The Architect of Your Business
It's Back to School Time . . .
Hi . Happy August! As the kids (who are we kidding … PARENTS!) get ready to go back to school and last minute summer vacations take shape, we are already starting to prepare for year end. I know, that doesn’t sound right – but it is the truth! 

Winning the title “Best of the Fox” for tax/accounting earlier this summer was a wonderful surprise and with that comes some wonderful new opportunities as well.

Odds are favorable that we will see tax legislation passed regarding retirement savings and distribution rules. Delayed RMD rules and enhanced savings are top of the list. Stay tuned! FUN FACT - Did you know that of the “23andMe” costs can be paid for by FSA accounts? YEP! If you purchase the medical piece – up to $117 can be utilized from those pre-tax accounts! Another FUN FACT – the IRS is unveiling a special tax form for seniors. The Form 1040SR will be available for 2019 returns for taxpayers over the age of 65. OK, one more FUN FACT – the “postcard” Form 1040 from last year is short lived, as that form is going back to looking a bit more normal as in previous years. Now, wasn’t that fun?   
Enjoy the dog days of summer!
Laura M. Mraz, EA - LMM & Associates, Inc.
11017 N. Woodstock St., P.O. Box 741 | Huntley, IL | 847.458.2460

Last month we had a quite a few questions on Social Security, how it is taxed, etc. Your benefits could be taxable – maybe not. Depends on your other income and filing status.

What burning tax questions do you have (yes, that is a thing!)? Go ahead, ASK LAURA ! Use the button provided to email your question and we will get back to you! We will share one question each month going forward, as well as the answer!

Enjoy the rest of the summer!

Our summer hours remain in effect - we are closed on Fridays.
"The primary cause of unhappiness is never the situation but your thoughts
about it." Eckhart Tolle
W-4 Mid-Year Check Up - Reviewing Your Estimates
Making an adjustment to how much tax is withheld from your income or increasing your estimated tax payments can help you avoid an unwelcome tax bill and potential penalties at the end of the year.

With all the tax changes that went into effect in 2018, it’s important to review your tax withholding at least once a year.

Gift Planning
Transferring Wealth Tax Free
One way to transfer wealth to the next generation is to make gifts. Generally, donors pay gift tax unless they fit into an exception. The most frequently used exception is the annual exclusion.

Taxpayers may give up to the annual exclusion to another individual tax free.

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