Individual taxpayers and business owners may feel anxious or fearful after receiving an IRS audit notice. However, preparing for an audit can help streamline this process and help you fulfill IRS requirements. Take these steps if you have learned that the IRS plans to...

Getting a tax bill can be frightening, especially when it’s unexpected. Sometimes a request for payment comes as a result of a minor miscalculation on your part or even an error made on behalf of the IRS. But sometimes a tax liability is so large and out of left field...

For Illinois residents, taxes can be confusing. In recent years, there have been drastic changes to the federal tax law. Depending on the political climate and philosophies of those controlling the levers of power, it is common for there to be different templates as...

Tax laws – federal, state or even local – can oftentimes be quite complex. If Illinois residents are depending on the appropriate tax entity, such as the Internal Revenue Service, to guide them through the steps of making sure they are paying the right taxes, and in...

You may worry that because you cannot pay your full tax debt, you have no recourse. However, you cannot put off dealing with the matter. The IRS may resort to tax liens, levies and garnishments that lead to the closure of your business.  Options for relief are...

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...

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...

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...

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, Illinois...

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...