and total itemizations.

Real Estate

Feb 20, 20265 min read

Why an S-Corporation Should NOT Be the Holding Company for Your Real Estate Investments

If you own rental properties and you're holding them inside an S-Corporation, you may be setting yourself up for unnecessary taxes, lost deductions, and costly legal headaches.

Real Estate

Feb 19, 20265 min read

Installment Sale Real Estate: How to Spread Out Capital Gains Taxes and Simplify Your Property Sale

Learn how an installment sale can help you defer capital gains taxes, attract more buyers, and create steady income from your real estate sale. Complete guide with examples.

Income Tax Planning in Hinsdale: A Local Guide to Maximizing Your Tax Savings

Tax Strategy

Feb 16, 20265 min read

Income Tax Planning in Hinsdale: A Local Guide to Maximizing Your Tax Savings

Hinsdale residents face unique tax challenges due to high property values and complex income streams. Learn proven income tax planning strategies from a local tax consultant to reduce your tax burden and protect your wealth.

Home Sale Tax Exclusion After Divorce: Oak Brook Tax Guide

Tax Strategy

Feb 13, 20265 min read

Home Sale Tax Exclusion After Divorce: Oak Brook Tax Guide

Fortunately, the federal home sale gain exclusion will often shelter from federal income tax most, if not all, of the gain from the sale of an appreciated home. But problems can arise in divorce situations.

Which Medical Expenses Are Not Tax-Deductible? by Local Tax Accountant

Tax Deductions

Dec 22, 20255 min read

Which Medical Expenses Are Not Tax-Deductible? by Local Tax Accountant

Are medical bills tax-deductible? Yes, but only under certain circumstances. Before claiming any medical expense deductions, there are important details to consider. For insights, Renata Bliumaite, EA prepared the list of deductions.

Tax Strategy

Dec 19, 20255 min read

16 Tax Strategy Ideas for Managing Divorce and Home Sale by Local Tax Accountant

Selling it can evoke feelings of loss and disconnection. Acknowledge these emotions and allow yourself the time to grieve what the home represented. Understanding the emotional side can help you navigate this turbulent process more effectively.

Trump accounts begin to kick in 2026 by Local Tax Accountant

Tax News

Dec 18, 20255 min read

Trump accounts begin to kick in 2026 by Local Tax Accountant

They're a new type of tax-advantaged savings account for young children who have a Social Security number and who are under the age of 18. Trump accounts were enacted under the "One Big Beautiful Bill." They're traditional IRAs, with some distinctions.

Tap 401(k) for tax-free loan - by Local Tax Accountant

Retirement Planning

Dec 15, 20255 min read

Tap 401(k) for tax-free loan - by Local Tax Accountant

Although your 401(k) plan is designed to grow retirement savings, it can potentially be tapped for instant cash if you have nowhere else to turn. Strategy: Borrow from your 401(k), when necessary and if your plan allows it.

Zone in on tax opportunities by Local Tax Accountant

Tax Strategy

Dec 15, 20255 min read

Zone in on tax opportunities by Local Tax Accountant

The new One Big Beautiful Bill Act (OBBBA) boosts tax benefits for taxpayers who invest in low-income communities. Strategy: Investigate the Qualified Opportunity Zone (QOZ) program.

Capital Gain TAX Explosion by Local Tax Accountant

Capital Gains

Dec 10, 20255 min read

Capital Gain TAX Explosion by Local Tax Accountant

Over the past decade, many homeowners in the U.S. have witnessed a substantial increase in their net worth due to skyrocketing residential property values. However, this financial gain may lead to significant tax implications, particularly for older homeowners.

Tax Strategy

Dec 04, 20255 min read

Tax Strategy consulting - IRS's Opportunity Zone regime is permanent…

And revised for investments made after 2026. The program allows taxpayers to defer capital gains from the sale of business or personal property by investing proceeds in Qualified Opportunity Funds to help the development of low-income communities.

Income Tax

Dec 04, 20255 min read

Income Tax Help - Tips and Overtime Pay

What's new: Tips and overtime pay are exempted from income taxes up to certain limits whether you take the standard deduction or itemize on your return.

Tax Deductions

Dec 04, 20255 min read

Income Tax Help - Planning To Buy a Car

What's new: Effective for tax years 2025 through 2028, you may deduct interest paid on auto loans from your AGI.

Charitable Giving

Dec 04, 20255 min read

Income Tax Help - Donations to Charity

What's new: Starting in tax year 2026, taxpayers who take the standard deduction still can get a tax break for giving $1,000 (individuals) and $2,000 (married filing jointly) to qualified charities.

Income Tax Help - Saving For A Child's Future

Education

Dec 04, 20255 min read

Income Tax Help - Saving For A Child's Future

What's new: Starting in tax year 2026, you can withdraw double the amount of assets ($20,000) annually from 529 plans for K-12 education and qualifying expenses.

Property Tax

Dec 04, 20255 min read

Income Tax Help - High Property Taxes

What's new: The OBBBA raises the State and Local Tax (SALT) deduction for income and property taxes aid at the local and state level for taxpayers who itemize on their returns for tax years 2025 through 2029.

Senior Tax

Dec 04, 20255 min read

Income Tax Help - OBBBA OVER AGE 65

What's new: Seniors get a $6,000 bonus deduction that will allow many to reduce or avoid taxes on Social Security benefits by bringing their income below levels that trigger taxation of those benefits.

Local Tax Accountant - Dear Clients, OBBBA Update

Tax News

Nov 18, 20255 min read

Local Tax Accountant - Dear Clients, OBBBA Update

I hope this message finds you well! As your accountant, I want to share some important updates about tax laws that may affect you. Here's a breakdown of the updates, simplified for easy understanding.

Retirement Planning

Nov 17, 20255 min read

Spread out a Roth conversion

Strategy: Take current and future tax rates into account. The new One Big Beautiful Bill Act (OBBBA) removes some uncertainty by preserving existing individual federal income tax rates for 2026 and beyond.

Take the up-to-$10,000 deduction for interest paid on loans to buy a vehicle.

Tax Deductions

Nov 06, 20255 min read

Take the up-to-$10,000 deduction for interest paid on loans to buy a vehicle.

The "One Big Beautiful Bill" provides several new tax breaks for individuals. Take the up-to-$10,000 deduction for interest paid on loans to buy a vehicle.

Business Tax

Oct 21, 20255 min read

Uncover 7 year-end biz breaks

As with individuals, your small business can benefit from savvy tax planning at the end of the year. Basic strategy: Dig deep in 2025. The One Big Beautiful Bill Act (OBBBA) contains several nuggets for business owners.

Tax Planning

Oct 21, 20255 min read

10 post-OBBBA personal tax moves

The end of the year is the traditional time for tax planning for individuals. Basic strategy: Go whole hog this year. Due to changes in the One Big Beautiful Bill Act (OBBBA), astute taxpayers can create additional tax savings.

Corporate Tax Services Explained: 5 Strategies for Smarter Compliance

Business Tax

Oct 06, 20255 min read

Corporate Tax Services Explained: 5 Strategies for Smarter Compliance

Corporate taxes are complex and risky, but compliance is essential. Expert tax consultants simplify rules, uncover savings, and build long-term strategies that keep your business audit-ready.

Income Tax Help: 5 New Tax Law Changes for businesses

Business Tax

Sep 23, 20255 min read

Income Tax Help: 5 New Tax Law Changes for businesses

The OBBB has tax breaks for businesses. Business lobbying groups pushed Congress hard for certain expiring and expired business tax breaks to be restored and extended. They got their wish.

Professional Accountant: Cafeteria Plan Deadline 10-01-2025 : Offer cafeteria plan choices

Business Tax

Sep 17, 20255 min read

Professional Accountant: Cafeteria Plan Deadline 10-01-2025 : Offer cafeteria plan choices

Strategy: Set up a Section 125 "cafeteria plan." As the name implies, your company provides a menu of fringe benefits for employees to pick and choose from.

Accounting

Sep 10, 20255 min read

Why Professional Accounting Services Are Essential for Small Businesses

Running a small business means juggling endless tasks, and accounting often gets pushed aside. But DIY bookkeeping can lead to costly mistakes, missed tax breaks, and compliance issues.

Tax planning in Oak Brook: Seek tax relief for missed RMD

Retirement Planning

Aug 31, 20255 min read

Tax planning in Oak Brook: Seek tax relief for missed RMD

The IRS can penalize you if you fail to take required minimum distributions (RMDs) from IRAs and retirement plans on time. But recent tax legislation eased the tax pain.

Tax Preparation

Aug 31, 20255 min read

Income Tax Preparation: Avoid 6 new tax law pitfalls "One Big Beautiful Bill Act" (OBBBA).

Alert: The new law also contains some red flags. It's important to notice them and react accordingly.

Accounting

Aug 19, 20255 min read

8 Signs It's Time to Switch Your Accounting Firm

Choosing the right accounting firm is crucial for the financial health of your business. However, as your business evolves, your accounting needs may change, too.

Real Estate

Aug 13, 20255 min read

Real Estate Accounting: Speed up building savings

It generally takes 39 years—nearly half a century—to completely depreciate the cost of a business building. By that time, you or your business may no longer be around to celebrate.

Real Estate

Aug 05, 20255 min read

15 Real Estate Accounting Mistakes to Avoid in Oak Brook, IL

Real estate accounting can be a challenging landscape to navigate, especially in a dynamic market like Oak Brook, IL. Avoiding common mistakes is crucial for real estate professionals.

Navigating the One Big Beautiful Bill: Key Tax Changes Coming in 2025 and Beyond

Tax News

Jul 25, 20255 min read

Navigating the One Big Beautiful Bill: Key Tax Changes Coming in 2025 and Beyond

Tax changes take effect this year and next… Thanks to the massive new federal legislation commonly referred to as the "One Big Beautiful Bill," which President Trump signed as promised on July 4.

Tax Strategy

Jul 25, 20255 min read

Tax Strategy Consulting Oak Brook - Dodge underpayment tax penalty

Are you in danger of owing a penalty for underpaying taxes in 2025? There's still time to right the ship.

Tax Strategy

Jul 20, 20255 min read

10 Tax Strategy Consulting Tips for Saving Big This year

Navigating the world of taxes can feel overwhelming, but with the right strategies, it doesn't have to be. Whether you're running a business or managing personal finances, understanding tax strategies can lead to significant savings.

Study a way for deducting tuition - Accountant in Oak Brook

Education

Jul 20, 20255 min read

Study a way for deducting tuition - Accountant in Oak Brook

It's almost time for college students to return to school.

7 Key Steps to Optimize Your Gift Tax Planning Strategy

Estate Planning

Jul 17, 20255 min read

7 Key Steps to Optimize Your Gift Tax Planning Strategy

Gift tax planning can feel like navigating a maze, but with the right strategy, it becomes an easily manageable process. Whether you're planning for future generations or looking to make the most of your gifts.

Investments

Jul 14, 20255 min read

Tax Planning - Tax angles to 8 top investments

If you're a savvy investor, you've probably diversified among several asset classes. Strategy: Build taxes into the equation. The differing tax implications for investments can have a significant impact.

5 new tax breaks for small biz - accounting services

Business Tax

Jul 09, 20255 min read

5 new tax breaks for small biz - accounting services

The "One Big Beautiful Bill Act" (OBBBA) is widely heralded as benefiting certain individual taxpayers. Alert: The new law also contains several significant tax breaks for businesses.

Tax Preparation

Jul 09, 20255 min read

10 top personal tax breaks - Income Tax Preparation

The new law provides numerous tax-saving opportunities for individuals. Here are 10 prime examples.

IRS Audit

Jul 07, 20255 min read

What Should I Do If I Receive an IRS Audit Notice?

Receiving an IRS audit notice can be nerve-wracking, but it's important to stay calm and understand what steps to take next. This guide will walk you through the process.

Oak Brook Tax - Jump-start new biz with retirement account

Business Tax

Jun 30, 20255 min read

Oak Brook Tax - Jump-start new biz with retirement account

Strategy: Consider tapping into your IRA or 401(k). Ordinarily, this is a last resort, but it might be worth the risk if you're convinced the business will pan out.

Oak Brook Tax Planning - Navigating Recent Tax Reforms: Key Developments from the House and Senate Proposals

Tax News

Jun 24, 20255 min read

Oak Brook Tax Planning - Navigating Recent Tax Reforms: Key Developments from the House and Senate Proposals

Four weeks ago, the House of Representatives narrowly passed its version of tax reform legislation with a vote of 215 to 214. This sweeping bill encompasses various proposals aimed at modifying tax policies significantly.

Oak Brook Tax - 7 big tax breaks for the self-employed

Self-Employment

Jun 12, 20255 min read

Oak Brook Tax - 7 big tax breaks for the self-employed

Strategy: Don't be so quick to change. There are plenty of benefits to sticking with the simplest setup. Under current tax law, some self-employed individuals are entitled to tax breaks comparable to, or even better than, incorporated small business owners.

Real Estate

Jun 09, 20255 min read

7 Common Real Estate Accounting Mistakes to Avoid

Navigating the world of real estate can be tricky, but when you add accounting to the mix, it can feel downright overwhelming. Understanding and avoiding common accounting pitfalls is key.

7 Corporate Tax Planning Strategies for Small Businesses

Business Tax

Jun 03, 20255 min read

7 Corporate Tax Planning Strategies for Small Businesses

Navigating corporate tax planning can feel like a daunting task for small business owners. But fear not! With the right strategies in place, you can make informed decisions that benefit your business.

Capital Gains

Jun 02, 20255 min read

Real Estate Accounting - 12 Smart Capital Gains Strategies for Small Business Owners

Navigating the world of capital gains can be daunting, especially for small business owners. However, with the right strategies, you can optimize your finances and make the most of your investments.

Compliance

May 23, 20255 min read

Oak Brook Tax - Navigating Cash Transactions: Essential Strategies for Compliance and Success

In today's business landscape, especially for firms handling significant amounts of cash, understanding and adhering to federal reporting requirements is crucial.

Oak Brook Tax - ID tax results on securities sales

Investments

May 20, 20255 min read

Oak Brook Tax - ID tax results on securities sales

The stock market has been roiling since tariffs were announced. You may decide this is a good time to reduce your exposure.

The Tax Implications of Sharing Rental Property: A Guide to Quitclaim Deeds for Unmarried Owners

Real Estate

May 12, 20255 min read

The Tax Implications of Sharing Rental Property: A Guide to Quitclaim Deeds for Unmarried Owners

What Is a Quitclaim Deed? First, let's understand what a quitclaim deed is. Imagine you and your friend own a lemonade stand together.

How Can Oak Brook Tax Professionals Assist in Complex Tax Situations?

Tax Services

May 05, 20255 min read

How Can Oak Brook Tax Professionals Assist in Complex Tax Situations?

Navigating the labyrinth of complex tax situations can be daunting. Whether you're an individual with diverse income sources or a business owner facing intricate tax regulations, Oak Brook tax professionals are here to offer their expertise.

Oak Brook Tax - Tax Court Denies Depreciation Deduction Due to Lack of Records in Converted Rental Property Case

Real Estate

Apr 28, 20255 min read

Oak Brook Tax - Tax Court Denies Depreciation Deduction Due to Lack of Records in Converted Rental Property Case

Tax Court Denies Depreciation Deduction Due to Lack of Records in Converted Rental Property Case.

Oak Brook Tax - Take your RMDs tax-free!

Retirement Planning

Apr 24, 20255 min read

Oak Brook Tax - Take your RMDs tax-free!

Strategy: Transfer RMD amounts directly from the IRAs to one or more charitable organizations. These so-called "qualified charitable distributions" (QCDs) come out of IRAs free of any federal income tax hit.

Tax Credits

Apr 02, 20255 min read

5 big credits cut '24 taxes

Taxpayers often focus on the personal tax deductions they can claim on their 1040s.

Oak Brook Tax - Sock away more in 401(k)

Retirement Planning

Mar 20, 20255 min read

Oak Brook Tax - Sock away more in 401(k)

If you began contributing to a 401(k) as soon as you started working, you may have accumulated a tidy nest egg for retirement. But not everyone had that luxury.

Explore Our Services

Learn more about how we can help you with your tax needs

Tax Services Real Estate Law Firms About Us