Welcome to Weltman Bernfield, a certified public accounting and business consulting firm located in the Chicago suburb of Buffalo Grove. We serve clients across the country, offering the expertise of a large CPA firm with the benefits of personalized service. Our accountants‘ combination of education, experience and ongoing training means clients consistently receive efficient service and value. We provide a full range of services, including audit and attest, tax, valuations and more.
This year, Weltman Bernfield is pleased to share tax tips on Chicago’s News Radio AM 560 The Answer.
Can’t tune in to hear them? Our tax tips are also available on www.560taxtips.com.
March 2015 General Client Newsletter
Tax Season Reminders
Tax season is a hectic time. Here are a few tips:
- Let us know as soon as possible if you need to file an extension. If you don’t think you can meet the deadline for filing, an extension gives you six more months to file without incurring late-filing penalties. March 16 is the deadline for filing corporate tax returns or extensions; April 15 is the deadline for individual tax returns or extensions. When filing an extension, you must make a reasonable estimate and pay any outstanding amount when you submit the extension form; otherwise, you could end up owing late-payment penalty charges.
- Contribute to your retirement accounts. You have until April 15, 2015, to contribute to your traditional or Roth IRA for 2014. The maximum IRA contribution for 2014 is $5,500 ($6,500 if you were age 50 or older by the end of 2014). Your traditional IRA contributions may be tax-deductible; however, the deduction may be limited if you or your spouse participate in a retirement plan at work and your income exceeds certain levels. Contact your tax advisor if you have questions about eligibility, or visit www.irs.gov.
- Evaluate your situation for 2015. This is a good time to evaluate your financial situation and investment options. Set up an appointment with your tax advisor to discuss how you can minimize your exposure in 2015.
Be sure to contact your advisor if you have any questions. We are here for you.
Also in this month’s issue:
John is a tax accountant at Weltman Bernfield and received his bachelor’s degree in accountancy from Northern Illinois University – College of Business. He started his career at Weltman Bernfield in September 2012.
February 2015 General Client Newsletter
If you are receiving a tax return, you will probably have to wait a little bit longer this year for the money. The IRS is expecting delays due to budget cuts; however, they do offer a tool to check the status of your federal return at www.irs.gov/Refunds. The State of Illinois is also expecting processing delays due to new security measures to avoid identity theft.
Be sure to contact your advisor if you have any questions concerning your tax return. We are here for you.
Also in this month’s issue:
- How Does the 3.8% NII Surtax Work?
- Big Benefits Through 401(k) Accounts
- Seven Top Employment Issues in 2015
- Searching for Miscellaneous Expense Deductions
- February 2015 QuickBooks Newsletter – Make Your Preferences Known in QuickBooks
- February 2015 QuickBooks Tip
- Accounting Intern Scholarship Program
Having had so much fun in 2013 and 2014, the WB team decided to volunteer at Feed My Starving Children again this year. The group may have been a little smaller than previous years, but they still did a lot of work. On January 22, 2015, 17 WB team members helped fill 69 boxes for the charity. See more photos on our Facebook page.
Feed My Starving Children is a non-profit organization where children and adult volunteers hand-pack meals specifically formulated for malnourished children throughout the world.
“David is the total tax professional,” says Glenn Mikell, managing member, Weltman Bernfield. “His expertise in tax planning and compliance has allowed us to increase our services, especially in the areas of international tax and multi-state taxation. He works extensively with international law firms to assist their clients in cross-border taxation issues. He is a great addition to our partner group.”
“David is one of the most creative tax professionals I’ve ever met,” says Jeff Kray, CPA, member, Weltman Bernfield. “His ability to relate and express tax advice to clients is second to none.”
David has more than 25 years of experience providing tax compliance and consulting services to privately owned and operated companies in the middle market. He is a trusted business and tax advisor to his clients, identifying, evaluating and implementing proactive tax strategies. He also has extensive experience resolving federal and state tax controversy.