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

2020 New Tax Acts:

Taxpayer First Act of 2019
Revises requirements regarding the IRS' organizational structure, customer service, enforcement procedures, cyber security and identity protection, management of information technology, and use of electronic systems.

Consolidated Appropriations Act 2020
Includes a number of different extenders as well as the Taxpayer Certainty and Disaster Tax Relief Act of 2019 and the SECURE Act.

  • SECURE Act
    The Setting Every Community Up for Retirement Enhancement (SECURE) Act made reforms to retirement planning and security in a number of areas, including IRAs, 401(k) plans, plan administration, and employer funding.

  • Taxpayer Certainty and Disaster Tax Relief Act of 2019
    Disaster tax relief for federally declared disaster areas during 2018 and 2019. Includes the forgiveness of early-withdrawal penalties for qualified disaster distributions, the recontribution of amounts withdrawn for home purchases, and an increase in the amount of loans from qualified plans, as well as other special casualty loss rules for affected individuals and employee retention credit for employers.

    Individuals can take personal disaster losses even if they don’t itemize. They're able to deduct uninsured personal losses in excess of a threshold without regard to the 10% of AGI offset which generally applies. The net loss is treated as an additional standard deduction for nonitemizers.

Changes have been made.
Review past two year tax returns (2018 & 2019) for applicability of potential benefit from mortgage insurance premiums and usage of tuition and fee deductions. Contact us for more information.

ITIN Renewals
The IRS announced in 2019 that two million Individual Taxpayer Identification Numbers (ITINs) were set to expire by the end of the year. Any ITIN with middle digits 83, 84, 85, 86 or 87 expired at the end of 2019, as well as any ITIN not used on a tax return in the past three years. If you use an ITIN, check to see if it needs to be renewed to avoid refund delays.  

Health Coverage Reporting
Only Form 1095-A is needed for health coverage tax reporting. The IRS has determined that individuals no longer need Form 1095-B to compute their federal tax liability.   

More tax news and a new website experience coming soon!

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

Enrolled Agent. Admitted to practice before the IRS.

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:

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.