Retirement Planning Information

If you need help planning for retirement, here’s some helpful information to get you moving in the right direction:

NEW STRATEGY FOR YOUR FINANCES

IRS Form 4852: Timothy C. Wolfe PC Explains the Substitute for the W-2

Word on the tax professional "street" is that tax filing numbers are down across the board so far. That is from data released by software providers (though this year, of all years, I simply don't understand why somebody would use an over the counter software program),...

Timothy C. Wolfe, P.C.’s 2017 Tax Preparation Checklist

Lots of things have been changing recently -- from Academy Award ratings (they're down), to mortgage rates (which have been rising), to the effective tax rates for most businesses and families in 2018 (which, you may have heard, have changed!). But we here at Timothy...

A 12-Point Financial Health Check For NW Chicago Families And Individuals

We are now fully engaged in our tax "off season" here in NW Chicago. But interestingly, this is where the real difference that we can make on behalf of our tax preparation clients is actually made. We're diving into the new tax legislation, and attending classes...

Building Your Financial Strategy

There are 3 phases of the money cycle which should be the basis of your financial plan. The results of your long-term strategy should be to have built a foundation of assets that will provide income in your retirement years that will allow you to enjoy the life you...

Filing Late On Taxes? You Might Actually Be Among NW Chicago’s Smartest

There are less than two weeks remaining before the tax deadline of April 17th.  Does that startle you? If you're filing late on taxes this year, let's talk. We can easily file an extension on your behalf, and make sure  that your return is handled as advantageously as...

Why American’s aren’t saving money beyond their 401k/403b

Recently I was reading an article discussing why American's aren't saving money beyond their 401k/403b (assuming participation in these plans). The fact is American's not only aren't paying themselves first they are actually paying others first. Take, for example,...

Timothy Wolfe’s Tax Extension Breakdown

It's the final full week of tax season, and our office in NW Chicago is hopping! But yes, I'm still taking the the time to step away for a moment and write to you, my friend. Lots of business to communicate today, with the deadline of Tuesday, April 17th, right around...

Spending Money From Tax Refunds Wisely By Tim Wolfe

Just about one month left before the tax deadline. As the parents say, the days are long, but the months are fast.And as tax pros say, the days are long, and the days are long.But that's simply because I've been getting to do some meaty, fun tax preparation work for...

Three Reasons Why NW Chicago Taxpayers Should File Taxes Early

As of this writing, the federal government is STILL in its partial shutdown.And 800,000+ people are affected -- including a whole slew of IRS workers who have been called in, regardless of paychecks, because come Trump or high water: tax filing will indeed begin on...

Focus Training For Folks In NW Chicago

Now that we're into June, it really does feel like summer is here. The air conditioning kicks in, the days are hotter ... and, if you're like me, "focus" becomes something I have to set myself towards. It doesn't just "happen" -- especially when the days are hot. It...

How You’re Missing Legal Tax Deductions

Here’s a certain truth: the State and Federal Government would love to have more of your hard-earned money in their accounts. Sure, even though it’s painful, none of us begrudge paying our legal and fair share of taxes.

But the problem is that regular taxpayers, like you, are missing out on legal and safe deductions, to the tune of hundreds of millions of dollars in unclaimed refunds every year!