What is a Gift Tax?

We work hard for our money during our lifetimes. We sacrifice, we save, and we invest. With that hard work, many people find it highly rewarding to show generosity to others. Unfortunately, the IRS views generosity skeptically, and we are not allowed to freely give our money to others without potential tax consequences. The reason  … Read more

Structuring Your New Business

If you have recently formed your own start-up company, or if you are considering starting one, I applaud you. Entrepreneurship can be a great adventure and truly embodies the American spirit in that you are taking an incredible risk in order to have control over your own destiny. Speaking from personal experience, starting out on  … Read more

Why Was I Audited? Some Flags the IRS Looks For

  “We’re being audited”. This is a dreaded phrase that elicits universal empathy from anyone who hears it. Whether you are an individual or a business, the prospect of an audit means hours of extra work and the possibility of a dramatically higher tax obligation. If the audit goes badly, then there is the additional  … Read more

Tax Credits vs. Tax Deductions

  Even for people who have been paying taxes for years, it can be difficult to understand or keep track of all of the terminology and concepts that are contained in our tax returns. For many of us, we may hand everything over to our tax-preparer, or answer hundreds of questions from a computer program,  … Read more

Calculating Child Support in Illinois

  State law in Illinois requires that both parents financially support their children. The underlying theory supporting this is that children should not suffer simply because their parents are no longer together. If you are in the process of a divorce or child custody dispute, you should consult with a family law attorney for assistance.  … Read more

Preparing Your Start-up’s First Tax Return

  Speaking from experience, starting your own business is a stressful, risky, and all-consuming experience. But honestly, that’s how it should be—living the American Dream of making it on your own should be the result of hard work. The first year of running a new business is often the most difficult, as the one-time costs  … Read more

IRS and Identity Theft

  Very few people like dealing with the IRS if they don’t have to. One particular time we welcome this contact is when we are filing our tax returns, expecting a large refund. Unfortunately, an increasing number of taxpayers in the electronic-filing era are getting shocking news each year: that their tax refund has been  … Read more

Do I Need a Divorce Attorney?

  Divorce is one of the most difficult events in a person’s life. It is a highly emotionally charged time in which spouses are simultaneously dealing with the grief of a significant relationship ending, the anger of what led to the separation, the uncertainty of dividing marital assets, and the possibility of a heated dispute  … Read more

An Overview of Criminal Tax Charges

  Any criminal charge is a matter to take incredibly seriously, as your good name, your ability to vote and work, and your very freedom are all at stake. Federal criminal charges take things to another level, as the Federal government has greater overall resources than state and local governments. In addition, the Federal government  … Read more