Category: Taxation

Tax Implications of Your Student Loans

  Going to college, or sending your children to college is a big part of the American dream. For many, it is an expectation. Sadly, college tuitions and expenses continue to rise beyond people’s income levels or beyond their savings. This compels many to take out expensive student loans, either for themselves or on their  … Read more

Preparing for Illinois’ Income Tax Increase

Preparing for Illinois Income Tax Increase

No one likes when tax increases hit home and impact our personal finances. Unfortunately, in a controversial move, the Illinois state legislature has overridden a veto by Governor Bruce Rauner and increased the personal income tax from 3.75% to 4.95%. This is intended to increase tax revenues by $5 billion to address the state’s enormous  … Read more

What Constitutes an “Abusive” Tax Shelter?

  Everybody wants to pay lower taxes, and there are many wise and legal ways to accomplish this goal. One of these methods is a tax shelter, which may include transactions or investment accounts that reduce a taxpayer’s taxable income. An example of a legal and popular tax shelter is a 401(k) plan, which reduces  … Read more

Things to Know About Private Tax Collectors

  In recent years, there has been a growing trend of scammers, who call innocent victims and pretend to be IRS representatives. They ask for personal information (such as their social security number) or make threats of collection actions or arrest in order to get money from their victims. The media, and even the IRS,  … Read more

Illinois Woman Attempts to Steal From IRS

  Fraud has become rampant in the digital era. With scammers using all sorts of tactics, including phishing schemes in which thieves fraudulently convince people to disclose their social security numbers and other key information. Or it can involve hacking employers, companies, and governmental agencies for massive data hauls. The IRS is not immune to  … Read more

Summertime Tax Considerations

  When you think of the summer time, or even the early fall, you probably think of the hot sun, the lake and water parks, family vacations, sending the kids back to school, and labor day. One subject that probably does not cross your mind is taxes. However, as a tax lawyer, I can tell  … Read more

Man Gives IRS the Finger

  On a basic and fundamental level, most American taxpayers understand that taxation is necessary to keep the government, military, infrastructure, public service, education, and emergency services running. But beyond this basic understanding, there is little consensus on key aspects of taxation. For example, not everyone agrees with how big the government should be, who  … Read more

Possible Changes to IRS Tax Appeals

  The IRS has seen major budget cuts in recent years. Despite this, the agency has had to do more with less, while continuing to conduct its normal operations. One place where the IRS has had to make adjustments is with tax appeals. A taxpayer who is audited or whose tax obligation is adjusted has  … Read more

Illinois Residents Facing Income Tax Increase

  The state of Illinois asks a lot of its taxpayers. For decades, since 1969, the state has faced budget crisis after crisis, and deep political divides between those who believe in tax increases to balance the budget and those who don’t. Unfortunately, the historical trend has left the state with one of the highest  … Read more

Benefiting from a Roth IRA

Planning for retirement can give anyone a headache. There is no one-size-fits-all retirement investment vehicle, and there are so many options that the media is telling you put your money into. Many people throw their hands up and entirely rely on the retirement account provided by their employers. Before you do this, I would encourage  … Read more