​Don your mask for a night of intrigue and imagination!
 
The Rotary Club of Schaumburg-Hoffman Estates is proud to present the 44rd Annual Rotary Classic, Live and in person on May 6, 2023 at the Hyatt Schaumburg. Event is Black Tie Optional!
 Honorary Co-Chair- Rebecca Darr, President/ CEO WINGS
Under Darr’s leadership, WINGS has dramatically increased its ability to provide pathways to independence for people whose lives have been devastated by domestic violence. Her vision, leadership, and collaborative spirit have truly made a difference in the lives of so many people!

The Rotary Club of Schaumburg-Hoffman Estates is committed to selecting projects and activities that will impact senior wellbeing, literacy, and area poverty at all ages. We endeavor to be responsive to the changing needs of our community and to work alongside village officials, community leaders and organizations that share this commitment.

Your purchase helps to:

• break the cycle of domestic violence (WINGS)
• empower and heal abused children (Children’s Advocacy Center)
• foster a lifetime of learning for children in high-risk environments (Children’s Home & Aid Society)
• feed the hungry at locations like School Districts 54 & 211, Schaumburg Township, and Partners for Our Communities
• provide recreation for children and adults with disabilities (Northwest Special Recreation Association)
• award annual scholarships (Harper College)
• enable older adults to stay in their homes longer (Kenneth Young Center)
• provide nutritious meals/fellowship to seniors (Schaumburg Senior Program)
• partner with Chandler's to provide holiday meals for 215 Veterans and their families (Trickster Veteran Holiday Dinner)
• provided personal protection equipment to our community partners
• help children to build trust by shopping with police officers (Shop with a Cop)

​None of this would be possible without the support of our generous sponsors. Become a SPONSOR today! Contact George Panopoulos at [email protected] to secure your spot!

Thanks to a slowing economy, SBA loans have been growing in popularity. So much so The Daily Herald had a Featured article about them in the March 19th, 2023 Sunday Business Section.

​www.dailyherald.com/business/20230319/thanks-to-a-slowing-economy-sba-loans-have-been-growing-in-popularity

No matter what, you need to talk with someone, an expert that helps business owners daily! We advise you to talk with one of the contact at the bottom of this Matching Ideas with Resources Blog.

Typical Situation: Our client is looking to expand their business or perhaps make a business acquisition.  They might be looking to purchase equipment, inventory, or real estate.  Maybe they also need working capital to expand.  We are primarily looking to lend to businesses in underserved areas to create quality jobs

When you hear a business owner say: 
• “I would like to expand but I my bank won’t lend the full amount I need”
• “I just got declined for a loan from my bank to buy R/E, equipment, inventory, working capital”
• “I want to buy out my partner (or purchase a business) but can’t get financing”
• “My bank approved the equipment loan but they only gave me a 24 month term, I’m afraid of a payment that large.”

SBA (Small Business Administration) Bankers serve as a trusted banking solution. They Make $1MM-$5MM loans to small businesses.

How they Work: They use Government loan programs, to businesses that meet SBA guidelines. They are  able to do this by treating the building acquisition as simply an extension of their existing business, rather than a new acquisition.  

Matching Ideas with Resources:

Good recordkeeping year-round helps taxpayers avoid tax time frustration-

Wading through a pile of statements, receipts and other financial documents when it’s time to prepare a tax return can be frustrating for people who haven’t managed their records. By knowing what they need to keep and how long to keep it, people can develop a good recordkeeping system year-round and make filing their return easier.

Good recordkeeping can also help taxpayers understand their situation when they receive letters or notices from the IRS.

Good records help:

• Identify sources of income. Taxpayers may receive money or property from a variety of sources. The records can identify the sources of income and help separate business from non-business income and taxable from nontaxable income.
• Keep track of expenses. Taxpayers can use records to identify expenses for which they can claim a deduction. This will help determine whether to itemize deductions at filing. It may also help them discover potentially overlooked deductions or credits.
• Prepare tax returns. Good records help taxpayers file their tax return quickly and accurately. Throughout the year, they should add tax records to their files as they receive them to make preparing a tax return easier.
• Support items reported on tax returns. Well-organized records make it easier to prepare a tax return and help provide answers if the return is selected for examination or if the taxpayer receives an IRS notice.

In general, taxpayers should keep records for three years from the date they filed the tax return. Taxpayers should develop a system that keeps all their important information together. They can use a software program for electronic recordkeeping. They could also store paper documents in labeled folders.

Records to keep include:

• Tax-related records. This includes wage and earning statements from all employers or payers including payment apps or cards, such as Form W-2, 1099-K, 1099-Misc, 1099-NEC. Other records include interest and dividend statements from banks, certain government payments like unemployment compensation, other income documents and records of virtual currency transactions. Taxpayers should also keep receipts, canceled checks, and other documents that support income, a deduction, or a credit reported on their tax return.
• IRS letters, notices and prior year tax returns. Taxpayers should keep copies of prior year tax returns and notices or letters they receive from the IRS. These include adjustment notices when an action takes place occurs on the taxpayer's account.
• Property records. Taxpayers should also keep records relating to property they dispose of or sell. They must keep these records to figure their basis for computing gain or loss.
• Business income and expenses. Business taxpayers should find a bookkeeping method that clearly and accurately reflects their gross income and expenses. Taxpayers who have employees must keep all employment tax records for at least four years after the tax is due or paid, whichever is later.
• Health insurance. Taxpayers should keep records of their own and their family members' health care insurance coverage. If they're claiming the premium tax credit, they'll need information about any advance credit payments received through the Health Insurance Marketplace and the premiums they paid.

​For more information on what to do to get ready to file taxes, taxpayers should visit the Get Ready page of IRS.gov.

​Aspiring entrepreneurs: learn the basics of setting up a business
New entrepreneurs can start out on the right foot by making sure they understand the tax responsibilities of running a business. The process can seem daunting, but IRS.gov has resources to help new business owners.
Here are a few things new entrepreneurs need to do when starting their business.
Choose a business structure
The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are:

• Sole proprietorship: An unincorporated business owned by an individual. There's no distinction between the taxpayer and their business.
• Partnership: An unincorporated business with ownership shared between two or more people.
• Corporation: Also known as a C corporation. It's a separate entity owned by shareholders.
• S Corporation: A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders.
• Limited Liability Company: A business structure allowed by state statute.

Choose a tax year
A tax year is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either:

• Calendar year: 12 consecutive months beginning January 1 and ending December 31.
• Fiscal year: 12 consecutive months ending on the last day of any month except December.

Apply for an employer identification number
An EIN is also called a federal tax identification number. It's used to identify a business. Most businesses need one of these numbers. It's important for a business with an EIN to keep the business mailing address, location and responsible party up to date. IRS regulations require EIN holders to report changes in the responsible party within 60 days. They do this by completing Form 8822-B, Change of Address or Responsible Party and mailing it to the address on the form.
Have all employees complete these forms

• Form I-9, Employment Eligibility Verification U.S. Citizenship and Immigration Services
• Form W-4 Employee's Withholding Allowance Certificate

Pay business taxes
The form of business determines what taxes must be paid and how to pay them.
Visit state's website
Prospective business owners should visit their state's website for info about state requirements.