Why Your Startup Needs an Experienced Accountant

The early days of a startup are exhilarating and exhausting. The thrill of finally living your dream is intensely exciting, but the demands on your time will be immense, especially as you start to scale operations for long-term growth. Most entrepreneurs choose to go at it alone in these first vital days, believing that support staff…Read more

Illinois Income Tax Increase

Effective July 1, 2017, the Illinois income tax rates are increased to 4.95% for individuals, trusts and estates, and the corporate income tax rate to 7%. Since the tax rate increased in the middle of the tax year for calendar year taxpayers, the Act contains a number of provisions intended to resolve questions regarding how…Read more

Accounting for Your Company’s Next Owner

If you are the owner of a small to medium-sized business and you did not go to work today, would your business start to fall apart? If the answer is yes, you have the most common problem that comes up when selling a business. It is too heavily dependent on the activities of the business…Read more

The Importance of Cash Flow for Contractors

In all industries, cash flow is important. Without a regular influx of cash, it can be hard to take care of essential parts of your operations, like paying employees, fulfilling purchase orders, paying subcontractors, and managing payables and receivables. Cash can be a sticking point for many, and can create big debt issues that can be…Read more

Medical Offices Qualify for Tax Incentives

There are excellent tax incentives for healthcare facilities, which come from taking advantage of accelerated depreciation for certain categories of assets. Under IRS rules, assets are segregated by classes and the depreciation calculation is made, based on the useful life of the asset class. The different classes of assets have a depreciation period that ranges…Read more

Serenity House

For over 30 years, Serenity House Counseling has successfully expanded substance abuse services throughout the Chicagoland area to meet the ever-increasing demand for treatment.  Serenity House has grown from a four-bed cottage in 1985 to our current capacity of 107 beds in our men and women’s residential programs, and over 250 individuals in our outpatient programs.…Read more

Why Recordkeeping Matters for Your Small Business

The first days for a small business can be exhilarating, especially for new entrepreneurs. However, in the midst of your startup celebrations, it’s important to stay focused on what matters most: setting the foundation for overall success. For virtually all companies, that means a comprehensive approach to recordkeeping. Even the best ideas in the world…Read more

What Will Rising Interest Rates Mean For Homeownership?

If you’ve taken advantage of the recent historically low interest rates with an adjustable-rate mortgage (ARM) or home equity line of credit (HELOC), you may be concerned about reports that the Fed plans to raise interest rates as soon as mid-March. On the other end of the spectrum, retirees and others who are conservatively invested in…Read more

The Ins and Outs of Student Loans

As the price of a college education continues to rise, so does the financial burden placed upon students and parents. In 2017, the average cost of a college degree is $28,000 a year for public schools and $59,000 for private—a hefty sum few families can pay out of pocket with ease. As such, it is…Read more

How Can Nonprofits Avoid High Employee Turnover?

If your nonprofit is like many others, your staff size has increased over the last few years – in fact, more than half of all nonprofits throughout the U.S. added to their staff between 2014 and 2015. However, more staff can sometimes mean more turnover, and burnout rates in the public service sector remain higher than…Read more