ICS Dues – Printing a Statement for 2023 Taxes

To identify the tax-deductible portion of your Illinois Chiropractic Society dues, take advantage of the online resources available to you. Watch the video to learn more!

Transcript:

It’s tax time, and many of our members are asking, what can we deduct in regard to the dues that we pay to the Illinois Chiropractic Society. Unfortunately, not all of your dues are actually tax deductible as a business expense. The ICS, working with our auditing firm and CPAs, has determined that 10% of your dues directly go to what is statutorily required to be considered lobbying dollars. That doesn’t mean that that’s all the funds that we dedicated to that area, but the way that the federal government defines those particular amounts, 10% then goes to lobbying. Therefore 10% is not tax-deductible, the remaining 90% would be tax-deductible, and you would be able to utilize those as a business expense.

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Now the question becomes Marc, how do we find those, where do we get those online? So if you jump out to our website at ilchiro.org, you would get something like this. And what we would do is we would recommend at this stage, that you go ahead and click on click here to access your member accounts on the right-hand side and under the member login. And once you are logged in, it’s going to take you to your portal page, your main portal page that kind of tells you everything this is where you go to access all of your education. This is where you can get your CME transcript, you can check out your membership, everything that you’ve done, all the donations that you make to our political action committee, the whole nine yards, everything is controlled right here. You can also edit and update your information which then gets reflected in our membership directory.

But for tax purposes, what we want to do is we want to make sure that you go to the membership tab. So once you’ve selected the membership tab, and you click right there on membership, it’s going to take you to a new page of information, you’ll look towards the bottom, and you can kind of zoom in on that. So if you scroll down a little bit, you’ll see your membership section, and it’ll look exactly like this. Once you’re in this and once you see this on your screen, you want to make sure that you select the invoices and payments button. And once you have clicked the invoices and payments button, a new page is going to open. And again, this is where you can see everything related to your dues payments. When everything is active and your payment status. If you haven’t enabled automatic payments, this is a place where you can actually do that. You can switch to ACH, you can update your credit card here, the whole nine yards. But we’re focused on figuring out how much in 2023 You paid in dues for your taxes that you’re going to be filing here in a few weeks.

So what you want to do here is click on print statement. Once you click print statement, a new dialog box is going to pop up. And this is what it looks like. And this is where you can print out your statement for last year. The three areas that you’re going to want to complete are the due from, and you want to start from 1/1/2023 due to 12/31/2023, and you want the payment status as paid, right, so this is important. Now if you happen to have missed a payment, and 2022 that you ultimately ultimately made in 2023. Of course, you can extend this due from date, or due to date if you paid your 2024 dues in advance, like in 2023 in order to make sure that you get all of your paid invoices, you want to include all of those payments as you roll them forward. So you can actually extend this if you want, just to give you more broad information. Once you’ve selected the payment status as paid, you’ll go over to the right-hand side here and click print, and then you’ll get a statement that pops up and this jumps open, open in another tab and we’ll give you all of your different payments you can see right down below under description payment, the amount that was paid and once you have those totals, that gives you the backup that you would need then for your taxes.

Hopefully, this helps you out and helps you navigate through the system and figure out exactly where to find all of the information related to your dues payment. Remember that 10% according to the federal definitions, the strict federal definitions then would not be tax deductible as a business expense. And we will catch you next week.