Glass & Shuffett Ltd is a full-service accounting firm serving clients throughout southern Illinois, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs. On this website, you will find information about Glass & Shuffett Ltd, including our list of services. We have also provided you with online resources to assist in the tax process and financial decision-making.
These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business in or around southern Illinois, Glass & Shuffett Ltd has years of valuable experience assisting professionals with their accounting needs.
These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business in or around southern Illinois, Glass & Shuffett Ltd has years of valuable experience assisting professionals with their accounting needs.
Services
For over 50 years, Glass & Shuffett Ltd has been providing quality, personalized financial guidance to individuals and businesses throughout southern Illinois.
Our expertise ranges from basic tax preparation and accounting services to more in-depth services such as audits, financial statements, and financial planning.
Glass & Shuffett Ltd is one of the leading firms in and throughout southern Illinois.
By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve.
Our expertise ranges from basic tax preparation and accounting services to more in-depth services such as audits, financial statements, and financial planning.
Glass & Shuffett Ltd is one of the leading firms in and throughout southern Illinois.
By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve.
Glass & Shuffett Ltd provides a wide range of services to individuals and businesses in a variety of industries.
Because our firm is relatively small, our clients benefit by getting personalized, quality service that is beyond comparison.
Below we have listed the services that we offer to our clients along with a brief description.
As the list is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed.
If it is not a service we provide, we would be more than happy to refer you to a qualified professional.
Because our firm is relatively small, our clients benefit by getting personalized, quality service that is beyond comparison.
Below we have listed the services that we offer to our clients along with a brief description.
As the list is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed.
If it is not a service we provide, we would be more than happy to refer you to a qualified professional.
Have you just started a new business?
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
It's possible there could be additional extensions, so check with your tax advisor for the latest information.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
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