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Gray Hunter Stenn
Gray Hunter Stenn

September 13, 2017

Watch Out for Potential Tax Pitfalls of Donating Real Estate to Charity

Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For example, if you’ve held the property for more than one year, you generally will be…More

September 12, 2017

Tax Planning Critical When Buying a Business

If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the odds of a successful acquisition, it’s important to devote resources…More

September 8, 2017

The ABCs of the Tax Deduction for Educator Expenses

At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s common for teachers to pay for some classroom supplies out of pocket, and the tax…More

September 7, 2017

Larger Deduction Might Be Available to Businesses Providing Meals to Their Employees

When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is if the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code. A recent U.S. Tax Court ruling could ultimately mean that more employer-provided meals will be 100% deductible under this exception….More

September 1, 2017

Yes, You Can Undo a Roth IRA Conversion

Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that you would have been better off if you hadn’t converted…More

August 31, 2017

Illinois Kids Campaign Update

From the desk of State Rep, Kelly Burke, a loyal Crusader mom and a huge advocate for us in Springfield. Dear Principals and Presidents: I hope the school year is off to a great start. I am writing to give you an update on the progress of the Illinois Kids Campaign. Earlier this summer, the…More

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