Welcome to CR Decker & Associates!
For 37 years as a locally owned business, we at CR Decker & Associates have provided tax preparation services for Central Illinois individual clients and small to medium business owners, as well as accounting, bookkeeping, and payroll services.
If you purchased health insurance through the Marketplace, you must answer special questions on your tax return pertaining to that purchase...........see the "Marketplace Health Insurance" section below for more details.
We can help you tackle anything from income tax preparation to an IRS audit, to making sure you get all the tax deductions you are entitled to receive. We can also assist with your personal budget needs.
Retail, Service, Construction, and most others:
Let us help you structure your business for maximum tax benefits, prepare all necessary business income tax returns, negotiate the maze of paperwork required to start a new enterprise, streamline your office procedures or provide accounting and bookkeeping services and so much more, so you can spend your time growing your business instead of floundering in paperwork.
If you are starting a new business or planning some improvements, we can assist you in preparing income/expense projections for future years and help you prepare information you will need when meeting with your bank to borrow money, including pro-forma profit and loss statements and balance sheets.
For Condo Associations
In addition to preparing annual tax returns, we also offer condo fee payment processing, bill payment, tenant statements and detailed financial reports so your association can stay on track and on budget.
MORE NEW TAX LAW INFORMATION !!
Wage earners who have W-2 EARNINGS over $200,000 will have to pay an additional 0.9% on the excess earnings. If MFJ and combined W-2 income exceeds $250,000, you will pay this same percentage on the amount over this threshold.
Also, the phase outs are back effective 1/1/2013, for personal exemptions and itemized deductions.For MFJ, the threshold starts at $300,000 of AGI. The exemption amount is reduced by 2% for each $2500 over this AGI.
Itemized deductions begin phasing out at the same amount. Itemized deductions are reduced 3% when AGI exceeds $300,000. The reduction cannot exceed 80% of the itemized deductions.
There is also an additional 3.8% medicare tax on INVESTMENT INCOME The threshold is $250,000 for taxpayers filing MFJ. Call for more details.
MARKETPLACE HEALTH INSURANCE
On your tax return this year, for the first time ever, you must answer questions about your health insurance coverage, your household income and if any exemptions apply to you and/or your family. Household Income is not just YOUR income or your spouse's, (if married), but also that of any person you claim as a dependent who is REQUIRED to file a tax return (filing a return to have taxes refunded that were withheld is not what is meant by REQUIRED). Extra forms, which will require much more time, must be prepared to determine if you are subject to a penalty, or receive premium assistance credit or are exempt.
If you are exempt from having to carry health insurance, due to lack of affordability, or 14 other hardship exemptions, also requires additional forms to be prepared. IF you are exempt from having insurance coverage for either of these reasons, you must apply for and receive an Exemption Certificate Number (ECN), which MUST be included on your tax return. If you are subject to these new rules, and do NOT have an ECN, your return will be rejected by the IRS.