Business Tax Archives - CJG Partners LLP

Hiring Independent Contractors? Get the Worker Classification Right

by CJG_AdminBusiness Tax September 16, 2026September 1, 2026No Comments

Rising costs and staffing shortages have pushed many businesses to hire independent contractors instead of employees. It’s a smart way to control expenses, but only if you classify those workers correctly. Get it wrong, and the IRS can reclassify your contractors as employees, triggering audits, back taxes, penalties, and even lawsuits. Why Worker Classification Matters …

Tax Planning vs. Tax Preparation: What’s the Difference and Why It Matters

by CJG_AdminBusiness Tax September 9, 2026September 1, 2026No Comments

Business owners often use the terms tax planning and tax preparation interchangeably. They are related, but they serve very different purposes. Understanding the difference can help you make better decisions about your money, your business, and your future. What Is Tax Preparation? Tax preparation is a backward-looking exercise. It involves compiling everything that happened in …

What to Do When You Get an IRS Notice

by CJG_AdminBusiness Tax August 19, 2026July 29, 2026No Comments

Opening an envelope from the IRS is enough to make anyone’s stomach drop. Before you let your imagination run wild, know that there is a clear, manageable process for handling an IRS notice. Understanding what to do (and what not to do) can make all the difference in how smoothly the situation gets resolved. Read …

Two people working at a conference table on tax preparation Business Tax Preparation in Schaumburg: What to Expect From a CPA Who Actually Knows Your Business business tax preparation Schaumburg

Business Tax Preparation in Schaumburg: What to Expect From a CPA Who Actually Knows Your Business

by CJG_AdminBusiness Tax July 15, 2026June 30, 2026No Comments

Missed deductions. Unexpected tax bills—a CPA who only calls you once a year. For closely-held business owners, these aren’t just minor annoyances. They are signs that your tax strategy isn’t working. If you’re a closely-held business owner in Schaumburg or the surrounding communities–Naperville, Palatine, Elk Grove Village, Barrington, Bloomingdale, or anywhere across the northwest suburbs–and …

Avoiding Payroll Tax Mistakes: A Guide for Small Business Owners

by CJG_AdminBusiness Tax May 20, 2026May 20, 2026No Comments

Managing payroll taxes is one of the more demanding responsibilities that comes with running a small business. The rules are specific, the deadlines are firm, and the consequences of getting things wrong can range from penalties and interest charges to personal liability. But staying on top of payroll tax compliance is very manageable with the …

How to Protect Your Business Expense Deductions from IRS Scrutiny

by CJG_AdminBusiness Tax May 13, 2026May 5, 2026No Comments

When tax season arrives, few things draw more IRS attention than deductions for business meals, vehicle use, and home offices. These are legitimate expenses for many business owners, but they come with strict documentation requirements. A recent U.S. Tax Court case offers a clear picture of what happens when those requirements are not met, and …

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Home Office Tax Deductions for Business Owners

by CJG_AdminBusiness Tax April 8, 2026April 7, 2026No Comments

If you run your business from home, even part of the time, you may be able to deduct home office expenses on your tax return. The deduction can meaningfully reduce your taxable income, but the IRS has specific rules about who qualifies and how the deduction is calculated. Here’s what business owners need to understand. …

How a Net Operating Loss Could Reduce Your Future Tax Bill

by CJG_AdminBusiness Tax March 18, 2026March 3, 2026No Comments

Even well-run businesses have down years. Revenue dips, unexpected expenses pile up, or an economic shift hits harder than anticipated. What many business owners don’t realize is that a loss year doesn’t have to be a total write-off. The federal tax code includes provisions that may allow those losses to reduce your tax burden in …

Stop Scrambling: How to Prepare Your Business for Tax Season

by CJG_AdminBusiness Tax January 7, 2026March 9, 2026No Comments

Tax season doesn’t have to mean chaos and last-minute scrambling. With the right preparation, you can approach filing deadlines with confidence rather than stress. Here’s what business owners need to know to get their financials ready for their CPA. Key Dates to Remember at Tax Season Mark your calendar for January 31—the deadline to issue …

Understanding the Qualified Business Income Deduction (QBI)

by CJG_AdminBusiness Tax November 19, 2025March 9, 2026No Comments

The qualified business income deduction (QBI) has been a valuable tax benefit for business owners since its introduction in 2018. This powerful provision allows eligible taxpayers to deduct up to 20% of their qualified business income, offering significant tax savings that help businesses reinvest in growth and operations. With the recent passage of the One …