Universal Accounting Solution

Successful 2017 tax season is coming to end soon.

Tax news of the day:

For those owed a refund, there is no penalty for filing a late return. By law, 2014 returns must be postmarked by April 17, 2018.

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How to get your share of $1.1 billion in unclaimed tax refunds If you didn't file a tax return for 2014, time is running out to claim your share of the more than $1 billion in unclaimed tax refunds from that year.

Tax News of the day:

The Illinois Department of Revenue computed the “blended” 4.35 percent rate for individual returns due in April after the basic tax rate increased from 3.75 percent to 4.95 percent on July 1, 2017.
You could either use the "blended" rate method or actual tax rates for your individual tax returns.

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Thank you.

Tax tip of the day:

2017 standard mileage rates for the use of a car (also vans, pickups or panel trucks) was:
- 53.5 cents per mile for business miles driven
- 17 cents per mile driven for medical and moving purposes
- 14 cents per mile driven in service of charitable organizations.

If you want to learn more, please click on the link below or send us a message.

2017 Standard Mileage Rates for Business and Medical and Moving Announced | Internal Revenue Service IR-2016-169, Dec.13, 2016 — The IRS today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Tax tip of the Day:

If you own stocks that have lost money, you can sell them and deduct up to $3,000 on your federal taxes for Capital losses, excluding the wash sales. the wash sale rule states you cannot purchase the same or a substantially similar stock within 30 days before or after the sale.

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Tax tip of the Day:

The American Opportunity Credit can save you up to $2,500 in tax for the education expenses of each eligible student - you or your dependents. To qualify, the student must pursue a degree at a school that is eligible to participate in the federal student aid program.

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Tax tip of the Day:

E-filing your tax return builds strong client and preparer relationship.
The IRS processes e-file returns faster and with fewer errors. This means quicker refunds and less contact with the IRS.

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Tax Tip of the Day:

If you donate money or goods during the year to a qualified charitable organization, you're generally entitled to a charitable deduction.

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Useful IL tax resourse links:

Illinois Department of Revenue - http://www.revenue.state.il.us/ #&panel1-1

Income Tax Refund status for Illinois - https://mytax.illinois.gov/_/ #2

Useful Tax resourse links:

The Internal Revenue Service - https://www.irs.gov/

Check Federal tax refund status - https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp

We at Universal Accounting Solution, are dedicated to providing reliable and affordable tax preparation in Oswego/Naperville/Aurora/Chicago area.

New tax brackets for 2018 tax season.

4 things to know about the new U.S. tax law Under the old tax code, the average family of four (that submitted taxes married-filing-jointly) received a tax break of $16,200 through the personal exemption.