tax law

As a small business owner in Illinois, one should attempt to always be prepared for an audit from the IRS. Audits can be stressful, but the process is much easier when paperwork is organized and easily accessible. It’s also helpful for small business owners to...

U.S. tax law is notoriously difficult to understand and to many is needlessly complicated. Nevertheless, the IRS expects taxpayers to know when and how to pay their taxes and file all tax returns on time. The IRS will penalize taxpayers who fail to timely file returns...

The tax man always comes calling, even after a person dies. One of an executor’s most important duties is filing tax returns. This means filing two income tax returns: an income tax return for the deceased and an income tax return for the estate. The deceased’s final...

You dutifully pay your taxes every year, but some workers can find the process more challenging than others. This is especially true for those who are self-employed and receive a 1099, rather than traditional employees who receive a W-2. If you are self-employed and...

The IRS issued a reminder to those who make quarterly estimated tax payments. In order to avoid unexpected potential tax bills or penalties in 2023, the agency encouraged those who paid insufficient taxes last year to make a fourth-quarter payment by January 17....

Certain individuals and businesses within the disaster area declared by the Federal Emergency Management Association (FEMA) will have a new deadline of February 23, 2023, to file their taxes. The Internal Revenue Service (IRS) has postponed certain tax-filing and...

Recent data from the Internal Revenue Service reveal that limited partnerships provide much of the economic horsepower for the nation. Nearly 4 million partnerships filed taxes in 2019. As a rule, general partnerships function as pass-through entities. Partners report...

In today’s economy, working gig jobs as an independent contractor or even being the sole proprietor of your own small business is becoming increasingly popular. It can be rewarding to work on your own terms. As a business owner or independent contractor, you have...

Key man life insurance helps to protect a business’ most important asset: human capital. A business purchases this specific policy to insure the life of a company employee. Specifically, the insurance is designed to insulate the company from the losses of an employee...

Though it’s never a welcome experience, complications with your taxes do happen. If you fall behind and find yourself unable to pay all of your taxes, the IRS will take steps to collect them. When this occurs, you will have options but they will vary based upon the...