Growing retirement savings through a 401(k), REIT, and other investment accounts enables many people to put away a significant nest egg. Yet it’s dismaying to learn how much of a bite is taken out of those funds by taxes, especially upon transfer to an heir. In Illinois, an estate tax of up to 16 percent…
Your family home is likely the site of many happy memories that become more poignant as you age. As wonderful as it is to have a secure place that you enjoy, it’s an asset that must be included in your end of life plans. Passing the home along to a family member or heir takes…
Staying on the right side of the Illinois Department of Revenue (ILDOR) means getting small issues taken care of before they become significant problems. Some notices you receive from the state agency are as simple as confirming your identity while others may require financial documents to support recent tax returns or claims. It’s crucial to…
Doing business in Illinois can feel like running a gauntlet of taxes, but the state actually ranks near the middle of all states when ranked for total taxes levied, according to the Tax Foundation. That means the state charges a lot of different kinds of taxes but the cumulative total is average. Still, keeping track…
Small businesses must use every advantage to maximize income and minimize expenses like taxes. But it’s hard enough to do all of the things required by your business and to be on top of tax code as well. A good accountant will make sure your taxes are accurate and take every deduction possible. But structuring…
Dealing with the loss of a loved one is made much harder by the obligations you’re expected to meet immediately: there’s paperwork to file and arrangements to make. Delving into the lesser-known world of probate court is yet another hurdle. Whether you handle the probate process yourself or hire an attorney, there are costs involved…
Family disputes over inheritances are not uncommon, even if very few of them result in formally challenging a will in probate court. A lack of understanding about trusts and wills is part of the problem of family disputes. Not knowing the plans for dividing property – or the rationale behind the plan – can add…
If you’ve had your head down and nose to the grindstone, preparing to launch a business, it’s understandable if you don’t understand the ins and outs of corporate entities. But filing the right paperwork and making the right choices for your business can make a big difference in the taxes you pay and the way…
Illinois tax structure isn’t considered onerous for individuals, who pay a flat income tax rate. Small and large businesses, however, have many hurdles to clear to stay on the right side of the State Department of Revenue because Illinois ranks 37th in the country for its business tax burden. Knowing what to pay and when…
Filing taxes is everyone’s least-favorite task, and it’s even more onerous for small businesses which struggle to find time for all of the work involved. It’s no surprise that many individual and business tax returns are rejected or sent back to correct errors of all sizes. Read on to understand the most common tax filing…
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