Make sure to join us for our Kid's Cooking Class from 2pm until 3:30pm on Sunday, February 9th. Also, our Couple's Cooking Class is from 6pm until 8pm on the same day.

Call 563-659-0770 for more details.

Nearly 150 million Americans will file federal income tax returns this year and, unfortunately, many will be shelling out much more of their hard-earned money than necessary, says veteran financial expert Jeff Gorton.

"With the ridiculous complexity of our tax code, I can understand how the average person might want to put off doing their homework, but that'll cost you," says Gorton, a veteran Certified Public Accountant and Certified Financial Planner®, and head of Gorton Financial Group (www.gortonfinancialgroup.com).

"When you think about all you do to earn your money, and the lengths we'll go to save a few bucks, it doesn't make sense to not do all we can to prepare for the inevitable - our compulsory contribution to Uncle Sam's bank account."

There is nothing unpatriotic about taking advantage of legal measures to reduce your tax bill, Gorton says. Most Americans, however, don't understand the basics of how to minimize the tax burden, he says.

"If you wait until the last minute to do your taxes, you're sure to miss out on savings," says Gorton, who offers some basic and more advanced tax-saving options.

· Credits: Tax credits are usually subtracted dollar for dollar from the actual tax liability and may be utilized when filing for 2013. They include the Child Tax Credit, which allows up to $1,000 for children younger than 17; the American Opportunity Credit, featuring up to $2,500 in tax savings per eligible student for tuition costs for four years of post-high-school education; and the Energy-Efficient Home Improvement Tax Credit, which grants qualifying taxpayers 10 percent of the cost of certain energy-efficient building materials ? up to a $500 lifetime credit. The Child and Dependent Care Credit, for those who have to pay someone to care for a child younger than 13, or another dependent, offers up to $3,000 for one qualifying individual, or up to $6,000 for two or more qualifying individuals.

· Deductions: Like tax credits, deductions have phase-out limits, so you may want to consult with a professional. Deductions are subtracted from your income before your taxes are calculated, which may reduce the amount of money on which you are taxed and, by extension, your eventual tax liability. Some examples include contributions made to qualifying charitable organizations. And, you may be able to write off out-of-pocket costs incurred while doing work for a charity. Others may include amounts set aside for retirement through a qualified retirement plan, such as an Individual Retirement Account; medical expenses exceeding 10 percent of your adjusted gross income are now deductible - expenses exceeding 7.5 percent are still deductible for those older than age 65; and, potentially, mortgage interest paid on a loan secured for your primary residence.

· Tax-favored investing: This involves both tax-exempt investments and tax-deferred investments. Tax-exempt investments, which include such vehicles as municipal bonds and certain money market funds, offer a way to grow your money that's exempt from federal taxes. Municipal bonds are free of federal income tax and may be free of state and local income taxes for investors who live in the area where the bond was issued. Tax-deferred investments, on which taxes are postponed until you withdraw your money, include qualified retirement plans, such as traditional IRAs and employer-sponsored plans, as well as insurance products such as annuities and, sometimes, life insurance.

About Jeff Gorton, CPA, CFP®

Jeff Gorton is a Certified Public Accountant and a Certified Financial Planner® specializing in individual tax and retirement planning. He is also an Investment Advisor Representative under Alphastar Capital Management, an SEC Registered Investment Advisor, and has a life and health insurance license. Gorton works with individuals and their families to create and protect their financial legacies. He specializes in working with retirees in the areas of tax planning, benefits, retirement planning, estate planning and safe money techniques. He received his BBA in Accounting from the University of Oklahoma. Gorton previously worked for 10 years as the Chief Financial Officer for a large retail organization, overseeing their accounting, benefits and 401(k) retirement plans.

Lt. Governor highlights need for increased government accountability, openness

CHICAGO - Feb. 3, 2014. When Illinoisans file their taxes online this year, they will receive a receipt that shows how their money is spent, thanks to the work of Lt. Governor Sheila Simon and the Illinois Department of Revenue.

"This is about transparency, openness and accountability," said Simon. "If you receive a receipt for a $5 purchase at a gas station you should be able to get one for your income taxes. The people of Illinois deserve to know where there money is going and how it's being spent."

Since introducing the idea in spring of 2013, Simon has worked with the Illinois Department of Revenue and Governor's Office of Management and Budget (GOMB) to develop an income tax receipt to shine a light on government spending and increase public awareness. The option to view the new receipt appears after an e-filer submits their IL-1040.

Taxpayers will enter the amount of state income taxes paid and a calculator estimates how the money is divvied up between education, public safety, and other general revenue expenditures. For example, an Illinoisan who paid $1,000 in state income taxes would see a helpful table and pie chart showing that $237.44 went to education, $145.02 to pensions and $41.07 to public safety during the past fiscal year.

January 31 was the first day the Department of Revenue accepted e-filed returns at http://tax.illinois.gov. Nearly 500,000 tax returns were e-filed on the Department's website last year. People who file on paper or by using other e-filing software or services can view the receipt online here.

"This won't make filing your taxes more fun, but it will be more informative," Simon added. "After almost a year of hard work and development from the Department of Revenue and GOMB, I am happy to see this useful tool become available. More transparency is always a step in the right direction."

Simon has been leading by example when it comes to increased transparency. Each spring, she and her senior staff release personal financial statements that go above and beyond what is required by law. The disclosures empower the public to learn if these officials are serving taxpayers' interests, or if they harbor any conflicts of interest.

"The President has made it clear that he'll circumvent Congress if it doesn't act on the President's priorities.  His actions suggest a certain amount of disrespect for the legislative branch and the checks and balances set forth in the Constitution," Grassley said.  "It would be a constructive step, and consistent with the President's commitment for unprecedented levels of transparency, for the Justice Department to release its opinions and analyses on the constitutionality of the President's executive actions."

In a letter to Holder Grassley wrote, "I am gravely concerned that the system of checks and balances enshrined in the Constitution is threatened by the President's determination to take unilateral action if he cannot persuade Congress and the American people of the merits of his ideas."

The President's use of executive orders is subject to review by the Department of Justice. The Office of Legal Counsel at the department reviews all executive orders proposed to be issued by the President to determine whether they are constitutional and otherwise lawful.

Grassley added, "This specific measure of transparency will allow both Congress and the American people to know whether these orders are being subjected to a rigorous constitutional review at the Department of Justice, as well as to better understand - and if necessary to challenge - the legal basis upon which they are purportedly issued."

A copy of the text of the letter  is below.  A signed copy can be found here.

January 31, 2014

Via Electronic Transmission

The Honorable Eric H. Holder, Jr.

Attorney General

U.S. Department of Justice

950 Pennsylvania Ave., NW

Washington, DC 20530

Dear Attorney General Holder:

I write today to follow up on my question concerning the President's use of Executive Orders that I posed to you during Wednesday's Department of Justice oversight hearing.

In his State of the Union address earlier this week, the President made plain his intention to implement his agenda through aggressive use of these orders - whether or not the Congress and the American people agree.  I am gravely concerned that the system of checks and balances enshrined in the Constitution is threatened by the President's determination to take unilateral action if he cannot persuade Congress and the American people of the merits of his ideas.  In short, while the President recently remarked that he has a pen and a phone, we have a Constitution that places limits on his use of them to issue Executive Orders.

My concern about the President's proposed use of these orders is heightened by the Administration's record of failing to discharge its constitutional duty to "take Care that the Laws be faithfully executed," either by declining to enforce laws with which it does not agree or delaying or waiving portions of other laws to suit its convenience.

However, the President's use of these orders is subject to review by the Department of Justice.  Since the passage of the Judiciary Act of 1789, the Attorney General has been authorized to render opinions on questions of law when requested by the President and the heads of Executive Branch departments.  Today, as you know, the Department of Justice's Office of Legal Counsel ("OLC") provides legal advice to the Executive Branch on constitutional questions.  More specifically, OLC reviews all Executive Orders proposed to be issued by the President to determine whether they are constitutional and otherwise lawful.  OLC's role in this process provides a valuable opportunity to increase transparency concerning the President's use of these orders.

Therefore, I reiterate my request that you direct OLC to publicly disclose its opinions, analyses and conclusions concerning the lawfulness of all Executive Orders proposed to be issued by the President.  Moreover, I request that these disclosures be made contemporaneously with the issuing of any such order OLC deems to be lawful.

On numerous occasions, the President has claimed that he is committed to creating an unprecedented level of openness and transparency in government, but he has failed to do so.  This specific measure of transparency will allow both Congress and the American people to know whether these orders are being subjected to a rigorous constitutional review at the Department of Justice, as well as to better understand - and if necessary to challenge - the legal basis upon which they are purportedly issued.

Given the urgency of this matter, I respectfully request a response by February 14th.

Sincerely,

Charles E. Grassley