In This Issue:

COPS Day Picnic- July 12, 2019

Business Corridor Meeting- July 24, 2019

Exhibit in the Local Business Tent at the Corks & Crafts Event - September 28, 2019  

Small Business Information from the Internal Revenue Service:

• Common Questions About Recordkeeping for Small Businesses
• Latest Info on the 199A Qualified Business Income Deduction
• New Health Reimbursement Arrangements (HRAs) rules for employers and employees
• New 20% Deduction for Pass-Through Businesses
• 5 Myths About Payroll Taxes

Local Business News

• Congratulations to Elite Stars of Gymkhana Gymnastics Hanover Park!

Business Corridor Meetings

Attend the next Business Corridor Meetings
 
Come meet your neighbors and find out what is happening in Hanover Park!  The Village CONECT Committee is hosting a “Business Corridor” meeting:

When:        Wednesday, July 24, 2019
Time:         8:00 – 9:00 am (Coffee and pastries provided)
Where:       Hosted by ER2 Image Group, 4350 Chandler-Mallard Lake Business Park
What:         Meet Your Neighbors and Village Representatives to discuss Village 
                   Projects, Solar Energy Initiative, new Building Codes, and topics 
                   of interest to you

Members of the CONECT Committee (who assist the Village Board with Economic Development) and Village Officials will be on hand to discuss local issues and developments, with an optional tour of ER2 Image Group.  The tour will inspire you and your marketing plans!  ER2 Image Group is a full-service grand format printing company who moved to Hanover Park in 2018.  For more than 20 years this family owned business has been helping businesses design, create, and install large scale signs, banners, displays, murals, and other marketing displays to build and enforce branding and marketing plans.
 
To RSVP for this Business Corridor meeting, contact the Community & Economic Development at 630.823.5780 or email to communitydevelopment@hpil.org.

Exhibit at the Hanover Park Local Business Expo (at Corks & Crafts)

Wine, beer, food, arts & crafts, music…. And YOUR Company!  Held in conjunction with the Village’s 60^th Anniversary celebration, last year’s Local Business Expo was a great success!  This year, the Village Local Business Expo is part of the September 28, 2019 Corks & Crafts event.

Admission to the festival, including the Expo, is FREE, however wine and craft beer patrons can purchase a pack of tasting tickets and tickets for the “Paint & Sip” class.  All tasting ticket packages purchased will also receive a commemorative wine/beer glass. Attendees must register for the Paint & Sip Tent.  Music will be by Strung Out: The Ultimate 70's Experience and The Moods!

To exhibit in the Local Business Expo Tent, complete this Form, or contact the Community & Economic Development Department at (630) 823-5780. The vendor deadline is August 30, 2019; cost is $50.

Family Fun at the COPS Day Picnic

Join the Hanover Park Police Department at Hanover Park Community Park, 1919 Walnut Ave, on Friday, July 12th at 5:00 p.m for the annual COPS Day Picnic. 

This family friendly event includes the emergency vehicle display, Community Resource Fair, music by 101.9 FM The MIX, face painters, free food, a raffle driving for prizes, K9 demonstration, and lawn games, dancing and kids activities.  The Village Movie in the Park, Incredibles 2 will start at dusk.  Popcorn & beverages will be for sale during the movie. For more information, visit the village website.

From the Internal Revenue Service: 

Click on the links below for answers and information on new IRS rules.  Always consult with your business Accountant and or Attorney for additional information

Common business-related recordkeeping question:
 
What records should owners keep?
Small business owners should choose a recordkeeping system that clearly shows income and expenses.
How long should records be kept?
The general rule is three years depending on the action, expense and event recorded in the document.
How should transactions be recorded?
A good recordkeeping system includes a summary of all business transactions.
How long should employment tax records be kept?
Business owners should keep all records of employment taxes for at least four years.

New Health Reimbursement Arrangements (HRAs) rules for employers and employees

The IRS, the Department of Labor and the Department of Health and Human Services recently issued final rules regarding health reimbursement arrangements (HRAs) and other account-based group health plans. For more information, see the new IRS.gov page regarding Health Reimbursement Arrangements.

How would you like to pay 20% less income tax for your business?

The Section 199A deduction, created by the 2017 Tax Cuts and Jobs Act, allows certain non-corporate taxpayers to deduct up to 20 percent of their Qualified Business Income (QBI). Find out if you qualify by visiting the TCJA/199A page on IRS.gov.

Latest Information on the 199A Qualified Business Income Deduction

Owners of businesses operated through sole proprietorships, partnerships, S corporations, trusts and estates may be eligible to deduct up to 20 percent of their qualified business income, plus 20 percent of qualified real estate investment trust dividends and qualified publicly traded partnership income. Those eligible can claim it for the first time on their 2018 federal income tax returns filed in 2019.
 
For more information, see the April IRS Fact Sheet on qualified business income deductions.

5 Myths About Payroll Taxes

If you want to grow your business, you probably need to hire employees to help you. Becoming an employer and expanding your staff entails many responsibilities, one of which is overseeing payroll taxes. Unfortunately, there are many myths about these taxes.  Read more.

Congratulations to Elite Stars of Gymkhana Gymnastics Hanover Park

The Elite Stars of Gymkhana Gymnastics won a gold medal in the unified division at the International Cheer Union World Championships held at Walt Disney World in late April! 

A cheerleading camp will be held July 10-14 at Gymkhana on Barrington Road for prospective athletes of all abilities.  For more information, visit www.EliteStars.org.