Separating business and personal finances

Separating Your Business and Personal Finances

Having separate accounts will protect you and your business.
Separating your business and personal finances makes managing your money much easier, and it prevents any personal risk for legal liability in the future. It can be hard, especially when starting out, if you’ve used personal savings to fund your company. In …

Tax implications of crowdfunding

Tax Implications for Crowdfunding

Crowdfunding contributions are often thought of as “free money,” but that’s not the case, and failure to comply with tax laws could cause issues with the IRS.
Crowdfunding sites like Kickstarter and Indiegogo have provided an unprecedented avenue for people to get funding for their creative projects, to recover from an …

person using calculator to work on tax write-offs

4 Tax Write-Offs That Could Get You In Legal Trouble

Tax write-offs can be tempting and confusing, but don’t let them land you in legal trouble with the IRS
Every tax season, millions of Americans debate what they can and cannot write off on their taxes. For most people, tax write-offs can help them save a lot of money by reducing …

Apartments surrounded by trees

Understanding The Illinois Property Tax Credit

Don’t leave money on the table when it’s time to pay your taxes
The property tax credit is a credit on your individual income tax return. It varies by state, and in some cases by county. In Illinois, the credit is equal to 5% of Illinois Property Tax on your principal …

How Much Mortgage Should You Muster?

How Much Mortgage Should You Muster?

Do the math now to avoid being house poor later
A common mistake homeowners make is biting off more mortgage than they can chew. Without the proper planning, buying a home can cut too far into your monthly budget, leaving you with no disposable income to save for retirement, take vacations, …