Global Taxes & Accounting Ltd

Global Taxes & Accounting Ltd We help business owners save time and money by providing outsourced accounting, tax preparation and tax planning services.

Did you know the IRS can hold you PERSONALLY liable for the unpaid payroll taxes of your business? The Trust Fund Recove...
08/27/2025

Did you know the IRS can hold you PERSONALLY liable for the unpaid payroll taxes of your business? The Trust Fund Recovery Penalty (TFRP) targets business owners and responsible parties who willfully fail to remit payroll taxes withheld from employees. Even if the business is struggling, the IRS doesn’t take missed payments lightly. The financial consequences can be severe. If you've received a TFRP notice or are concerned about payroll tax compliance, don’t wait. We help you understand your rights and build a strong defense. Act now before penalties escalate. Contact us at (847) 376-8210.

Worried about taxes during retirement? Roth IRAs offer tax-free retirement income. But there’s a current tax cost to thi...
08/26/2025

Worried about taxes during retirement? Roth IRAs offer tax-free retirement income. But there’s a current tax cost to this future benefit: Contributions aren’t deductible. Also, the annual contribution limits are relatively modest, and your maximum contribution might be reduced or eliminated based on your income. Nevertheless, the Roth IRA’s tax-free growth potential can be a powerful wealth-building tool. And annual Roth IRA contributions aren’t the only way to take advantage of this potential. Call us at (847) 376-8210 to discuss how a Roth account might fit into your strategy.

When a married couple files a joint federal tax return, both spouses are fully responsible for the total tax due. The IR...
08/25/2025

When a married couple files a joint federal tax return, both spouses are fully responsible for the total tax due. The IRS can collect the full amount from either spouse, including extra tax, penalties and interest after an audit. Under certain conditions, you may seek “innocent spouse relief.” To qualify, the IRS will examine whether you knew about (or had reason to know about) the understatement and whether it would be unfair to hold you liable for the full amount due. This relief may apply regardless of the status of your marriage. Contact us at (847) 376-8210to see if you’re a candidate.

Are you betting money on professional or college sports? If so, you aren’t alone. According to the IRS, billions of doll...
08/22/2025

Are you betting money on professional or college sports? If so, you aren’t alone. According to the IRS, billions of dollars are bet by “casual gamblers,” who aren’t in the business of wagering. If you win, congratulations. Not to rain on your parade, but Uncle Sam generally wants his share. You might receive a Form W-2G (Certain Gambling Winnings) depending on what you bet on and how much you win. All winnings must be reported on your tax return. You have until next year to report the money you win in 2025. You may need to pay estimated tax on the additional income. Contact us at (847) 376-8210 with questions.

Thinking about saving for a child’s education? A Section 529 plan is a tax-advantaged option. There are two types: savin...
08/20/2025

Thinking about saving for a child’s education? A Section 529 plan is a tax-advantaged option. There are two types: savings plans and prepaid tuition plans. The right plan for you depends on factors such as your financial goals, where the child might attend school, and what costs you want to cover. Let’s review your options together. Call us at (847) 376-8210.

If you’ve received a large inheritance, it may be tempting to view it as “found money” that can be spent freely. But it’...
08/19/2025

If you’ve received a large inheritance, it may be tempting to view it as “found money” that can be spent freely. But it’s in your best interest not to make quick purchases or financial commitments. Wait until you know what your net proceeds from the estate will be. Once all fees and taxes are accounted for, the final settlement may be less than you expect. What if you’re receiving your inheritance through a trust? Learn the trust’s terms and understand the timing and amount of distributions and any conditions that must be satisfied to receive them. Contact us at (847) 376-8210 for assistance.

Proper payroll recordkeeping is critical for every business to ensure tax compliance and guard against litigation. Most ...
08/18/2025

Proper payroll recordkeeping is critical for every business to ensure tax compliance and guard against litigation. Most companies must keep information regarding federal income, Social Security and Medicare taxes for at least four years after the due date of an employee’s personal income tax return for the year in which the payment was made. This is known as the “records-in-general” rule, and various data and documents fall under it. Contact us at (847) 376-8210 to schedule a review of your payroll recordkeeping processes today!

Many Americans seek to earn money by way of a side hustle, which sometimes starts as a hobby. Reminder: This income is t...
08/15/2025

Many Americans seek to earn money by way of a side hustle, which sometimes starts as a hobby. Reminder: This income is taxable. Depending on whether the IRS considers the activity to be a business or a hobby, the tax treatment is very different. On their tax returns, businesses can generally deduct ordinary and necessary business expenses. But if the IRS deems an activity a hobby, deductions are much more limited. To determine if an activity is considered a business, the IRS looks at key factors. These include whether the taxpayer displays a profit motive, operates in a businesslike manner and keeps good records. To learn more, contact us at (847) 376-8210 with questions or visit the IRS: https://bit.ly/3VJi4BG

You’re never too young to start planning for retirement. We can help you juggle multiple financial goals, including savi...
08/13/2025

You’re never too young to start planning for retirement. We can help you juggle multiple financial goals, including saving for a home, your children’s education and a secure retirement. Contact us at (847) 376-8210 to discuss tax-advantaged retirement plans as well as other investment opportunities, income tax-reduction strategies and risk-mitigation measures (such as insurance). On the other hand, are you getting a late start? We have tips for making and reaching aggressive retirement savings goals.

Generally, if you're over age 59½, withdrawals of Roth IRA earnings are tax-free. But there’s one more requirement: Your...
08/12/2025

Generally, if you're over age 59½, withdrawals of Roth IRA earnings are tax-free. But there’s one more requirement: Your Roth must have been open at least 5 years. The countdown clock starts on Jan. 1 of the year you made your very first Roth IRA contribution; it doesn’t apply to each contribution separately. Have questions? Let’s talk before you launch any Roth IRA withdrawals. Contact us at (847) 376-8210.

We offer business tax services, including strategy, compliance and return preparation. From quarterly filings to year-en...
08/11/2025

We offer business tax services, including strategy, compliance and return preparation. From quarterly filings to year-end planning, we help minimize liabilities and maximize tax breaks — so you can stay focused on growing your business. Whether you’re a sole proprietor, C corporation, S corporation, partnership or LLC, let us simplify taxes for you. Contact us at (847) 376-8210.

As you likely know, marital status affects many federal tax filing requirements, including your standard deduction, cred...
08/08/2025

As you likely know, marital status affects many federal tax filing requirements, including your standard deduction, credit eligibility and tax owed. However, you may not know that informally separated couples are considered married by the IRS. Unless you became divorced or legally separated by Dec. 31, you must file as married filing jointly or married filing separately for the tax year. If, on the other hand, you finalized a divorce or legal separation during the year, you should file as single or head of household (if eligible) for the entire year. Annulments may be subject to different filing rules. Contact us at (847) 376-8210 with questions about your situation.

Address

2720 S River Road Ste 110
Des Plaines, IL
60018

Opening Hours

Monday 10am - 5:30pm
Tuesday 10am - 5:30pm
Wednesday 10am - 5:30pm
Friday 10am - 5:30pm
Saturday 9am - 4pm

Telephone

+18473768210

Website

Alerts

Be the first to know and let us send you an email when Global Taxes & Accounting Ltd posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Global Taxes & Accounting Ltd:

Shortcuts

Share

Category