Blog

The Sharing Economy: How It Affects Your Taxes

A booming sharing economy allows people to earn money in their spare time, whether they’re driving for Uber, renting out part of their home on Airbnb or selling homemade goods on Etsy. With the extra income comes extra tax obligations that not everyone is aware of. So what does the IRS expect from you if you earn…Read more

We Have Moved Into Our New Building!

We are excited to announce that we have moved into our new building!  It was built and custom designed exclusively for Klein Hall CPAs and is just two buildings down from our previous office, still in the McCarty Center.  Our new address is 3957 75th Street, Aurora, IL 60504; 1/4 mile west of Route 59…Read more

Help For Your Business Through Cloud-Based Accounting

Benjamin Franklin once said, “An ounce of prevention is worth a pound of cure.” This is applicable to many things in life and business, and it is especially applicable to accounting. At tax-time, no one likes hearing they owe a lot more than they’d anticipated. In conjunction with professional guidance, cloud-based accounting systems could be…Read more

Is Your Life Insurance Policy Putting Your Financial Plan in Jeopardy?

Life insurance has always played a vital role in many of our clients’ financial plans, whether it be for protecting family income or financial assets, providing for potential estate tax liability, funding a buy-sell agreements for a family business, or funding a special needs trust to provide for the care of a dependent. With six…Read more

Naperville Jaycees

The Naperville Jaycees is a not-for-profit service organization with more than 100 young people dedicated to providing Naperville area residents with the opportunity to better themselves and to grow personally and professionally while giving through community service and fundraising efforts. Members of the Naperville Jaycees have many opportunities to achieve their goals and develop their…Read more

Reducing Summer Expenses with the Child and Dependent Care Credit

While summer break can provide your children with a much-anticipated opportunity to relax, camp and childcare costs can push wallets into working overtime. Using the potential benefits offered through the Child and Dependent Care Credit can reduce those costs and help make summer plans not only enjoyable for the children but also more monetarily manageable…Read more

Construction Accounting: Building Books As Strong As Structures

Construction companies excel at raising an impressive edifice from the foundation to the roof. Taking the steps to avoid a few common construction accounting errors can ensure that their financial reports are as strong as their structures. One of the first common mistakes includes failing to establish a system to account for costs recorded after…Read more

Bummer: Millennial Marriage Tax Penalty

There is a saying, “Youth is wasted on the young.” That is because young people have lots of energy, but wisdom is gained by living life and aging. It is a possibility that a millennial might not “look before he leaps” when it comes to marriage and tax considerations. Now this is not to discourage…Read more

The W-2 filing changes employers face in 2017

Employers will face W-2 filing changes once 2016 forms are due. The deadline for filing Forms W-2 changed to January 31, 2017. These changes took place after President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015. According to CFO Daily News, one inconvenience expected from this deadline change involves making last-minute…Read more

Federal Overtime Rules: The Changes and How to Prepare

On May 18, 2016, the U.S. Department of Labor released its final report underlining upcoming changes regarding overtime eligibility. The announcement follows a 2014 directive from President Obama to the Secretary of Labor in an effort to ensure overtime policies are more in-line with inflation. While the significant increases to eligible salaries could help bolster…Read more