When you begin your estate planning journey, you will probably encounter legal and financial experts who advise you to create a living trust. This crucial component is often touted as a must-have for anyone serious about protecting their assets and wishes. But why...
Experienced Representation In Business Law, Estate Planning And Tax Law
Month: June 2021
How does the IRS choose returns for audits?
Whether you are an individual or a business owner, going through the IRS audit process can be nerve-wracking. You might feel anxious because of a problem or missed items that might cost you more in the long run. These are typical assumptions after receiving the audit...
Estate planning pitfalls to avoid to protect your business
Estate planning is crucial for anyone but especially important for those with complex financial situations, like business owners. If you are part of this population, you have likely worked hard to build your wealth and secure your financial future for you and your...
What are common issues for startups?
Business-minded individuals are always looking for profitable opportunities to start their own companies. Unfortunately, starting a new business can be easier said than done. If you are thinking of creating your own business, you must be ready for different...
Independent contractor or employee? Classifying workers for your Illinois business
Hiring independent contractors can offer flexibility and cost savings for your Illinois business. However, misclassifying an employee as an independent contractor can have significant legal and financial repercussions. So, how do you know which classification applies?...
I am the subject of an IRS audit – now what?
Ideally, only a small percentage of taxpaying Americans need to worry about the IRS auditing their tax returns. It can be unsettling to find out that you are the subject of an audit. It may cause stress and anxiety, and for good reason. You may find some relief in the...
Proposed bill could help small businesses with funding
There are many challenges associated with opening a small business in Illinois. Finding the funds to operate a business can be difficult, especially if one is looking for a lot of capital upfront to get started. Fortunately, there are opportunities for entrepreneurs...
What documents are needed for a tax audit?
The Illinois Department of Revenue can perform a tax audit to determine if you have reported your taxes accurately for a given period. This process can be highly stressful, especially without the proper preparations. As a business owner, you should keep crucial...
Differences in revocable and irrevocable trusts
Trusts are an important addition to an estate plan if one wishes to have more control over how one’s assets are used by the beneficiary. Illinois residents may wish to add a trust to their estate plan to help their children or grandchildren make more responsible...
Do you know what is going to happen during probate?
After the death of a loved one, you may face the daunting task of settling his or her estate and deciding what happens to personal property. This is not an easy task, even if the decedent left clear instructions in his or her estate plan regarding these matters. There...