At Barbee Tax Consulting, LLC, we specialize in dependable tax preparation services in Orland Park, IL tailored to fit each client’s needs. Whether you’re an individual, family, or small business, our experienced team is here to make tax season easier and more rewarding. We know the tax landscape in Orland Park and help clients avoid costly mistakes, maximize deductions, and feel confident in their filings. As a trusted Tax CPA, we look beyond the numbers to provide strategic tax…

If you’re making payments on a car loan, you may be wondering if the interest is tax-deductible — especially with new tax policy updates making headlines. Under normal circumstances, interest on a personal car loan isn’t deductible. But a new policy introduced by Donald Trump could change that for some taxpayers. The proposal, part of his 2025 tax plan, would allow individuals to deduct interest paid on loans for vehicles assembled in the U.S. This deduction would be available only to…

If you’re a U.S. taxpayer with foreign bank accounts or financial assets, it’s crucial to understand your reporting obligations to avoid potential penalties. One of the key requirements is filing the Foreign Bank and Financial Accounts Report (FBAR), also known as FinCEN Form 114. Here’s a straightforward guide to help you navigate this process. What Is FBAR? The FBAR is a report that U.S. taxpayers must file if they have foreign financial accounts exceeding a total value of $10,000 at any…

With the NCAA’s decision to allow student-athletes to profit from their Name, Image, and Likeness (NIL), many athletes are earning money through brand deals, social media promotions, and public appearances. While this is great news, it also means you’ll need to handle taxes on that income. Here’s a simple breakdown of what you need to know. What Is NIL Income? NIL income is any money or gifts you earn from allowing others to use your name, image, or likeness. This can include: Brand…

Whether you’re a private consumer or the owner or a micro, small, or medium-sized business, it’s important to get help with your tax matters. Working with a certified public accountant in Orland Park IL can help you save money year-round. At Barbee Tax Consulting, LLC, we’re sharing five important reasons how. If you invest throughout the year to grow your wealth and bolster yourself against unexpected financial hardships, a certified public accountant (CPA) can help you limit your tax…