IRS Modifies Approach to Bitcoin Scrutiny

  • Robert S. Thomas,
  •   Taxation
  •   Comments Off on IRS Modifies Approach to Bitcoin Scrutiny

  For the last several years, Bitcoin has been world’s hottest digital currency. Initially disregarded by many, the market value of one single Bitcoin has skyrocketed from an initial value of $13 in 2013 to a current market value of thousands of dollars per coin in August 2017. This has potentially left many people who  … Read more

Business Asset Appraisals

  • Robert S. Thomas,
  •   Taxation
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  Ownership of a business or an interest in a business is generally one of the most valuable assets a person owns. Not only is this true from a financial standpoint, but it is often the culmination of hard work and ingenuity, wise investment, or it may represent your family’s legacy. When it comes to  … Read more

Looking at the Income Shares Child Support Calculation

  • Robert S. Thomas,
  •   Family Law
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  If you are in the process of seeking child support or modifying a child support obligation, you need to read this. On July 1, 2017, the state of Illinois joined over 40 other states in adopting the income shares method of collecting child support. This represents a complete shift from the way that courts  … Read more

The Work Opportunity Tax Credit

  • Robert S. Thomas,
  •   Taxation
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  If you own a business, it is wise to look for ways to save money, such as looking at opportunities for tax deductions and credits. One such opportunity that has been utilized by businesses nationwide is the Work Opportunity Tax Credit (WOTC). Originally created in 1996, this is a federal income tax credit meant  … Read more

College Expenses and Divorce

  • Robert S. Thomas,
  •   Family Law
  •   Comments Off on College Expenses and Divorce

  Most parents want their children to attend college. Many parents want to be able to pay for this. They save, they exercise financial discipline, and work hard to make this a reality. When a couple separates or divorces, these plans can become untenable or unpredictable. This is because divorce can be very expensive, which  … Read more

Understanding Testamentary Capacity

  • Robert S. Thomas,
  •   Probate
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  Estate planning is meant to provide certainty and clarity to a person’s last wishes, so that they can rest assured that their loved ones are provided for. A will is the primary mechanism for most people to explicitly establish how their property will be divided upon their death. Unfortunately, there are times that people  … Read more

Tax Implications of Your Student Loans

  • Robert S. Thomas,
  •   Taxation
  •   Comments Off on 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

Letter of Office in Probate Proceedings

  • Robert S. Thomas,
  •   Probate
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Letter of Office in Probate Proceedings

When a person creates a will, they put time and careful consideration into how they want their property divided and how their families will be taken care of. Significantly, they choose an executor, a person or entity that they trust to carry out the important tasks of distributing their property in accordance with their wishes  … Read more

Preparing for Illinois’ Income Tax Increase

  • Robert S. Thomas,
  •   Taxation
  •   Comments Off on 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

How Does a Couple Legally Separate in Illinois?

  • Robert S. Thomas,
  •   Family Law
  •   Comments Off on How Does a Couple Legally Separate in Illinois?

  Legal separations have become relatively rare in Illinois. This may be, in part, because they are not the same thing as a divorce, nor are they necessary to seek a divorce. Despite this, there is statutory authority in Illinois that authorizes legal separations and there are several scenarios in which it may benefit one  … Read more