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The Latest News From Thompson Flaherty

Section 179 vs Bonus Depreciation for Small Business Equipment
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Section 179 vs. Bonus Depreciation for Small Business Equipment: What Changes in 2026
Missouri pass-through entity tax explained: who can elect it, how Form MO-PTE works, what owners get back, and when skipping the election is the better call.
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Missouri Pass-Through Tax
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Missouri Pass-Through Tax: Should Your S Corp or Partnership Elect It?
Missouri pass-through entity tax explained: who can elect it, how Form MO-PTE works, what owners get back, and when skipping the election is the better call.
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IFTA Illinois
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IFTA Illinois: How Metro East Trucking Companies File Fuel Tax Returns
IFTA Illinois guide for Metro East trucking companies: who needs a license, quarterly due dates, the records auditors ask for, and how the return works.
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Bookkeeping Fundamentals for Illinois Small Businesses
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Bookkeeping Fundamentals for Illinois Small Businesses: Chart of Accounts Basics
What Illinois small business owners should know about setting up a chart of accounts, plus a free CPA-built chart of accounts template for QuickBooks.
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Home Office Deduction for Small Business
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Home Office Deduction for Small Business Owners in the Metro East
How the home office deduction works for Metro East small business owners: exclusive use, simplified vs actual method, S-corp accountable plans, and recapture.
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Retirement Plan Options for Illinois Self-Employed
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Retirement Plan Options for Illinois Self-Employed: SEP-IRA vs Solo 401(k)
Comparing SEP-IRA vs Solo 401(k) for Illinois self-employed business owners. Contribution limits, deadlines, and which plan fits your situation.
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Multi-Entity Reporting for Growth-Stage Businesses
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Multi-Entity Reporting for Growth-Stage Businesses: When One LLC Is Not Enough
Running two or three business entities? Here's what multi-entity reporting actually involves, why it matters for growth-stage businesses, and how to keep the books from turning into a mess.
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Payroll Setup for a First Employee in Illinois
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Payroll Setup for a First Employee in Illinois: What Metro East Owners Need to Do
Hiring your first employee in Illinois means registering with two state agencies before the first paycheck. What Metro East owners need to set up, and in what order.
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Family Tax Coordination
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Family Tax Coordination: Filing Small-Business Returns Alongside Adult Kids in College
Running a small business while your kid is in college means two tax returns that quietly affect each other. What to coordinate before filing season.
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Section 199A QBI Deduction
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Section 199A QBI Deduction for Small Business Owners in Illinois and Missouri
The Section 199A QBI deduction can take up to a fifth of your business income off your 2026 federal taxable income. Illinois and Missouri state math differs.
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Illinois Estate Tax at $4 Million: Why Your Federal Plan Might Miss the State Trap
Illinois's estate tax threshold is still $4 million in 2026, far below the $15 million federal exclusion. Where a federal-only plan misses Illinois exposure.
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St. Louis Earnings Tax
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St. Louis Earnings Tax: What the 1% Really Costs Your Business and Employees
The St. Louis 1% earnings tax applies to businesses and employees working inside city limits, not just residents. Here's what it costs, who owes it, and how to stay compliant.
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