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Navigating the choppy waters of financial decisions can be confusing, even perilous. Am I on the right course? Will I reach my goals? Am I trusting the right people?

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At MIDCOAST, we pride ourselves in being a trusted partner to all of our clients throughout the Chicagoland area. Our diverse team of professionals allow us to deliver a comprehensive portfolio of tax and accounting solutions designed to help you reach your financial goals.

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A Proven Approach

We deliver long-term, sustainable, client-specific value by combining our proven Guard and Give framework. Pairing our services with our approach allows us to join you on your journey and help you reach your desired financial destination.

  • Guide

    Listening to your story and helping you discover your next steps is our primary objective. Our “Guide” portfolio of services help you establish, refresh or formalize your plan positioning you to meet your next financial milestone.

    Wealth Management &
    Financial Planning

    • Retirement Stress Tests
    • Social Security Planning
    • Portfolio Stress Tests
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  • Guard

    No journey is without its share of risks, roadblocks, and pitfalls. Midcoast is uniquely experienced and equipped to deal with these challenges. Our “Guard” portfolio of services assist you in identifying and preparing for these challenges.

    Tax Management, Accounting & Assurance, and Risk Management

    • Retirement Withdrawal Tax Planning
    • Accounting Services
    • Loss Improvement
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  • Give

    Everyone has a giving plan whether they realize it or not. Throughout our detailed process, we come to understand your values and what’s most important to you. Our “Give” portfolio of services help you develop a giving plan on your terms.

    Estate Planning

    • Attorney Introductions
    • Estate Plan Follow-Through
    • Tax Reduction Strategies
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  • Posted: February 16, 2020 I By: Derric Isensee, CPA
  • Tax Strategies Financial Planning

2018 Tax Savings Resurrected: Tax Extenders Approved

On December 20, 2019, President Trump signed into law, two pieces of legislation that extended government funding and dealt with several of the tax extender provisions. These tax extender provisions were largely ignored and left on the shelf when the President signed the Tax Cuts and Jobs Act in 2017. However, with the passing of this 2019 legislation, these provisions were “re-activiated” effective January of 2019 (through 2020) with the ability for these provisions to be carried back to 2018. This essentially means that this legislation has resurrected a bunch of previously expired federal income tax breaks that can now be claimed for 2018. If you qualify for any of the below “resurrected” tax breaks, you may need to consider amending your 2018 tax return to take advantage of these savings.
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  • Posted: February 12, 2020 | By: Derric Isensee, CPA
  • Tax Strategies Financial Planning

SECURE Act: Big Changes for Retirees

On December 20, 2019, the President signed into law—the SECURE (“Setting Every Community Up for Retirement Enhancement”) Act, landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your tax and retirement-planning situation.
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  • Posted: March 16, 2020 | By: Derric Isensee, CPA

Rules Finalized on Rental Real Estate Tax Deduction

Overview The Tax Cuts and Jobs Act, which was introduced and effective January 1, 2018, introduced a new section 199A deduction equal to 20% of qualified business income. This deduction is available to pass-through entities including sole proprietorships, LLCs, partnerships or S-corporation but is only available to entities which have income from a trade or business.
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  • Posted: October, 9, 2018 | By: Derric Isensee
  • Tax Strategies Financial Planning

One of the Most Overlooked Retirement Income Strategies

As you discuss retirement planning or financial planning with your financial advisor, you may often hear the terms “accumulation phase” and “deaccumulation phase” (or “distribution phase”) when it comes to the life-cycle of wealth management and retirement planning.
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  • Posted: March 27, 2020 | By: Derric Isensee, CPA

House Passes "Cares Act": What the Small Business Owner Must Know

The Coronavirus Aid, Relief, and Economic Security (“CARES Act”), a $2 trillion emergency bill that Congress has prepared in response to the Coronavirus (COVID-19) pandemic, was passed by the Senate on March 25, 2020, was passed by the House today, March 27, 2020 and President Trump is expected to sign with little delay. Many of the provisions of this bill provide financial relief to both individuals and small business. A summary of these provisions is being provided below in order to ensure you are informed on the progress of this bill of how these provisions may impact you as an individual and a small business owner.
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Famous Quotes

The hardest thing to understand in the world is the income tax. 

- Albert Einstein