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It was fun being a guest on The Connect Show on Tuesday January 31st at 10am Central. It streams live every week. Learn More at Website: https://theconnectshow.com/ You Tube: The Connect Show - YouTube
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![]() Schedule Zoom Meeting with Jared CLICK to see website "Landing Page" video Jared is now a Best Selling Author read: Voices of Truth Self-producing videos? Want to increase response to get more business? Ask Jared about the opportunity to be in his new Hybrid Course! Proven transformational program now reformatted for On-Line delivery. Call or Text Jared now: Jared’s phone: 847-774-9568 Email: jared@ataglancemarketing.com In recent years, the gig economy has changed how people do business and provide services. Taxpayers must report their gig economy earnings on a tax return – whether they earned that money through a part-time, temporary or side gig. The IRS’ Gig Economy Tax Center provides information and resources to help this group of entrepreneurs and workers understand and meet their federal tax obligations.
Here are key things for individuals involved in the gig economy to remember as they get ready to file in 2023. Gig economy income is taxable
Gig economy workers who perform services, such as driving a car for booked rides, running errands and other on demand work, must be correctly classified. Classification helps the taxpayer determine how to properly report their income.
The business or the platform determines whether the individual providing the services is an employee or independent contractor. The business owners can use the worker classification page on IRS.gov for guidance on properly classifying employees and independent contractors. Expenses related to gig economy income may be deductible Individuals involved in the gig economy may be able to deduct expenses related to their gig income, depending on tax limits and rules.
Pay the right amount of taxes throughout the year An employer typically withholds income taxes from their employees' pay to help cover taxes their employees owe. Individuals involved in the gig economy have two ways to cover their taxes due:
More information: Publication 525 Taxable and Nontaxable Income Publication 1779, Independent Contractor or Employee Share this tip on social media -- #IRSTaxTip: Tax tips for gig economy entrepreneurs and workers. http://ow.ly/TZ4T50MnUmE Nearly 200 New Laws for Illinois in 2023
I want to thank LaVelle Law for a very comprehensive email about this! They are a business Law firm in Schaumburg. www.lavellelaw.com/ They’ve prepared a summary of some of the new Illinois laws that may impact your life. See a complete list here: https://www.illinoissenatedemocrats.com/images/PDFS/2022/bills-taking-effect-2023.pdf STUDENT CONFIDENTIAL REPORTING ACT (SB 03936/PA 102-752) Legislation requiring state agencies, such as schools and the Illinois State Police, to establish a hotline for receiving reports and other information regarding the potential harm or self-harm of students or school employees. CROWN ACT (SB 03616/PA 93-1078) Legislation amends the definition of “race” under the Illinois Human Rights Act to include traits historically associated with race, including, but not limited to, hair texture and protective hairstyles. The goal of this law is to prevent hair discrimination in the workplace. LIFTING UP ILLINOIS WORKING FAMILIES ACT (SB 0001/PA 101-0001) Legislation amends the Illinois Minimum Wage Law to raise the minimum wage in the State of Illinois to $15 by 2025. In 2023, the minimum wage in Illinois will increase from $12 to $13 an hour. FAMILY BEREAVEMENT LEAVE ACT (SB 03120/PA 102-1050) Legislation amends the Illinois Family Bereavement Leave Act to provide up to two weeks, or 10 working days, of unpaid leave for women who have a miscarriage or other diagnosis or event that impacts pregnancy or fertility, including failed adoptions or surrogacy agreements and unsuccessful reproductive procedures. The amendment also expands the definition of “family member” under the Act to include spouses, domestic partners, siblings, grandparents, and stepparents. ILLINOIS VEHICLE CODE (SB 03216) Amends the Illinois Vehicle Code to include licensed physical therapists on the list of persons who can “verify that a person is a person with disabilities.” (SB 03609) Lowers vehicle registration fees for cars and small trucks if they were manufactured in Illinois. SCHOOL CODE EXPANSION (HB 05193/PA 86-1475) Legislation amends the Illinois School Code to require “safe gun storage” to be included on the list of required topics in the state’s safety education curriculum for all grades. (HB 05488/PA 102-0981) Legislation amends the Illinois School Code to allow every student enrolled in a public middle or high school at least one excused school day absence per year to engage in a “civic event.” A “civic event” is an event “sponsored by a non-profit…or government entity that is open to the public.” ILLINOIS STATE EMPLOYEES GROUP INSURANCE ACT (HB 04271/PA 102-0731) Requires state-regulated private insurance to cover medically necessary breast reduction surgery. (HB 05254/PA 102-0804) Requires health insurance plans to cover medically necessary hormone therapy treatments for women who have induced menopause by undergoing a hysterectomy. (HB 05318/PA 102-1073) Requires health insurance to cover annual prostate cancer screenings upon a physician’s recommendation. (HB 05334/PA 102-0979) Requires health insurance to cover costs for genetic testing for the BRCA1 and BRCA2 genes to detect risks for breast and ovarian cancer upon a physician’s recommendation. JOB TRAINING ASSISTANCE AND SUPPORT SERVICES PILOT PROGRAM ACT (HB 05225/PA 102-0803) Legislation created a five-year pilot program that offers assistance and support services, such as childcare or transportation subsidies, to eligible individuals to allow them to complete an apprenticeship or internship. THE COMPREHENSIVE HEALTH EDUCATION PROGRAM (SB 04028) Legislation requires Illinois schools to provide information on where and how students can access mental health care services. ILLINOIS CAREER/TECH PATHWAY (HB 03296) Legislation requires school boards to establish a career and technical education pathway program for grades 6 through 12. ILLINOIS DUAL CREDIT COURSES (HB 05506) Legislation allows partnership agreements between Community College districts and High School districts to allow high school students to take a dual credit course for high school credit and collect demographic data. RED LIGHT CAMERA/SPEED CAMERA CHANGES FOR STOLEN VEHICLES (HB 03772) Modifies existing vehicle laws by providing that people whose cars have been stolen will no longer be liable for violations, fees, fines, or penalties when caught on red light and speed cameras. ILLINOIS HEALTH AND WELLNESS OF STATE RESIDENTS (SB 02535) Legislation requires that before a pharmacist dispenses an opioid, they must inform the patient that opioids are addictive and offer to give them an opioid antagonist. WORKER’S RIGHTS AMENDMENT TO THE ILLINOIS BILL OF RIGHTS (SJRCA0011) Amendment to the Bill of Rights of the Illinois Constitution that makes the “right to organize and to bargain collectively through representatives of their own choosing for the purposes of negotiating wages, hours and working conditions” a fundamental right for Illinois workers. LATEX GLOVE BAN ACT (HB 0209/PA 102-1095) Legislation bans latex gloves in the handling and preparation of food. The Act will also ban the use of latex gloves by medical personnel starting Jan. 1, 2024. ILLINOIS POWER OF ATTORNEY ACT (HB 05047/PA 102-0794) Legislation amends the Illinois Power of Attorney Act to permit agents in a health care setting to present electronic copies of documents that delegate power of attorney and requires the health care provider to accept the digital document. MOTOR FUEL TAX (PA 101-0032) Effective January 1, 2023, the State Motor Fuel Tax will increase to $0.423 per gallon of gasoline. Additionally, the tax will resume its annual increase on July 1, 2023. GROCERY TAX (PA 102-700) Effective January 1, 2023, the 1% tax on groceries will be reinstated after it was suspended from July 1, 2022, through June 30, 2023. BANKING DEVELOPMENT DISTRICT ACT (HB 05194/PA 102-802) Establishes an incentive program to induce banks and credit unions to open branches in areas with underbanked populations. HUMAN RIGHTS ACT (HB 02775/PA 102-896) Legislation amends the Illinois Human Rights Act by making it a civil rights violation for anyone in real estate transactions to discriminate based on source of income. Financial institutions are exempt if they are considering source of income in transactions in compliance with state or federal law. CONDOMINIUM PROPERTY ACT (HB 05246/PA 102-976) Legislation amends the Condominium Property Act by narrowing the timeframe for section 22.1 disclosures for prospective purchasers from 30 days to 10 days. The amendment also limits the fee for gathering such information to $375, with an additional $100 charge permitted for rush service completed within 72 hours. REAL ESTATE VALUATION TASK FORCE ACT (HB 04410/PA 102-934) Legislation creates the Real Estate Valuation Task Force to identify and resolve the causes of racial disparities in appraisals. PROPERTY TAX CODE (SB 03069/PA 102-1000) Legislation amends the Property Tax Code to provide that a homeowner or condominium association may file an appeal or intervene in an appeal on behalf of its members to the Property Tax Appeal Board. Here is an outline of a business plan you can use. If you have some trouble, you can ask Tom Gosche, Business Strategist from GLM! tomg@goglm.com and/or 630-675-8971
1. Executive Summary 2. Current Situation 3. Vision
4. Management 5. Product / Service Description 6. Market Analysis
7. Marketing Strategy
8. Production / Manufacturing Strategy
9. Administrative Strategy
10. Financial Information
She loves working with business owners on securing their assets with a plan so they can survive disruptions and thrive in the aftermath. The business will develop a business continuity plan via learning how to do tailored risk assessment and business impact analysis. Erika and her company, EaaS will then work that plan through trainings and exercise creation and facilitation to determine the plan's viability. EaaS leaves businesses better able to resume operations quickly when risk management fails.
Recordkeeping is an important part of running a small business. In fact, keeping good records helps business owners make sure their business stays successful.
Here are some things small business owners should remember about recordkeeping:
The Daily Herald had an article in Sunday’s Newspaper about the importance of an Accountant or CPA in advising your business. You can imagine that we at GLM agree with this this. Having an outside look at your business and finances is very important to the growth and stability of your business.
About the Author: Denice Gierach is an attorney, CPA, Northwestern University business master's graduate, and has owned several businesses including in real estate and manufacturing. She is the lead attorney at Gierach Law Firm in the Chicago area. With more than 30 years of experience, she has been a respected and sought-after resource for businesses looking to grow, sell, solve problems, and succeed long term. Her insights across business areas gives a fuller lens to business issues and solutions, and helps businesses grow and succeed with less time spent on legal issues and other time-consuming problems Here is a link to the Article: https://www.dailyherald.com/business/20221204/the-importance-of-involving-your-cpa-in-your-business |
GLM's BlogIn true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order.
Tom GoscheTom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him: 630-675-8971
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300 N. Martingale Rd., Suite 750 Schaumburg, IL 60173-2097 Phone: (847) 884-1781 Fax: (847) 884-1830 E-mail: info@glmfinancial.com Website: www.goglm.com |