Bott & Associates, Ltd.

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 generally extends through the end of 2021 four temporary tax changes originally enacted by the CARES Act. Our Schaumburg, IL financial advisor has provided a summary of the provisions (more…

Taxpayers who have to write big checks for higher education can see tax savings when filing tax returns next year. If you, your spouse or your dependents are taking postsecondary coursework, there’s a strong chance a tax benefit may be…

If the pandemic proved anything, it’s that life tends to get in the way of our plans — including retirement plans. Over the course of the pandemic, many people were forced to retire early, others decided they wanted to retire…

Tax law is never simple. But you can prepare for your April 15 reckoning by reviewing the past year and seeing what’s coming. And the first thing to know is that April 15 is actually not April 15 in 2023.…

The Internal Revenue Service is reminding taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. Previous rules stated that a retirement plan account owner must begin taking an RMD annually starting the year he or she reaches…

According to the Social Security Administration, approximately 70 million Americans will see an 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, according to the SSA, Social Security benefits will increase by…

The pandemic has affected both employers and employees, and everyone is trying to figure out how to work under new situations and new rules. The Fair Labor Standards Act, the Family and Medical Leave Act and the Families First Coronavirus…

Many businesses have found themselves operating very differently from the way they did in the past. On-site operations pivoted to virtual, which changed everything. The pace of change was so fast, it has been said the use of technology advanced…

When the FTX exchange collapsed and filed for bankruptcy in November 2022, reverberations rippled across the cryptocurrency universe. Investors across the board lost millions, from venture capitalists, hedge funds and large asset managers (known as “whales”) to tiny accounts of…

Starting on Feb. 24, 2021, the SBA is establishing a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This is according to guidance on the SBA and White House sites. According to the…