(847) 690-9454 [email protected]

EGV Plans

Elk Grove has plans for growing its industrial park in prominence. Elk Grove Village has plans to become the largest server farm in the country.  It started with a tenant in a complex on Higgins not far from my office. The business liaison explained that the first...

New building using every inch of land available.

Des Plaines must have the worst building requirement ever.  I don’t see these stupid moves anywhere else. I know of two new constructions that apparently start on the boundary line of the property.  There were existing building standing and now these new building have...

Radio station doing more

I had a radio station contact me about sharing some information, I replied I had no expertise in the area, but they wanted to meet.  Yes, I knew I was going to get a sales pitch. I was impressed with the station and their operations; the station ran on two different...

No single buildings allowed any longer, in certain areas.

I was meeting a client at their location, and I asked why they were renting instead of owning their own location.  Especially with their rent costs. In the past they had owned their own buildings, but now where they were located, single small businesses were no longer...

Starting a business, no manuals

I started working with a new client and she stated in a moment of aggravation that when you start a business there are no manuals available to explain things to new entrepreneurs. Information is all over the internet, some great, some good, some bad and some very bad…...

Networking groups – are they worth the time and money?

In the past I have been a member of a number of groups.  I had spent a tremendous amount of time and never really got a lot of referrals. I thought of putting my own group together, one that would only, be businesses that focused on business owners.  It was to include...

Risk adverse

I was talking to a gentleman, who lives north and travels over an hour to get to work each day –with the obvious return trip. I have a couple of clients looking for his skill set – either client would halve his travels.  I offered to make an introduction. I was...

Not livestock

I thought this case was amusing. A cat rescue group doesn’t qualify as a tax-exempt agricultural organization, per the IRS in a private ruling. The group was formed to house and rescue cats that come from an animal shelter. It also runs a cat café, in which it charges...

Beware the IRS

Recovering attorney fees after beating the IRS in court isn’t the easiest of tasks. Taxpayers can recover their legal costs if they substantially prevail on the issues, unless the government shows that its litigation position was substantially justified. They also...

Annual Gift Exclusion increases

In 2024 the Annual Gift exclusion increases to $18,000  per done, so mom and dad can give $36,000 to a child to buy their first home with no gift tax consequences. Also it has no impact on your lifetime estate and gift tax exemption or filing a gift tax return. Annual...

Short Term cash loan

I have a client that at one time tried this trick a couple times within a year.  I do not recommend it, this is a cautionary tale. The client borrowed money from their traditional IRA.  Normal withdrawal with no exceptions, if not rolled over into a new account within...

How to Convert a Nondeductible IRA to a Roth IRA

There is a trick available to those who are not eligible to make a Roth contribution for whatever reason. I strongly recommend that you use a financial advisor to assist with this trick. It starts by making a contribution that is nondeductible to your IRA, you can see...

AI

It seems the race is on as to who can utilize AI the fastest in replacing humans in their jobs. Hollywood had two major strikes on the issue, kicking the can down the road from the imposition of AI into their work lives, without input. Sports Illustrated has deleted...

Space

It may be the final frontier, but for those looking for more space at an affordable rate is difficult if not impossible. I have one client whose property taxes went from $38,000 to $45,000 to $52,000 in less than five years.  Cook County always has their hands in the...

Interest as a percentage

I was recently reading that interest rates and payments were crippling small companies. Just how much costlier is credit these days? Small firms are paying 9.1% on average, per the National Federation of Independent Business. In 2019, the prime rate, the benchmark...

Housing Affordability

Housing affordability is at its lowest point in almost two decades.  Which my realtor clients can attest to. It has continued to worsen this year as mortgage rates have hovered above 7% since mid-Aug. Jumping to over 8% in November. Affordability is down 8% from a...

Cash Flow

As the year winds down, a number of clients are suffering from cash flow drop offs.  Cash is getting tighter, their clients are not spending, nor are they rushing to pay their bills.  They are waiting for signs that the economy will be getting better.  It may be a bit...

Interest Rates

As of this writing mortgage rates are over 8% for a 30-year fixed, and over 7% for a 15 year. Auto loans range from over 5% to over 14% based on credit scores. Money market rates from major banks range in the 4.3% range. So, I am thrilled that I was able to lock in a...

2023 Dirty Dozen summary

Employee Retention Credit claims Taxpayers should be aware of aggressive pitches from scammers who promote large refunds related to the Employee Retention Credit (ERC). The warning follows blatant attempts by promoters to con ineligible people to claim the credit. The...

Pin It on Pinterest