AB CPA, Inc.

Full service CPA firm that offers consulting. accounting and tax services.

04/13/2026

An estate plan helps ensure that your assets are distributed according to your wishes. It also can minimize taxes, safeguard your minor children and support your charitable goals. If you haven’t reviewed your estate plan recently, call us at (708) 430-3232. We can help assess whether revisions are needed due to tax law changes or a major life event. If you don’t have an estate plan yet, we can help you get started.

04/10/2026

Did you know you can amend your tax return if you need to revise information after you filed it? Amended returns let taxpayers fix errors or omissions — such as income, deductions, credits or filing status — and make certain late elections. They can also be used to address tax law changes, claim losses and credit carrybacks, and more. You can e-file up to three amended returns per tax year. Usually, you have up to three years from the original filing deadline or two years from when you paid the tax, whichever is later, to claim a refund. But the rules can be complex. Contact us at (708) 430-3232 for guidance.

04/08/2026

If you rent out your primary residence or vacation home for no more than 14 days, you don’t have to report the income. (But you can’t deduct related expenses, such as advertising and cleaning.) If you rent it out for more than 14 days, the income is taxable. And you may be able to deduct expenses such as utilities, repairs, insurance and depreciation. Exactly what you can deduct depends on personal vs. rental use. The rules are complex, but tax savings opportunities are available. Call us at (708) 430-3232 to learn more.

04/07/2026

Can business debt become personal? In some cases, yes. If you’re a sole proprietor or a general partner in a partnership, you’re personally liable for business debts. Owners of corporations and limited liability companies are generally protected from personal liability, unless they personally guarantee a loan, commit fraud or fail to keep business and personal finances separate. Payroll taxes are different. The IRS can assess the Trust Fund Recovery Penalty to hold owners, officers or other responsible individuals personally liable for unpaid withheld payroll taxes, regardless of the business structure. This applies even if the business declares bankruptcy. Call us at (708) 430-3232 with questions.

04/06/2026

Business owners: If you’re only reaching out at tax time, you may be missing some valuable insights. Why stop at tax filings? Let us help you make smarter business decisions year-round — from improving cash flow to navigating economic uncertainty to planning for growth. Please call us at (708) 430-3232 to learn more about how we can support your strategic goals.

04/03/2026

The IRS issued interim guidance on the new special depreciation allowance for qualified production property under tax legislation signed into law in July of 2025. The guidance defines qualified production property and activities (such as certain manufacturing, chemical production and agricultural production), explains how to determine the allowance, and outlines how and when to elect it. It also addresses depreciation recapture if the property no longer meets the requirements. Eligible taxpayers can deduct up to 100% of the unadjusted basis of qualified production property placed in service after July 4, 2025, and before Jan. 1, 2031. Contact us at (708) 430-3232 if you have questions.

04/01/2026

In today’s uncertain markets, maintaining an adequate cash reserve provides much-needed financial stability for your business. You can access these funds to meet seasonal needs, cover equipment breakdowns and other expenditures, and pursue growth opportunities. But excessive “rainy day” funds could be an inefficient use of capital. After determining your company’s optimal cash balance, consider repurposing any surplus. For example, you might use the excess funds to invest in short-term marketable securities or repay high-interest debt. We can help evaluate your working capital needs and strengthen your balance sheet. Call us at [%Phone] to discuss.

03/31/2026

Creating a well-thought-out estate plan can significantly reduce current and future tax liability. Incorporating strategies such as gifting assets during your lifetime, placing appreciating assets in trusts and ensuring proper beneficiary designations can help minimize taxes for you and your family. Contact us at (708) 430-3232. We can review your plan to ensure you’re using the most tax-efficient tools to protect your wealth and pass it on according to your wishes.

03/30/2026

For small business owners, investing in new equipment, expanding facilities or launching a new product can be a big decision. With limited funds, it’s essential to pinpoint the opportunities that deliver the most value. Financial models like accounting payback, net present value and internal rate of return offer a disciplined, data-driven approach to evaluating your options. We can help you apply these models to make confident, informed capital-budgeting decisions that fuel long-term success. Call us at (708) 430-3232 to get started.

03/27/2026

Choosing the head of household (HOH) tax filing status may reduce your 2025 tax bill. HOH status offers a higher standard deduction, and in some cases, more favorable tax brackets than if you were to file as single. To qualify, you must have been unmarried (or considered unmarried) on Dec. 31, 2025; have paid more than half the cost of maintaining your home; and have had a qualifying dependent living with you for more than half the year. If you’re living with the other parent of your child but not married, only one of you can claim HOH status. The rules for HOH status can be complex, especially for divorced or separated parents. We can help you determine if you qualify. Contact us at (708) 430-3232.

03/25/2026

The decision to itemize deductions or claim the standard deduction can have a big impact on your tax bill. With a higher standard deduction and itemized deductions more limited, many taxpayers who once benefited from itemizing have been better off taking the standard deduction. But the recent quadrupling of the deduction limit for state and local taxes could make itemizing worthwhile again for some. Not sure which is better for you? We can help. Call us at (708) 430-3232.

03/24/2026

Good news for small business owners! The 20% qualified business income (QBI) deduction for pass-through business owners is now permanent. (It had been scheduled to expire after 2025.) This break reduces taxable income for eligible sole proprietors, partners, S corp owners and, generally, LLC members. Beginning in 2026, expanded income ranges over which certain limits phase in may allow more taxpayers to qualify for the QBI deduction, and some may enjoy larger deductions. Contact us at (708) 430-3232 to learn how you can benefit.

Address

9944 South Roberts Road
Palos Hills, IL
60465

Telephone

+17084303232

Website

http://www.abcpainc.com/

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