Welcome to CR Decker & Associates!
For 38 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.
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.
Reminder for employees earning over $200,000.
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. This law was effective 1/1/2013 and continues in effect permanently. The earnings are NOT adjusted for inflation.
And, the phase outs continue, which were also effective 1/1/2013. For personal exemptions and itemized deductions (for MFJ taxpayers, the threshold starts at $300,000 of AGI. The exemption amount is reduced by 2% for each $2500 over this amount..
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.