Jood Accounting & Tax Services

11/06/2025

Beware of scams!
Fraudsters will try to access your financial information and your money by pretending to be the IRS. The best way to protect yourself if a scammer reaches out to you is to contact the IRS directly through their official website and phone number.
The IRS will never call you, especially to demand immediate payment using a specific payment method such as a prepaid debit card, gift card, or wire transfer. They will also never email you out of the blue. The real IRS will contact you via letters in the mail, and payments can be made online through their trusted website.
If you are unsure if a scammer is trying to take advantage of you, DON’T act quickly, as they rely on a fake sense of urgency to lure you before you have a chance to think clearly. Always pause and contact your accountant, Dr. Ahmad O. Aburumman if you think you are being contacted by the IRS.

09/03/2025

01/14/2024

Remember that the quarterly estimated tax payments are due soon!

If you need to make quarterly estimated tax payments to the IRS, the due date for the September 1st - December 31st, 2023 quarter of year is January 15th, 2024.

For payments made using IRS Direct Pay, you can make payments until 11:45PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.

01/09/2024

Are you a business owner in Cook County?
For-profit businesses and nonprofit organizations can apply for the Back to Business New grant program. You must meet the following criteria to qualify:
• Started operations during COVID between January 1, 2020, and December 31, 2021.
• Had gross receipts of at least $25,000 and up to $20 million in 2021.
• Are currently in active operation in Illinois.
• Have not received a State of Illinois Back to Business (B2B) grant prior to 2023: (Business Interruption Grant (BIG), Back to Business (B2B) Grant issued prior to 2023, Shuttered Venue Operators Grant (SVOG), or Restaurant Revitalization Fund Grant (RRF).
• Must meet one of the following two criteria:
o The business or nonprofit is in a priority industry. A list of priority industries and their definitions can be found at https://b2bnewbiz.com/priority-industry-definitions/
o The business is majority owned by an individual or individuals who became eligible for and received unemployment insurance benefits – including from Pandemic Unemployment Assistance (PUA) – between March 13, 2020, and the date the business began operations.
Only 2 more days! Apply by 11:59 PM CT on January 11, 2024

Priority Industry Definitions A set of “Priority Industries” have been identified that have experienced particular and prolonged hardship throughout the COVID-19 pandemic. Those industries are defined as follows. When determining whether they are included in an industry as described below, nonpr...

01/08/2024

Clean Vehicle Tax Credits

If you are interested in buying a clean vehicle in 2024, it is important to remember that starting on Jan. 1, 2024, you might have the option to transfer the clean vehicle tax credit to the dealer at the point of sale. This means that eligible dealerships can either lower the cost of the vehicle by the credit amount or provide you with the cash equivalent. The credit is worth up to $7,500.

01/05/2024

Itemized deductions:

If you choose to itemize deductions, you may do so by filing Schedule A, Form 1040, Itemized Deductions. Examples of Itemized deductions that taxpayers may claim include:

· State and local income or sales taxes.
· Personal casualty and theft losses from a federally declared disaster.
· Gifts to a qualified charity.
· Real estate and personal property taxes.
· Home mortgage interest.
· Unreimbursed medical and dental expenses that exceed 7.5% of adjusted gross income.

01/03/2024

Tax Preparation Services

01/03/2024

It’s time for a new tax season! The Filing season for 2023 tax returns will soon be here. To get ready Here are some reminders of important steps you can take now to set yourself up for a more worry-free tax filing:
• Check your mailbox for year-end income statements, especially in late January and early February. These statements may include W-2 forms, along with 1099-NEC, 1099-MISC, 1099-INT, 1099-G, and other 1099 forms.
• Check your inbox because some of these forms may come by mail, while others may be sent to you electronically. Keep all of the forms together and organized.
• Organize records for tax deductions and credits. These records may include Form 1095-A (Health Insurance Marketplace Statement), tuition statements (Form 1098-T), medical bills, mortgage interest statements, and home energy improvement or clean vehicle receipts or invoices.
• Double-check your paycheck withholding amount and adjust it if necessary. Use the IRS Withholding Estimator tool to make sure withholding is accurate. IRS Withholding Estimator: https://www.irs.gov/individuals/tax-withholding-estimator
• If your name legally changed in 2023, report the change to the Social Security Administration before filing your taxes. Social Security Administration (SSA): https://www.ssa.gov/
• Get your bank account information ready. You will need your account number and the bank routing number, so you can receive your tax refund faster by direct deposit.

01/01/2024

Beware of scams!
Fraudsters will try to access your financial information and your money by pretending to be the IRS. The best way to protect yourself if a scammer reaches out to you is to contact the IRS directly through their official website and phone number.
The IRS will never call you, especially to demand immediate payment using a specific payment method such as a prepaid debit card, gift card, or wire transfer. They will also never email you out of the blue. The real IRS will contact you via letters in the mail, and payments can be made online through their trusted website.
If you are unsure if a scammer is trying to take advantage of you, DON’T act quickly, as they rely on a fake sense of urgency to lure you before you have a chance to think clearly. Always pause and contact your accountant, Dr. Ahmad O. Aburumman if you think you are being contacted by the IRS.