As the calendar flips into 2024, it’s the perfect time to chart your course for a smooth and successful tax season. Whether you’re a small business owner juggling multiple priorities or an individual aiming to maximize your refund, proactive tax planning is your secret weapon. At Blue Ocean Tax Advisors, we specialize in turning tax […]
Business taxes
Preparing for Federal Taxes in Q4: A Guide for Small Businesses
As we approach the end of the year, small business owners need to shift their focus toward tax preparation. The fourth quarter is the perfect time to get ahead of your federal taxes and avoid the stress of scrambling at the last minute. By taking proactive steps now, you can ensure a smooth tax season […]
October 15th Tax Deadline: How to Get Organized and Stay on Track
If you filed for an extension in April, October 15th may be creeping up faster than you’d like. Don’t worry—you’re not alone! Many taxpayers in Illinois and nationwide are preparing for the final push. While the extension gives you extra time to file, it doesn’t extend the time to pay. The key to managing this […]
Is Your September 15 Estimated Tax Payment Ready? Here’s Why It Matters
As a small business owner or self-employed individual, staying on top of your estimated tax payments is crucial. The next big deadline is September 15, and making your payment on time is more important than ever. Missing it could lead to penalties and unnecessary stress—something no one needs. Why Timely Payment Matters The IRS expects […]
Understanding the Importance of Estimated Taxes in Illinois and Federally
Estimated taxes are a critical aspect of tax planning for individuals and businesses, particularly for those who do not have taxes withheld from their income throughout the year. This is common for freelancers, small business owners, and others with income outside of traditional employment. Both the federal government and the state of Illinois require the […]
Understanding the Differences Between W-2 Employees and 1099 Contractors in Illinois
Navigating the distinctions between W-2 employees and 1099 contractors is crucial for both employers and workers in Illinois. Each classification comes with unique legal, financial, and operational implications. At Blue Ocean Tax Advisors, we aim to demystify these differences, helping you make informed decisions. Definitions W-2 Employees: A W-2 employee is a worker who performs […]