Illinois State Taxes: What Youll Pay in 2025

The percentage that’s withheld will depend on things such as your income, your filing status (single, married filing jointly, etc.) and any tax credits you indicate on your W-4 form. Illinois’ corporate component score is also hurt by the state’s lack of bonus depreciation allowance under IRC Section 168(k). Illinois also has a 6.25 percent…

Lease Accounting for Small Businesses: What You Need to Know

Payments related to purchase options or penalties for early termination, if the lessee is reasonably certain to exercise these options, are also included. Each element must be evaluated to ensure accurate measurement of the lease liability. The original lease accounting standards, called the Statement of Financial Accounting Standards 13 (SFAS13) or US GAAP Accounting Standards…

Statement of Retained Earnings: What is it? How to Prepare It, and Examples

Lenders are interested in knowing the company’s ability to honor its debt obligations in the future. Lenders want to lend to established and profitable companies that retain some of their reported earnings for future use. Even if the company is experiencing a slowdown in business activities, it can still make use of the retained earnings…

Guide to Annuities: What They Are, Types, and How They Work

The material provided on the Incorporated.Zone’s website is for general information purposes only. It is not Cash Flow Management for Small Businesses intended to provide legal advice or opinions of any kind. In the middle of a problem, if you calculate a decimal, please do not round. Ordinary Annuities vs. Annuity Dues: What’s the Difference?…