On behalf of Farrell, Hamilton & Julian, P.C. | Apr 2, 2020 | tax law
Death and taxes. Many people in Godfrey not only view those as the two basic inevitabilities in life but also two things that are inextricably linked; when you die, you (or more appropriately, your estate) will have to pay taxes on the assets that you earned during...
On behalf of Farrell, Hamilton & Julian, P.C. | Feb 5, 2020 | tax law
In the big scheme of things, only a small percentage of taxpaying Americans have the IRS audit their tax returns. However, finding out that you are now the subject of an audit may prove stressful and anxiety-inducing. It may help calm your nerves to recognize that...
On behalf of Farrell, Hamilton & Julian, P.C. | Jan 2, 2020 | tax law
While most people in Illinois know that income tax money funds many programs and services, it is understandable that residents wish to keep their tax liabilities to reasonable levels. The ability to deduct certain items from a tax return allows consumers the chance to...
On behalf of Farrell, Hamilton & Julian, P.C. | Dec 19, 2019 | tax law
Figuring out how state taxes work is often a challenge for entrepreneurs and small business owners in Illinois. Overestimating or underestimating your company’s tax liability may create a difficult financial burden and make it harder to succeed. Fortunately,...
On behalf of Farrell, Hamilton & Julian, P.C. | Oct 30, 2019 | tax law
When people in Illinois start working on their retirement plans, they often consider annuities. In fact, Forbes notes that fixed annuities have experienced a rise in popularity over the past few years. The main reason people choose an annuity is to have enough income...
On behalf of Farrell, Hamilton & Julian, P.C. | Oct 7, 2019 | tax law
The Illinois 2020 tax expansion may require your business to collect sales tax from your customers for any purchases made through your company’s website or the internet. As reported by the Madison record, businesses using online marketplace services such as...
On behalf of Farrell, Hamilton & Julian, P.C. | Sep 3, 2019 | tax law
No business owner wants to receive a tax audit notice in the mail. However, the proper preparation and advice can relieve some of the stress that comes from facing IRS scrutiny. When you learn your business faces an audit, try these four tips to help the process go as...
On behalf of Farrell, Hamilton & Julian, P.C. | Apr 13, 2019 | Firm News, tax law
If you are like many residents in Illinois, you may find yourself facing a large federal income tax bill that you are not able to pay in full by April 15. In situations like this, it is important to understand your options in order to avoid amassing a high level of...
On behalf of Farrell, Hamilton & Julian, P.C. | Feb 8, 2019 | Firm News, tax law
According to Illinois Policy, businesses with less than 50 employees created the vast majority of new jobs in the state of Illinois, accounting for 83 percent of new job growth in 2017. In fact, small businesses, which generated nearly 130,000 new jobs between 2011...
On behalf of Farrell, Hamilton & Julian, P.C. | Oct 16, 2018 | Firm News, tax law
At one point, you may receive a letter from the IRS informing you of an audit on your Illinois business. This can be unnerving, but it does not have to be if you prepare for it. One thing to keep in mind, according to H&R Block, is the process can be lengthy...
