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...
Experienced Representation In Business Law, Estate Planning And Tax Law
Experienced Representation In Business Law, Estate Planning And Tax Law
Experienced Representation In Business Law, Estate Planning And Tax Law
tax law
Dealing with an error on a tax return
Filing income tax returns in Illinois often comes with much paperwork, which can leave one feeling overwhelmed. Some individuals and small business owners may choose to complete their tax returns without professional assistance. While many individuals can complete...
Filing for an income tax return extension in Illinois
Filing one’s tax return on time can sometimes come with challenges. Delays in getting the proper documentation and other incidents can lead to delays in completing one’s Illinois income tax return. For those who are facing delays, there are options in filing for an...
Avoid common mistakes when filing taxes as a small business owner
Filing tax returns on time and without error is important for small business owners in Illinois. While this time of year can be stressful, business owners need to focus on getting their tax returns prepared appropriately based on the laws in the state and the type of...
Tax deductions for small business owners
Small business owners in Illinois should be aware of tax deductions available to them. As tax season approaches, many business owners will be gathering documentation in preparation for filing their annual tax returns. Using every available deduction can help one...
What is taxable income?
As tax season approaches, many individuals may begin feeling the stress that comes with getting one’s financial statements and other documentation in order in preparation to file one’s tax return. Tax matters can be complicated, especially for those who aren’t...
Illinois entrepreneurs may find tax laws prohibitive
When choosing where to start a business, entrepreneurs have many things to consider. Starting a business in Illinois may have benefits for a business owner, depending on their goals. However, because of the tax rates in the state, in combination with local taxes, some...
Preparing for an audit as a small business owner
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...
Can I appeal an IRS penalty for not paying my taxes on time?
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...
Two tax returns you must file as an executor
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...