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...
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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...
What to know before buying an HOA-governed home
Buying a home in Illinois means weighing different options when it comes to location, price, neighborhood, and features of the property. One must also decide if one wishes to live in a home that is governed by an HOA. While many homeowners appreciate the cohesiveness...
What to know before registering an LLC
When starting a business in Illinois, one can benefit from understanding the initial process to have the business registered within the state. Many people choose to start an LLC because the steps required are simple and easy to understand. Most small business owners...
Understanding estate tax returns
Many responsibilities come with acting as someone’s estate executor. Illinois residents who are tasked with executing an individual’s estate after that person’s death should be aware of the tax issues that must be resolved. One of these issues is filing a final tax...