Tax provisions change annually, and the upcoming 2022 year is proving to be no different. This means business and personal accounting and bookkeeping will be seeing some changes. Some will be great for the individual and for the business as well.

Jeff Badu offers accounting services for individuals and businesses in Chicago, Illinois. He is consistently on the pulse of the tax changes coming from the state and federal governments each year. This year he has noted a few specific elements that deserve some explanation.

One of the better tax credits available for the coming year is for electric vehicles. Tax credits of up to $8,500.00 are available for qualifying vehicles. This will be in addition to the normal depreciation allowed on business vehicles.

Other green energy options available include an extension on the production tax credit for energy from renewable sources like wind and solar. There is also an increase under Section 48 specifically for solar and wind as well.

Badu has a special private cloud as part of his tax preparation services in Chicago, IL. Clients to upload appropriate documents. This saves time, money and paper. Badu is able to review all documents and determine tax liabilities and refunds.

Jeff Badu, CPA, is a tax professional serving Chicago, Illinois. He specializes in providing tax services and consulting for small businesses and individuals. His goal is to save his clients as much money as possible by maximizing tax credits and deductions. Learn more about Badu and his services at www.badutaxservices.com.

source https://accounting-services-chicago-illinois.blogspot.com/2022/01/best-tax-consultant-in-chicago-shares.html

Milton Lee Olive Park

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Ping Tom Memorial Park

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The pandemic changed the way many do business and work. More and more people and businesses realized that working from home was fiscally feasible. Many chose this option and have kept it. Some are now considering what tax options are available to them for a home office.

Jeff Badu of Badu Tax Services, LLC., offers business accounting services in Chicago, Illinois. The idea of a home office does come up frequently. There are certain rules that must be met to qualify for a home office.

“The biggest one is certain pass-through businesses are allowed the opportunity to claim business office deductions on their personal income taxes,” said Badu

The area of the home must be for work and work only. This means no hobbies or other activities are allowed in that area. However, it does not have to be an entire room.

“A home office can be a nice deduction provided you meet the necessary requirements. I strongly recommend to all of my clients who would like a home office to contact me. I want to be sure they understand all that a home office entails and requires,” said Badu, speaking of his accounting services in Chicago, IL.

Badu is a licensed CPA in Chicago, IL with deep understanding of small business tax liabilities, deductions and more. He helps his clients save thousands a year in tax breaks.

Badu Tax Services, LLC has worked exclusively in Chicago for many years. Jeff Badu, CPA, is certified in the state of Illinois and specializes in taxation for small and medium businesses. Learn more at his website. Visit www.badutaxservices.com for details.

source https://accounting-services-chicago-illinois.blogspot.com/2021/12/business-tax-consultant-in-chicago-il.html

Chicago CityPASS

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Lurie Garden

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LEGOLAND Discovery Center Chicago

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Leaning Tower of Niles

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Pritzker Family Children’s Zoo

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Many do not consider retirement until the time grows close, and many then scramble to find appropriate retirement options.

Tax preparation services of Chicago, Illinois, and Jeff Badu helps clients make plans for their retirement. One of the many options made available are REIT, real estate investment trusts, that work in part with other retirement options. This provides many with a steady source of income during retirement years.

“The most common way to do this is use an equity company. These pool money from many different customers and make investments on their behalf. Dividends are paid out to shareholders,” said Badu.

This means there is specific tax responsibilities for shareholders. Badu offers tax preparation services in Chicago, IL, for REIT members.

There is a high chance of excellent income potential within the REIT, but this also comes with high risk. Badu explained.

“Most REIT equity businesses buy on debt with the rental income to offset the debt and generate the income. When there is a loss on the properties and it does happen, the shareholder takes the hit against their income. This is why I recommend meeting with me to discuss tax options for retirement savings.”

Badu and his team offer other tax services in Chicago, IL, in addition to helping with retirement planning tax preparation.

Badu Tax Services, LLC has worked exclusively in Chicago for many years. Jeff Badu, CPA, is certified in the state of Illinois and specializes in taxation for small and medium businesses. Learn more at his website. Visit www.badutaxservices.com for details.

source https://accounting-services-chicago-illinois.blogspot.com/2021/09/leading-chicago-tax-consultant-shares.html