Income Tax Preparation & Small Business Accounting

ABP Tax Services - providing friendly, personal, professional Tax Preparation Services to McHenry County for over 20 Years.

Call to schedule an appointment: (815) 728-1996

2019 — There is a totally new 1040 and many other new forms due to The Tax Cuts & Jobs Act (H.R.1).

IRS will begin processing tax returns on January 28, 2019. However, the processing of EITC (Earned Income Tax Credit) Form and ACTC (Additional Child Tax Credit) Forms will not occur until Late February.

Also there will be more documentation required for the EITC, CTC, ACTC, AOTC (Education Credit), and a new Head of Household Proof for Due Diligence. More information will be posted soon.

Be aware the deadline for 1099-Misc. & W2's to be filed is January 31st.

Coming soon are the updates for 2019 in review.

2018 Tax News

Bipartisan Budget Act of 2018 (H.R. 1892) On February 9, 2018, the President signed into law H.R. 1892, the Bipartisan Budget Act of 2018 (which extended federal funding for the government). However, the law also contains a number of tax provisions, including the extension of a number of provisions that had expired as of the end of 2016. These changes affect the preparation of 2017 tax returns. Taxpayers affected by these provisions who have already filed their 2017 tax return may need to file an amended return.

The Tax Cuts and Jobs Act (H.R.1) has been approved by Congress and signed by President Trump.The most sweeping change to the U.S. tax code in decades, H.R.1, as approved by Congress, impacts virtually every individual and business. This bill calls for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, enhancing the child tax credit, boosting business expensing, and more. The bill also impacts the Affordable Care Act (ACA), effectively repealing the individual shared responsibility requirement. Most of these provisions are effective starting in 2018, not this current tax year.

The Protecting Americans from Tax Hikes (PATH) Act extends many popular individual and business tax incentives while making others retroactive and/or extended for 2 to 5 years. 

The Fixing America’s Surface Transportation (FAST) Act - a multi-year highway and transportation spending bill that has tax provisions such as revocation or denial of passport if individual has seriously delinquent tax debt.

Income Taxes can be confusing and stressful, but don't worry. ABP Tax Services is here to help. We keep up to date on the latest tax laws through classes, seminars and IRS conferences all year long so that you don't have to.

Take a little stress out of your life and relax in the knowlege that your taxes are being handled by someone who not only knows how to keep you out of trouble, but also knows how to best maximize the deductions and credits available to you to get you more of your money back.

Call us today for an appointment! - (815) 728-1996

Authorized IRS E-file Provider

Member, National Association of Accountants &
National Association of Tax Professionals

Tax Preparation for McHenry, Woodstock, Wonder Lake, Crystal Lake, Harvard, Hebron, Johnsburg, Rockford, Richmond, Spring Grove, Elgin and surrounding areas in McHenry County, IL - ABP Services offers a full range of Tax Preparation and Business Services, including:

Expecting a refund?
Some refunds must be held until February 27

What You Need to Know:
Some Federal Income Tax refunds cannot be issued before mid-February.

By law, the IRS cannot issue refunds before mid-February for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit.

This applies to the entire refund, even the portion not associated with these credits.

While the IRS will process your return when it is received, it cannot issue related refunds before mid-February.
The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb 27, 2018, if they chose direct deposit and there are no other issues with the tax return.

You can use Where's My Refund on or the IRS mobile app, IRS2Go to check on the status of your refund after you file.

Child-Related Tax Benefits Comparison
Our handy chart shows some of the basic eligibility requirements for tax benefits available to those with a qualifying child. This chart compares the Earned Income Tax Credit (EITC), the Dependency Exemption, the Child Tax Credit and the refundable part of the CTC, the Additional Child Tax Credit (CTC/ACTC), the Head of Household filing status and the Child and Dependent Care Credit.
View Chart

IL Withholding Income Tax Changes
This bulletin summarizes changes for individual and business income tax for the 2017 filing season and withholding income tax for the 2018 filing season.
Read Bulletin

ABP Tax Services is proud to provide affordable, quality tax preparation to McHenry County and the surrounding areas, including Wonder Lake,
Woodstock, McHenry, Crystal Lake, Harvard, Lake in the Hills, Elgin, Huntley, Rockford, Cary, Fox River Grove, Hebron, Algonquin, Lakewood, Alden,
Marengo, Spring Grove, Johnsburg, Chicago and more. We also provide remote tax preparation for out of state clients all over the US including
Missouri, Indiana, Florida, Virginia, Washington, California, Ohio and others. We can prepare and file local income tax forms for all 50 US states.