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 […]
Tax Preparation
Tax Planning for the Self-Employed
Self-employment offers the opportunity to be your own boss and establish a lifelong bond with your accountant. If you’re self-employed, you will need to pay your own FICA taxes and manage your retirement plan, among other responsibilities. Here are some essential tax planning tips for the self-employed. Understand Self-Employment Tax and How It’s Calculated Ensure […]
Quarterly Estimated Tax Payments: A Guide for Business Owners
At Blue Ocean Tax Advisors, we understand that determining your quarterly estimated tax payments can be a daunting task. To help ease this burden, we’ve put together a guide addressing some of the most frequently asked questions about estimated taxes. What are Estimated Taxes? Estimated taxes are payments made to the IRS throughout the year […]
Illinois Tax Matters: A Guide to Tax Planning and Tax Preparation
Two key practices play a significant role in managing your finances: tax planning and tax preparation. While they both involve dealing with taxes, they serve different purposes and are essential at different stages of financial management, particularly in Illinois. Let’s explore these two concepts and understand their nuances for Illinois residents. Tax Planning: Building a […]
Navigating Your Illinois State Tax Return: A Guide from Blue Ocean Tax Advisors
Welcome to Blue Ocean Tax Advisors, where we make tax season a breeze! As tax season rolls around, it’s time to gear up and prepare for filing your Illinois state tax return. Whether you’re a seasoned tax filer or this is your first time navigating the process, we’re here to guide you through each step […]