tax law

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...

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...

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...

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...