GLM- Business Accounting Strategy Consulting
Connect with us
  • Home
  • Accounting & Bookkeeping
    • Bookkeeping
  • Tax
  • About
    • Consulting >
      • Strategic Succession Planning
      • Strategic Business Planning
    • Staff Accountant Needed
  • Contact
    • Send us a Referral
    • Networking Calendar
  • Blog & Podcast
  • Social Responsibility

Matching Ideas with Resources- Professional Photos & Videos

1/30/2023

0 Comments

 
Picture
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

0 Comments

Tax Tips for Gig Economy Entrepreneurs and Workers

1/23/2023

0 Comments

 
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
  • Taxpayers must report all income on their tax return unless excluded by law, whether they receive an information return such as a 1099 or not.
  • Individuals involved in the gig economy may also be required to make quarterly estimated tax payments to pay income tax and self-employment tax, which includes Social Security and Medicare taxes. The last estimated tax payment for 2022 is due Jan. 17, 2023.
Workers report income according to their worker classification
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.
  • If they are employees, they report their wages from the Form W-2, Wage and Tax Statement.
  • If they are an independent contractor, they report their income on a Schedule C, Form 1040, Profit or Loss from Business - Sole Proprietorship.

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.
  • Taxpayers may be able to lower the amount of tax they owe by deducting certain expenses.
  • It is important for taxpayers to keep records of their business expenses.

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:
  • If they have another job where they are considered an employee, they can submit a new Form W-4, Employee's Withholding Certificate to their employer to have more taxes withheld from their paycheck to cover the tax owed from their gig economy activity.
  • They can make quarterly estimated tax payments throughout the year.

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
​
0 Comments

Remembering Martin Luther King...

1/16/2023

0 Comments

 
Picture
0 Comments

New Laws for Illinois in 2023

1/9/2023

0 Comments

 
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. 

Complete List of New Illinois Laws in 2023
0 Comments

Happy New Year!

1/2/2023

0 Comments

 
Picture
0 Comments

    GLM's Blog

    In 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 Gosche

    Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him:

    630-675-8971
    tomg@goglm.com
    View my profile on LinkedIn

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015

    Categories

    All
    Business Growth
    Business Planning
    Business Valuation
    Buying A Business
    Covid 19 Business Help
    Covid-19 Business Help
    Expense Savings
    GLM Promotion
    Human Resources
    Matching Ideas With Resources Podcast
    Minimum Wage
    Overtime Rules
    Podcast
    Selling A Business
    Sick Time
    Steering Direction Podcast
    Succession Planning
    Tax Tips

    RSS Feed

Picture
GLM, Inc.
 
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 

Picture
Picture
Proudly powered by Weebly