Stratus Financial, Ltd.

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Stratus Financial, Ltd. About
Specializing in tax preparation and accounting services for freelancers, independent contractors, and gig economy workers.

We understand your unique tax situation and help you maximize deductions while staying compliant.

10/22/2026

😬 FILED LATE? THE IRS MIGHT JUST FORGIVE THE PENALTIES.

It's called First-Time Penalty Abatement, and most people have never heard of it:

✅ One clean compliance history — filed and paid on time for the prior 3 years
✅ The IRS waives your failure-to-file AND failure-to-pay penalties for the bad year
✅ It applies to individuals AND businesses
✅ You usually just have to ask — call or write, no special form for most cases

It doesn't erase the tax you owe or the interest. But on a $10,000 balance, the penalties alone can run into the thousands — and one phone call can wipe them out.

One catch: you only get this once. Use it wisely.

👉 DM us "ABATE" or call 847-450-7831 — we'll check whether you qualify before you pay a dollar more than you owe.

No, the 20% pass-through deduction isn't just for big businesses.Run a sole proprietorship, partnership or S corp (inclu...
10/21/2026

No, the 20% pass-through deduction isn't just for big businesses.

Run a sole proprietorship, partnership or S corp (including most LLCs)? You may be able to deduct up to 20% of your qualified business income, or QBI. You can take it whether you itemize or take the standard deduction, and recent tax law made it permanent.

Some income doesn't count: wages, the reasonable salary your S corp pays you, guaranteed payments, and investment items like capital gains. Income earned through a C corporation doesn't qualify either. The deduction is also capped at 20% of your taxable income minus net capital gain, and higher earners face extra limits.

That's one more reason year-end planning matters: how you pay yourself can change the deduction.

Questions? Send us a message.

10/21/2026

BAD ADVICE vs GOOD ADVICE.

❌ "Just call your vacation a business trip and write the whole thing off."

✅ The IRS allows travel deductions only for the business portion — and it wants receipts, calendars, and a real business purpose for every day you claim. A 7-day beach trip with one "client lunch" isn't a business trip. It's an audit invitation.

The rule that actually works: document as you go. Who you met, what you discussed, what it cost — contemporaneous records, not a story you build in April.

Boring wins.

Calling your new helper a contractor doesn't make them one.Adding help for the holiday rush? Before you hand anyone a 10...
10/20/2026

Calling your new helper a contractor doesn't make them one.

Adding help for the holiday rush? Before you hand anyone a 1099, know how the IRS decides. A worker is generally your employee if you can control what will be done and how it will be done. In the IRS's words, "The substance of the relationship, not the label, governs the worker's status."

The IRS weighs three things: behavioral control (do you set hours, give detailed instructions, provide training?), financial control (who supplies tools, covers expenses, and can make or lose money?), and the relationship itself (benefits, permanence, whether the work is core to your business). Full-time or part-time doesn't matter.

Misclassify someone without a reasonable basis and you can owe the employment taxes for that worker. Unsure? Form SS-8 asks the IRS to decide.

Questions? Send us a message.

10/20/2026

TAX MYTH #2: "I got a huge refund — I must be doing taxes right."

A $3,000 refund means you lent the IRS $250 a month, interest-free, all year. That's not a win — that's a free loan you gave the government.

Here's the flip side nobody talks about: owe a little at filing time (without triggering an underpayment penalty) and YOU kept that money working all year — in your business, your savings, anywhere but Washington.

The goal was never a big refund. The goal is to owe as close to $0 as possible without underpaying during the year. That's what quarterly estimates and withholding checkups are for.

Follow for Tax Myth #3. New myth-bust every week.

Most Illinois S corp owners miss this: the company owes its own state tax.S corps and partnerships don't pay Illinois in...
10/19/2026

Most Illinois S corp owners miss this: the company owes its own state tax.

S corps and partnerships don't pay Illinois income tax at the business level. The profit flows through to the owners' personal returns, where Illinois taxes individuals at 4.95%. But the business itself still owes a 1.5% Personal Property Replacement Tax on its Illinois net income. (Regular C corporations pay 2.5%, on top of 7% income tax.)

For an S corp, it's reported on Form IL-1120-ST, due the 15th day of the 3rd month after year-end. An extension gives you more time to file, not more time to pay.

The takeaway: when you set money aside for taxes on business profit, leave some in the business account too.

Want a second set of eyes on last year's return? Our free tax review: taxreview.stratustaxes.com

10/19/2026

📅 THE DEADLINE'S BEHIND YOU. NOW WIN DECEMBER.

Oct 15 is over — which means the 2026 tax-planning window is closing. Every one of these moves dies on December 31:

1️⃣ Solo 401(k) employee deferrals — up to $24,500, must be funded by Dec 31
2️⃣ Equipment purchases — Section 179 lets you deduct 2026 buys this year
3️⃣ Charitable bunching — stack two years of giving into 2026 if you itemize
4️⃣ S-corp salary review — reasonable compensation set NOW avoids year-end scrambles
5️⃣ Roth conversions — decide while you can still see your full 2026 income picture

January-you can't do any of this. October-you can.

As an Enrolled Agent, I build year-end tax plans for business owners and freelancers in all 50 states, 100% remotely.

👉 DM us "PLAN2026" or call 847-450-7831 — let's build yours before the window closes.

10/18/2026

💰 THE GOVERNMENT WILL PUT UP TO $1,000 IN YOUR RETIREMENT ACCOUNT.

Starting with the 2027 tax year, the Saver's Match replaces the Saver's Credit: contribute to a qualifying retirement account and the federal government deposits a MATCH directly into it.

The real numbers:
✅ 50% match on the first $2,000 you contribute = up to $1,000/year
✅ Married couples qualify SEPARATELY — $2,000 combined if both contribute
✅ Full match: single filers with MAGI up to $20,500; joint filers up to $41,000
✅ Phases out completely at $35,500 single / $71,000 joint

The IRS is already sending CP321J notices to people likely eligible. Unlike the old credit, this one goes straight into your account — even if you owe no tax.

If you're in the income range, 2027 contributions become the highest-return "investment" available to you: an instant 50% return, courtesy of the Treasury.

💬 Comment "MATCH" and we'll check whether you qualify.

Your business doesn't need another deduction. It needs its own bank account.When business and personal spending share on...
10/17/2026

Your business doesn't need another deduction. It needs its own bank account.

When business and personal spending share one account, deductions get lost. Client lunches and grocery runs land on the same statement, and sorting them out next spring takes hours.

The IRS guide for new businesses (Publication 583) puts it simply: open a business checking account, keep it separate from your personal account, and use it for business only. Pay business expenses from it so each one is documented, and note where every deposit came from: business income, personal funds or a loan.

Need money for personal use? Transfer it to your personal account as an owner withdrawal instead of using the business card at the store.

Questions? Send us a message.

10/17/2026

₿ CRYPTO FILERS: READ YOUR 1099-DA CAREFULLY.

This is the first year brokers had to report your 2025 crypto sales to the IRS on the new Form 1099-DA — and the number on it is NOT your profit.

For 2025 transactions, brokers reported GROSS PROCEEDS only. Sell $10,000 of Bitcoin you bought for $8,000? The form shows $10,000. Your actual taxable gain is $2,000 — but the IRS doesn't know your cost basis. You have to prove it yourself.

Three traps to avoid:
❌ Assuming the 1099-DA number is what you owe tax on
❌ Forgetting trades on DEXs and private wallets — those still count, even with no form
❌ No form ≠ no reporting obligation. The IRS treats crypto as property; every sale is taxable

Cost-basis reporting becomes mandatory for 2026 transactions — this was the warm-up year.

👉 DM us "CRYPTO" or call 847-450-7831 — we'll reconcile your trades before the IRS does.

Address

1764 W Wise Road #1049
Schaumburg, IL
60193

Opening Hours

Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 6pm
Saturday 10am - 2pm

Telephone

(847) 258-3660

Website

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