Matter & Substance

Thoughts from our industry
to help Businesses and Individuals

May 10, 2022

Mowery & Schoenfeld Named One of the 2022 Best Places to Work in Illinois

Mowery & Schoenfeld, LLC has been named one of the 2022 Best Places to Work in Illinois. The awards program began in 2006 and is promoted by The Daily Herald Suburban Business. This statewide survey and awards program was...

May 4, 2022

Selling a Home: Will You Owe Tax on the Profit?

Over the past 12 weeks, mortgage rates have had their largest jump since the ’90s. As of this week, the average 30-year fixed mortgage rate stood at 4.42%—up from 3.11% in December. Although the housing market has not slowed...

April 27, 2022

The Tax Effects of Moving a Parent into a Nursing Home

If you have a parent entering a nursing home, there may be more things on your mind than how it will affect your taxes. Assisted living costs are expensive, and those costs are continuing to rise every year—but some...

April 25, 2022

Kristy McCullough Named Managing Director of Mowery & Schoenfeld Wealth Management

McCullough joins Mowery & Schoenfeld with experience, expertise, and unfailing client dedication. For the past 15 years, McCullough has served in leadership roles, most recently Senior Vice President Wealth Advisor and head of the Lake Forest office of a...

April 5, 2022

Reporting Cryptocurrency on Your 2021 Taxes

More and more, Americans are becoming interested in cryptocurrency, and the IRS has taken note. Your 2021 tax return now asks a new question: “At any time during 2021, did you receive, sell, exchange or otherwise dispose of any...

March 29, 2022

The Tax Effects of Renting Out Your Vacation Home

Vacation homes can serve as a central hub for you and your family to meet at every summer. But when you’re not using your vacation home, have you considered renting it out? As with any type of income, your...

March 22, 2022

Factor in Taxes if You’re Relocating to Another State in Retirement

When it comes time to retire, there’s a lot to consider. Do you want to move closer to your children and grandchildren? Or do you want to move to a state where you can navigate winter without needing to...

March 18, 2022

US Federal Reserve Raises Rates for the First Time Since 2018

At the most recent Federal Open Market Committee (FOMC) meeting, the U.S. Federal Reserve raised its federal target funds for the first time since December 2018. The Fed has increased the target funds rate by 0.25%, bringing current rates...

March 15, 2022

Upcoming Changes to Employee Benefit Plan Audits

For those organizations with more than 120 eligible employees, an audit of your employee benefit plan is required each year. Starting this year, these audits will operate differently. In an effort to strengthen the quality of the employee benefit...

March 4, 2022

How the Russia-Ukraine War Impacts Business Today

Russia’s invasion of Ukraine entered its second week with Russian military forces increasing attacks on the civilian areas of Ukraine’s largest cities. The loss of life is a tragedy, and the displacement of more than a million people is...

February 17, 2022

Getting the full credit for COVID sick leave

Under the Families First Coronavirus Response Act (FFCRA), employers may be entitled to tax credits for wages paid to employees who took leave related to the COVID–19 pandemic—including time away for personal illness, the care of others, or vaccine...

February 3, 2022

Budgeting for Inflation by Jeffery Mowery, Co-Founder

On January 12, the New York Times reported inflation is rising at its highest rate since 1982—something everyone has experienced as prices for essentials such as gas and food soar while supply chains remain unable to keep up with production due to...

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Matter & Substance

Thoughts from our industry to help Businesses and Individuals

Thoughts from our industry
to help Businesses and Individuals