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Fun Midwest Spring Getaways

3/30/2016

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Not everyone gets a tax refund, but most Midwesterners start to get the itch to head outdoors when spring hits. So, whether you owe the IRS or they owe you here are some Fun Midwest Spring Getaways to plan that won't break the bank and are sure to move you beyond your own front door.

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Interest Rates for the Second Quarter of 2016

3/22/2016

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The Internal Revenue Service recently announced that interest rates have increased for the calendar quarter beginning April 1, 2016. The rates will be:   
  • four (4) percent for overpayments [three (3) percent in the case of a corporation];
  • one and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000;
  • four (4) percent for underpayments; and
  • six (6) percent for large corporate underpayments.

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6 Things to know about taking an early retirement distribution

3/15/2016

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The best laid plans are always subject to change - and change is usually a good thing unless it affects the money in your retirement fund. Many people find it necessary to take out money early from their IRA or retirement plan for unexpected reasons. Doing so, however, can trigger an additional tax on top of the income tax you may have to pay.

Read on for six things to know about taking an early distribution:


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10 Facts about Capital Gains and Losses

3/8/2016

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Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss. This dollar amount is very important when filing and paying taxes (For example: If your capital losses exceed your capital gains, the excess can be deducted on your tax return and used to reduce other income.) so it's important to understand the numbers and how it will affect your bottom line.

Read on for Ten Facts you should know.

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ACA Effects on an Applicable Large Employer

3/2/2016

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Averaging Full-time and Full-time Equivalent Employees and Why it Matters

For purposes of the Affordable Care Act, employers average their number of employees across the months in the year to see whether they will be an applicable large employer.

This is important to do because two provisions of the health care law apply only to ALEs and are now in effect. These are the employer shared responsibility provision and the employer information reporting provision for offers of minimum essential coverage.

In addition, self-insured ALEs – that is, employers who sponsor self-insured group health plans – have additional provider information reporting requirements.

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    Pat Kolodziej
    ​C.P.A., M.S.T.


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Pat Kolodziej, CPA, MST
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PK Tax Services, L.L.C.

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South Elgin, IL 60177


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