​ “The Friendly Club,” as the Rotary Club of Schaumburg / Hoffman Estates is known, was founded in 1969 by a dedicated group of local business leaders committed to making their community and the world a better place to live. 

The group of 70 business and community leaders are devoted to the ongoing efforts of Rotary International’s 1.2 million neighbors, friends, and community leaders who come together to create positive, lasting change in local and global communities.  Together they have raised millions of dollars used to enrich the lives of youth, families and seniors, through our own efforts and by providing assistance to other charitable organizations.

The member's differing occupations, cultures, and countries give us a unique perspective. Our shared passion for service helps us accomplish the remarkable.

What makes Rotary Club of Schaumburg / Hoffman Estates DIFFERENT? The unique point of view and approach gives distinct advantages:

• They see differently: The multidisciplinary perspective helps see challenges in unique ways. 
• They think differently. Applying leadership and expertise to social issues—and find unique solutions.
• They act responsibly: Members are all volunteers with a passion and perseverance to create lasting change so every dime raised goes toward projects. 

The members can be found in your  community, as well as, around the globe.

As the 2019 tax filing season gets into full swing, the Internal Revenue Service reminds taxpayers who owe of the many easy payment options.

The IRS anticipates that most taxpayers will be affected by major tax law changes. While most will get a tax refund, others may find that they owe taxes, many of whom may qualify for a waiver of the estimated tax penalty that normally applies. See Form 2210, Underpayment of Estimated Tax by Individuals, Estates and Trusts, and its instructions for details.

“The IRS understands there were many changes that affected people last year, and the new penalty waiver will help taxpayers who inadvertently had too little tax withheld,” said IRS Commissioner Chuck Rettig. “We encourage people to check their withholding again this year to make sure they have the right amount of tax withheld for 2019.”

The IRS urges people with a filing requirement and a balance due to file by the April 15 deadline even if they cannot pay in full. Taxpayers in this situation should pay what they can and consider a payment plan for the remaining balance.

Taxpayers who owe taxes can choose among the following payment options:

• IRS Direct Pay allows payment directly from a checking or savings account. This service is free.
• Electronic Federal Tax Payment System, or EFTPS. Pay by phone or online. This service is free.
• Debit or credit card payment.  This service is free, but the processing company may charge a fee. Fees vary by company.
• Check or money order made payable to the United States Treasury (or U.S. Treasury) either in person or through the mail.
• Cash payments at some IRS offices or at a participating PayNearMe location. Some restrictions apply. Taxpayers should not send cash through the mail.

Taxpayers who are unable to pay their taxes in full should act quickly. Several payment options are available including:

• Online Payment Agreement — Individuals who owe $50,000 or less in combined income tax, penalties and interest and businesses that owe $25,000 or less in payroll tax and have filed all tax returns may qualify for an Online Payment Agreement. Most taxpayers qualify for this option, and an agreement can usually be set up in a matter of minutes. Online applications to establish tax payment plans, like online payment agreements and installment agreements, are available Monday – Friday, 6 a.m. to 12:30 a.m.; Saturday, 6 a.m. to 10 p.m.; Sunday, 6 p.m. to midnight. All times are Eastern time.
• Installment Agreement — Installment agreements paid by direct deposit from a bank account or a payroll deduction will help taxpayers avoid default on their agreements. It also reduces the burden of mailing payments and saves postage costs. Even taxpayers who don’t qualify for a payment agreement may still pay by installment. Certain fees apply.
• Delaying Collection — If the IRS determines a taxpayer is unable to pay, it may delay collection until the taxpayer's financial condition improves.
• Offer in Compromise — Certain taxpayers qualify to settle their tax bill for less than the amount they owe by submitting an offer in compromise. To help determine eligibility, use the Offer in Compromise Pre-Qualifier tool.

In addition, taxpayers can consider other options for payment, including getting a loan to pay the amount due. In many cases, loan costs may be lower than the combination of interest and penalties the IRS must charge under federal law.

Check tax withholding
The IRS urges all taxpayers to check their withholding for 2019, especially those who made withholding adjustments in 2018 or had a major life change. Those most at risk of having too little tax withheld from their pay include taxpayers who itemized in the past but now take the increased standard deduction as well as two-wage-earner households, employees with non-wage sources of income, and those with complex tax situations.
To help taxpayers allocate the appropriate withholding to their paychecks throughout the year in 2019, an updated version of the agency’s online Withholding Calculator is now available on IRS.gov.  It’s never too early to check your withholding. While it’s a good idea any year, starting early in 2019 is particularly important as most tax filers adjust to the revised tax rates, deductions and credits.
​
Online tools
The IRS urges taxpayers to take advantage of the many tools and other resources available on IRS.gov. Taxpayers have a variety of options to get help filing and preparing their tax returns on IRS.gov, the official IRS website. Taxpayers can also find answers to their tax questions and resolve tax issues online. The Let Us Help You page answers most tax questions, and Publication 5136, IRS Services Guide, links to these and other IRS services.
Taxpayers can go to IRS.gov/account to securely access information about their federal tax account. They can view the amount they owe, pay online or set up an online payment agreement; access their tax records online; review the past 18 months of payment history; and view key tax return information for the current year as filed. Visit IRS.gov/secureaccess to review the required identity authentication process.
​

Business owners can talk with GLM to find out how tax reform affects their bottom line
Business may find they have questions about how 2017’s tax reform legislation affects their organization and their bottom line. GLM is a great place to find answers. Here also are several pages on the IRS website that address tax reform. Businesses can bookmark these pages and check back often, as the IRS regularly updates them with new information.

Tax reform provisions that affect businesses
This is the main page for businesses. Users can link from this page out to more resources with additional information, which is organized in sections by topic. These sections include a plain language description and links to news releases, notices and other technical guidance. Here are a few of the main tax topics on this page and the subtopics highlighted in each section:

• Income: taxation of foreign income, carried interest, and like-kind exchanges
• Deductions and depreciation: fringe benefits, moving expenses, standard mileage rates, deduction for passthrough businesses, and business interest expenses
• Credits: employer credit for paid family and medical leave, and the rehabilitation tax credit
• Taxes: blended federal income tax and withholding
• Accounting method changes
• Opportunity zones

This page also includes information for specific industries, such as farming, insurance companies, and aircraft management services.

Tax reform resources
From this page, people can link to helpful products including news releases, tax reform tax tips, revenue procedures, fact sheets, FAQs and drop-in articles. Organizations can share these materials including the drop-in articles with employees, customers and volunteers to help them better understand tax reform.
​
Tax Cuts and Jobs Act: A comparison for businesses
This side-by-side comparison can help businesses understand the changes the new law made to previous law. It will help businesses then make decisions and plan accordingly. It covers changes to deductions, depreciation, expensing, tax credits, and other tax items that affect businesses.

Most people do not have the time and inclination to do all the research themselves. GLM is available to answer the questions you have about your personal and business taxes.

Tom Gosche
630-675-8971
​tomg@glmfinancial.com 

Should you move to QuickBooks Online (QBO)?

If you answer yes to any or all of these situations, you may want to consider QuickBooks Online.

You want to be free to work where and when you want. QuickBooks Online brings you the power and efficiency of the cloud with real-time access to your books from any mobile device or computer.
Your business is multi-user or multi-location. A single QuickBooks Online Plus account can be used by up to five people, and multiple users can work on one file at the same time.
You want to make it easier to work with your accountant. QuickBooks Online lets your accounting team access your books remotely to answer questions, fix problems, and get you ready for tax time.
You want to customize QuickBooks to fit your business. QuickBooks Online integrates with over 400 apps, so you can customize it to fit your unique needs and challenges.
You are tired of investing time and money in software upgrades. QuickBooks Online is zero maintenance software. It updates automatically so that you always have the latest software without the hassle.

QuickBooks Online offers:

• Create professional invoices
• Track sales and expenses
• Manage accounts payable
• One-click sales and tax reports
• Automatically schedule and send invoices
• Work from a PC, Mac, smartphone, or tablet at any time
• Instant file access for accountants
• Connect to 300+ cloud-based apps
• Automatically download bank transactions
• Phone support
• Automatic data-encrypted back-ups
• Access to latest product and feature updates
• Cloud access (hosting)
• Access for up to 5 users

GLM specializes in QuickBooks, offering accounting, consulting,  and bookkeeping services including:
How to use QuickBooks to help you make your business more profitable.

• Bookkeeping, training, setup, and cleanup of QuickBooks and Payroll.
• Customizing QuickBooks for your business.
• Multiple networked resources to save you money.
• Many years of Public Accounting Experience (CPA Firms).
• Certified QuickBooks ProAdvisors in both Desktop and Online versions.
• Certified Profit First Professionals on staff.