Tax Opportunity for Renting out Your Vacation Home

If you own a vacation home that you and your family use personally, there is a unique tax window of opportunity for short-term rentals.  Generally, income that you receive for the rental of your vacation home must be reported on you federal income tax return.  However, if you rent out the property for only 14

IRS Offers Tips for Disaster Preparedness

IRS Special Edition Tax Tip 2017-08 In anticipation of the start of hurricane season, the IRS has released a number of tax tips, reminders and other advice to help taxpayers cope with natural disasters and similar emergencies. Although the IRS will often extend filing deadlines and generally offer emergency hot-line accessibility, the burden of substantiating

Facts and Figures

Timely Points of Particular Interest Luxury Car Limits—The deductions for vehicles used for business driving are limited by the so-called luxury car rules. The IRS, which indexes these limits annually, recently announced the maximum deductions allowed for vehicles placed in service in 2017. For passenger vehicles, the maximum deduction is $11,160, including 50% bonus depreciation.

Tap Your KOS Advisor’s Knowledge and Experience Throughout the Year

In addition to providing tax related services during filing season, the professionals at KOS are available throughout the year to offer assistance with tax planning and financial decision making.  Connecting regularly with your KOS Advisor can help you avoid tax and financial missteps, in addition to ensuring you are making the best decision at the

Seven Midyear Strategies for Individuals and Businesses

While the climate for tax reform remains uncertain, individual taxpayers and small-business owners are advised to act based on the current laws of the land, unless there is a definite change. Keeping that in mind, here are seven ideas to consider as we head into summer. 1. Harvest capital gains or losses. The maximum tax rate

What You Need to Know About Section 529 Plans

Answers to Several Common Questions How will you ever save enough money to pay for your children’s college educations? There are no absolute guarantees, but Section 529 plans may help you set aside funds, up to generous limits. Here are the answers to several common questions on this subject. Q. What exactly is a Section

Round Up of “Dirty Dozen” Tax Scams

IRS Updates its List for 2017 The IRS recently released its annual list of “Dirty Dozen” tax scams to watch out for in 2017. Here is a rundown gleaned from the IRS’ summary. 1. Phishing: Be on guard against fake e-mails or websites looking to steal personal information. Do not click on e-mails claiming to come

KOS to Participate in the Illinois CPA Day of Service

Governor Rauner has officially proclaimed September 23, 2016 to be CPA Day of Service throughout Illinois. KOS is proud to be part of this wonderful day.  Employees from the firm will be traveling to the Feed My Starving Children (FMSC) facility in Libertyville, IL for an afternoon of helping others. KOS chose to work with

KOS Introduces KOS Financial Services

PRESS RELEASE FOR IMMEDIATE RELEASE August 17, 2016   KOS Introduces KOS Financial Services The CPA firm of KOS has a financial advisory division headed by Tony Gacs Kessler Orlean Silver & Co., P.C. (KOS) is pleased to announce that Tony Gacs has joined the firm to head its’ new division KOS Financial Services. As

KOS 4th Annual Professional Development for the Woman Business Leader

A breakfast workshop for women who want to build their power, presence and communication skills In today’s work environment, it’s not enough to be highly trained in technical skills. Delegating, motivating, team building, displaying a positive attitude and carrying yourself well are all crucial for success and taking your career to the next level. Come