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Should Your Chicago Business Make an LLC to S Corp Conversion This Tax Year?
Quick Answer: An LLC to S Corp conversion is an IRS tax status election that becomes financially beneficial once your business achieves $60,000...
Succession Planning Best Practices to Maximize Your Chicago Business’s Final Valuation
Quick Answer: The core business succession planning best practices come down to three things: giving yourself a 2-to-5-year runway, setting up...
How Do I Maximize My Chicago Small Business Tax Write-Offs in 2026?
Quick Answer: In 2026, small business owners can instantly write off the full cost of qualifying equipment, software, and vehicles by pairing...
How to Check Your Chicago Small Business Profitability Midyear
Quick Answer: A midyear review of small business profitability is a strategic financial assessment that compares your year-to-date revenue and...
How Does Equipment Depreciation Work For Assets Chicago Business Owners Throw Away?
Quick Answer: When small business owners discard broken equipment without updating their fixed asset listing, they create "ghost assets." These...
Godley Tax & Accounting, PC’s Playbook to Choosing the Right Entity Type For Business Success
Quick Answer: Selecting the optimal entity type for business success requires matching your corporate structure to the specific legal risks and...
The Godley Tax & Accounting, PC Guide to Minimizing Credit Card Processing Fees For Small Business Owners
Quick Answer: Small business owners can minimize credit card processing fees by switching from a flat-rate provider to an interchange-plus...
How Does The Employer Credit For Family and Medical Leave Work for Chicago Small Businesses?
Quick Answer: The employer credit for family and medical leave provides small businesses a federal tax credit worth 12.5% to 25% of qualified...
How To Hire An Intern For The Summer For Your Chicago Business
Key TakeawaysPaid summer interns must be classified as W-2 temporary employees rather than 1099 independent contractors because they operate under...








