The end of the year is the perfect time to review your finances and make strategic moves to reduce your tax burden. At Blue Ocean Tax Advisors, we specialize in helping individuals and small businesses take advantage of every opportunity to save money on taxes. With 2024 coming to a close, here are some practical […]
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Blueprint for Tax Success in 2024: Get Ahead with Blue Ocean Tax Advisors
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 […]
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 […]