AB CPA, Inc.

Full service CPA firm that offers consulting. accounting and tax services.

06/19/2026

A summer job is a great way for teens to earn extra cash, but it also comes with tax responsibilities. Anyone with self-employed income over $400, such as earnings from mowing lawns or babysitting, must file an income tax return and may owe self-employment tax. If a teen works for an employer that withholds payroll taxes, the filing threshold is higher: $16,100 for 2026. In this case, the teen usually won’t owe income tax and may receive a refund if taxes were withheld. Call us at (708) 430-3232 with questions.

06/17/2026

If the IRS audits your income tax return, you may need to produce documentation. In general, the IRS has three years to assess additional tax, starting from the date the return was filed or due, whichever is later. For example, if you filed your 2022 return by the April 18 deadline in 2023, the IRS generally has until April 18, 2026, to assess a tax deficiency. So you potentially can discard records related to that return after April 2026. But records should be held longer in certain situations. And you should keep copies of your returns forever. Call us at (708) 430-3232 with questions.

06/16/2026

Does your business use independent contractors? The reporting requirements for these workers differ from those for W-2 employees. For payments made in 2026, businesses generally must issue Form 1099-NEC, “Nonemployee Compensation,” to contractors paid $2,000 or more (up from $600 for 2025). The higher threshold may reduce your administrative burden because you could have fewer forms to file with the IRS. However, it doesn’t change your recordkeeping, worker classification or backup withholding responsibilities. Contact us at (708) 430-3232 to help ensure you’re prepared for the updated reporting requirements.

06/15/2026

A mission statement is a concise, formal declaration of a business’s core purpose. The right one can serve as a rallying cry for employees and a powerful marketing tool that attracts customers and drives revenue. So, whether you’re writing one for the first time or revising it during a rebrand, craft yours carefully. It can have a surprising impact on your bottom line. Please call us at (708) 430-3232 for help aligning your company’s core purpose with its financial parameters and strategic objectives.

06/12/2026

Boat owners may qualify for federal income tax breaks — but only if the boat meets specific requirements. For example, a vessel with sleeping, cooking and toilet facilities could qualify as a home for the mortgage interest itemized deduction. Itemizers may also be able to deduct eligible state and local sales tax paid on a boat, subject to applicable limits. Vessels used in bona fide businesses, such as charter fishing or sightseeing, can generate deductible business expenses. Before assuming your boat delivers tax savings, contact us at (708) 430-3232 to learn more. We can help determine your vessel’s eligibility and provide guidance on substantiating any write-offs.

06/10/2026

Are you behind on federal tax payments or worried about defaulting on an IRS installment agreement? You might have more options than you realize. If your finances have changed, the IRS may let you adjust your payment plan to lower monthly payments or a new schedule. If your agreement is terminated, you can request reinstatement. You can also consider an offer in compromise, which may allow you to settle for less than you owe. If you’re facing serious financial trouble and can provide evidence of undue hardship, the IRS sometimes allows up to six months to pay. It helps to act early. Call us at (708) 430-3232 with questions.

06/09/2026

Do you dream of retiring early? As in, really early? So do adherents of FIRE (Financial Independence, Retire Early). Many FIRE followers aim to retire in their 40s or even 30s! They make it happen by saving at least 50% of their current income, which some maximize by working second jobs. Obviously, this requires discipline and planning. But if early retirement is a priority, call us {Phone%} so we can help you make it happen.

06/08/2026

If you own foreign assets and fail to properly address them in your estate plan, unexpected tax outcomes can result. For example, if you’re a U.S. citizen, your worldwide assets are potentially subject to federal gift and estate taxes, regardless of where you live or where the assets are located. So, if you own assets in other countries and the assets are subject to estate, inheritance or other death taxes in those countries, there’s a risk of double taxation. Call us at (708) 430-3232 to learn more about how to properly account for foreign assets in your estate plan.

06/05/2026

Are rental real estate activities eligible for the qualified business income (QBI) deduction? The answer is a distinct “maybe.” This tax break allows eligible sole proprietors and owners of “pass-through” entities to deduct up to 20% of QBI. Pass-through entities include partnerships, S corporations and most limited liability companies. However, income from a rental real estate activity is QBI only if the activity rises to the level of a trade or business or meets an IRS safe harbor, which generally requires separate records, sufficient rental services and specific documentation. Various limits and other restrictions also apply. Call us at (708) 430-3232 to learn more.

06/03/2026

Are tax problems weighing on you? If you’re facing IRS notices, unfiled tax returns or mounting tax debt, acting quickly can make a difference. We can help you evaluate resolution options and work with the IRS to possibly reduce the burden. Call us at (708) 430-3232 to discuss your situation and explore next steps.

Address

9944 South Roberts Road
Palos Hills, IL
60465

Telephone

+17084303232

Website

http://www.abcpainc.com/

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