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 […]
tax
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 […]
Top Tax Tips for Illinois Business Owners: Prepare with Confidence
Welcome, Illinois business owners, to Blue Ocean Tax Advisors’ latest blog post! As tax season approaches, we understand the importance of being well-prepared to navigate the complexities of business taxes. To help you stay ahead of the game, we’ve compiled some invaluable tips tailored specifically to our fellow entrepreneurs in Illinois. Let’s dive in! At […]
Navigating Illinois Tax Planning: Your Guide to Financial Success!
Welcome to Blue Ocean Tax Advisors! As trusted advisors in the realm of taxation, we understand that tax planning can seem like a daunting task. However, with the right guidance and knowledge, you can chart a course towards financial success. Today, we’re focusing on tax planning specifically tailored to the state of Illinois, ensuring that […]