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Sam Segretto has built a business on making people look beautiful. He, his wife, and three sons own the upscale Zazú salons with locations in Chicago, Hinsdale, Wheaton and Naperville. Being a business owner is never part-time. “We live it,” he says. “It’s 24 hours, thinking about it, talking about, it’s part of who we … Continue reading “The Beauty Behind Tax Benefits for Zazú Salons”

Ben Basar has climbed mountain peaks all over the country, skied the toughest black diamonds, navigated turbulent white waters, and logged endless miles by mountain bike. He has a degree in adventure education – emphasis on “adventure.” Then there was the car accident followed by the chronic pain and the fear and the journey back … Continue reading “From Tax Break to Business Break: How Successful Execs Leverage the Competitive Advantage of Being Present”

By Lucas VanDeWoestyne, CPA, CGMA and COO of Apex CPAs & Consultants Almost every weekend, I work on my black Cadillac CTS-V (a race inspired version of the CTS; if you are a car buff like me, you’ll appreciate this). Now, I absolutely could just start adding parts. However, what we usually find is that … Continue reading “Moving the Needle: 5 Goals Every Business Owner Should Target in 2018”

Tax planning is essential for two very important reasons.  The first reason is to ensure you take advantage of opportunities BEFORE the year is over.  The second is that you are informed well in advance of April 15th of what your potential tax liability will be so that you can begin to plan for the … Continue reading “Stay One Step Ahead of Uncle Sam”

A big issue facing business owners today is determining if an individual should be hired as an employee or as an independent contractor. The government does not take this issue lightly. Misclassifying workers as independent contractors can result in large, unexpected tax bills along with penalties and interest. Furthermore, employers may pay penalties on employment … Continue reading “Navigating the Minefield of Independent Contractor or Employee?”

Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying … Continue reading “SECTION 1031 TAX-DEFERRED EXCHANGE”

The federal government is expanding its crackdown on offshore tax evasion and preparing numerous criminal cases against suspected offenders. It has been four years since the agreement between the United States and Switzerland pierced a veil of banking secrecy by requiring Swiss bank UBS to turn over names of account holders to the IRS. Currently, … Continue reading “NO MORE MR. NICE GUY WHEN DEALING WITH TAX EVASION”

If you are as concerned about the financial implications of the recent tax law changes as the majority of our clients are, then I hope you take a few minutes to read over our summary of the significant developments of the American Taxpayer Relief Act. Congress has been hard at work in an attempt at … Continue reading “The Results are in! What the Taxpayer Relief Act of 2012 means to you”

Previously Illinois created the Small Business Jobs Creation Tax Credit that was a pilot program created to help reverse the trend of high unemployment in Illinois and to help spur the economy to recovery, by assisting and encouraging small businesses in the creation of local, sustainable, new jobs. Due to the overwhelming positive response to … Continue reading “Illinois Small Business Job Creation Tax Credit”

Rumors are circulating that all real estate transactions, including sales of personal residences, will be subject to a new 3.8 percent federal sales tax beginning in 2013. These rumors are false. The rumors resurfaced after the Supreme Court upheld the constitutionality of most of the Patient Protection and Affordable Care Act of 2010, as amended … Continue reading “Home sales tax rumor squelched”

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