Matter & Substance

Insights from our industry
to help businesses and individuals

August 18, 2022

Business Clients Can Benefit from the Inflation Reduction Act

On August 16, 2022, President Biden signed the Inflation Reduction Act. The effects of this bill are aimed at reducing some of the burden of inflation in the longer-term, supporting small businesses, and impacting climate change. Below is a...

August 11, 2022

Illinois Residents May Qualify for Tax Rebates

This fall, Illinois residents could see checks in the mail or deposits in their bank accounts thanks to Gov. JB Pritzker’s Illinois Family Relief Plan. Both Individual Income Tax Rebates and Property Tax Rebates are scheduled to begin Monday,...

August 9, 2022

How the Inflation Reduction Act Affects You

After weeks of negotiations, the Inflation Reduction Act (IRA) was passed in the Senate. The effects of this bill are aimed at reducing some of the burden of inflation in the longer-term. The bill hopes to achieve this with...

August 5, 2022

Reporting Partners’ Income on Tax Returns

If you are a partner in a business, you may have come across a situation that’s puzzling: in a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which...

July 27, 2022

Preparing for a Recession

Recessions—defined as two consecutive quarters of economic decline—are often caused by unexpected economic shifts. And in the past few years, we have had a lot of them: the global COVID-19 pandemic, the war in Ukraine, the Great Resignation, and...

July 12, 2022

Why an Outsourced CFO Partner Is Beneficial to Any Organization

Authored Content by Matt Schoenholtz, Client Accounting Services Partner In working with clients, I like to use the term “The ART of Accounting” to explain to them exactly why having an accounting partner is so important. If you are...

July 7, 2022

What Does a Bear Market Mean for Me?

You have all heard the terms “bull market” and “bear market.” These two states of the market are named as such because the attack patterns of these predators match the trends for which they represent: bulls attack upwards with...

June 14, 2022

Tax Breaks When Caring for an Elderly Relative

In the latest report by National Alliance for Caregiving, it was revealed family caregivers now encompass more than one in five Americans. As the demands for caregiving rise in the US, more burden has been falling on working family...

May 17, 2022

Inflation Enhances the 2023 Amounts for Health Savings Accounts

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA Basics A Health Savings...

May 4, 2022

Selling a Home: Will You Owe Tax on the Profit?

Over the past 12 weeks, mortgage rates have had their largest jump since the ’90s. As of this week, the average 30-year fixed mortgage rate stood at 4.42%—up from 3.11% in December. Although the housing market has not slowed...

April 27, 2022

The Tax Effects of Moving a Parent into a Nursing Home

If you have a parent entering a nursing home, there may be more things on your mind than how it will affect your taxes. Assisted living costs are expensive, and those costs are continuing to rise every year—but some...

April 25, 2022

Kristy McCullough Named Managing Director of Mowery & Schoenfeld Wealth Management

McCullough joins Mowery & Schoenfeld with experience, expertise, and unfailing client dedication. For the past 15 years, McCullough has served in leadership roles, most recently Senior Vice President Wealth Advisor and head of the Lake Forest office of a...

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Matter & Substance

Insights from our industry to help businesses and individuals

Insights from our industry
to help businesses and individuals