Daniel J. Brown, CPA, a local firm with
more than 25 years experience
Dan provides income tax preparation and
planning services and IRS representation.
In addition, he counsels clients on business start-ups, divorce,
estate issues, retirement and college planning, and
many other tax and financial matters.
By providing exceptional service, Dan builds lasting
relationships with clients. Many have
been returning since the firm was
established and children of clients have become clients
themselves. Many clients who move to other states or abroad continue to use his services.
Face-to-face meetings must be scheduled. However, many clients prefer to simply drop off documents at the office, email them using our encrypted email, send them by USPS, FedEx, or UPS, or fax them.
Understand Your Tax Opportunities and
Pitfalls
"I have seen people overpay taxes by
thousands of dollars
because
they made uninformed
decisions."
Dan wants clients to avoid making uninformed decisions that result in paying more income tax than necessary. After considering client's circumstances, Dan offers tax
advice and
gladly answers their questions. The Tax Cut and Jobs Act (TCJA) passed in December 2017, effective January 1, 2018, had a broad impact. It affected: (a) small business owners, independent contractors, and landlords, (b) divorce settlements, (c) employees with unreimbursed business expenses, (d) charitable giving-especially for those over 70.5, and (e) the deductions for state and local taxes (SALT) and mortgage interest.
TCJA nearly doubled the standard deduction and introduced the concept of Qualified Business Income (QBI). With exceptions, only 80 percent of business income classified as QBI is taxable. TCJA also eliminated the personal exemption for taxpayers and their dependents; in its place credits for dependents were introduced.
For more information about the TCJA, the SECURE Act, and coronavirus relief acts, go to the Tax Law Changes tab.
Below are the types of questions Dan is asked:
- I am starting a new business, what expenses
can I deduct? Or, I will be an
independent contractor, what can I deduct? Should
I make estimated tax payments?
- With the higher standard deduction and cap on state and local taxes, I no longer get a tax savings from my charitable contributions. Is there a way I can deduct my contributions?
- How does Qualified Business Income affect me?
- In the past, I made nondeductible IRA contributions but never told my tax
preparer. Is that OK?
- I had a high income for many years
and made large retirement plan contributions; but I have not worked this past
year; are there tax
planning opportunities?
- As a self-employed person, how should I save for my children's college, for retirement? To pay for
medical expenses?
- I received a small inheritance. What will the income tax be?
- Should I convert my retirement accounts to a
Roth IRA?
- I changed jobs. Should I rollover my 401(k)
or use it to pay bills? Should I use it
for my child's tuition?
- Is my IRA ever required to file a tax return?
- My widowed mother named me executor of her estate; when
she passes, what should I do?
- I have a bank account overseas and pay
income tax on the earnings to the foreign country. Can I disregard it on my federal 1040?
- Should I sell my appreciated rental property or
do a like-kind exchange?
- Can I make a "back door" Roth IRA contribution?
- My income is too high for me to qualify for an
education credit; can my child take the
credit?
- I am a minister. How is my self-employment
tax calculated? What's covered by my
"housing allowance"?
- I play online poker and was told I should file a FinCEN form 114. What is this form and how do I file it?
- The divorce is not final and we are living
apart. Should we file jointly or
separately? Head of Household?
- My child's college tuition and fees were paid by
scholarships; am I disqualified from taking education credits?
- What are the advantages of deducting a home office? Am I eligible?
- As part of our estate planning, my spouse and I created living trusts. Should we file returns for
these trusts?
- Will my estate pay an estate tax when I pass?
- I receive money every month from my ex-spouse. Is
it taxable?
- What is the downside to financing my new business with my IRA?
- I exercised stock options and sold the stock; how do
I figure the taxable gain?
- Should I gift my house to my children now, while I am living, or pass it to them after I die?
- Does the elimination of the "stretch" IRA affect my estate planning?
Dan asks clients:
- Do you have a will or trust? Is it up to date? (If your trust does not consider "portability" and optional funding of a credit shelter trust, aka family trust or bypass trust, it is probably not up to date.)
- Have you reviewed your primary and contingent beneficiary designations on your life insurance and retirement accounts lately?
Appointments are available year round 9:30 am to 7:30
pm Monday through Thursday and 9:30 am to 3:30 pm Friday
and Saturday. Call
630 629-4400 to
schedule an appointment.
1 Mile West of Oakbrook Shopping Center
1S443 Summit Avenue, Suite 205
Oakbrook Terrace, Illinois 60181
630 629-4400
630 568-3997 fax
Email:
info@djbrowncpa.com