Should I Start an LLC?

Starting your own business can be a nerve-wracking process. You are trying to do something big and important for your life, but you are also anxious about whether it will work out. Significantly, you want to make good decisions from the beginning so that you can carry positive momentum into the future. One of these  … Read more

When You’ve Made a Mistake on Your Tax Return

Everyone makes mistakes. Sometimes, we make mistakes on our tax returns. Even after spending many hours gathering forms, records, and receipts, reading about every deduction and credit, and crunching each number twice, the best of us can make an error. If this happens, my first recommendation is to take a deep breath. While many people  … Read more

Seeking a Tax Extension

Preparing your tax return can be incredibly complicated. This is especially true if you have a great deal of wealth, multiple sources of income, and a diversified portfolio. Or, if you run your own business, your individual tax return is likely to require professional assistance to ensure accuracy and that every tax advantage is considered.  … Read more

Pension Benefits and Your Divorce

In an Illinois divorce, marital property is subject to an “equitable division” between spouses. Marital property is basically all property acquired during the course of the marriage. When considering this equitable, or fair, division, there are some marital assets that are easier to divide and distribute than others. For example, if there are two cars  … Read more

Estate Tax Audits

Estate tax returns have become relatively rare over the past decade. Since the early 2000’s, the estate tax exemption has been quickly rising, resulting in far fewer estates having to file estate tax returns. Because the number of estate tax returns has been dropping, the IRS has had a statistically greater opportunity to scrutinize the  … Read more

Significant Small Business Tax Deductions

When you own a small business, you work hard to make a good life for yourself and your family. You look for every break you can to maximize your business’ tax position. Tax deductions are a big part of this equation, and so it is important to understand how to properly utilize business expenses for  … Read more

Tax Considerations Regarding Child Support

While no one can dispute that paying child support is a good and necessary responsibility of a parent, that doesn’t mean anyone particularly likes fighting for it or being ordered to pay it. For many separated parents, child support can be a source of tension and hostility. Whether you are paying or receiving child support,  … Read more

The Stages of IRS Action Against a Taxpayer

Problems with the IRS can be daunting to think about. They are a massive government agency that has a Federal mandate to collect money they believe you owe, with the legal tools and resources to follow through. However, if you are in a tax dispute or dilemma with the IRS, don’t lose hope. An experienced  … Read more

When to Modify Your Estate Plan

If you have ever put together your estate plan, or served as an executor or trustee, you know how much time and energy go into the planning process. You know that it is a labor of love—as you are literally trying to provide for the future of people whom you care about. It is also  … Read more

Protecting Your Small Business from an Audit

When you run a small business, you take on an incredible responsibility. This obligation to the success of your business often means great sacrifice to relationships and to time spent with family. With all that you give of yourself, the last thing that you want to deal with is an IRS tax audit. If you  … Read more