If there is one thing that is clear, it’s that the American tax system is complex. It’s complicated to do your own taxes, and even those who train to do your taxes could find some trouble when working on them. In the U.S., the government requires you to figure out...
Your budget is stretched thin and you can’t pay your taxes
Most people would agree that owing the IRS money is not a position you want to be in. If it does happen, odds are that you may not have the funds readily available to pay what you owe.If you are like other people across the country, including many here in...
How the TCJA affected self-employment taxes
If you started a business in 2019, you probably heard that you wouldn't get many tax breaks because of the 2017 Tax Cuts and Jobs Act. While some self-employment deductions have gone away, some only temporarily, you still have others you can take advantage of when you...
Is there a tax credit for college tuition?
Most people would agree that going to college is expensive. Even if you, your spouse or one of your children is an Illinois resident and attends a state school, tuition represents a significant expense. Private and out-of-state tuition could reach well into the...
Ignoring tax debt could have dire financial consequences
The last thing anyone wants to see when doing their income taxes is that they owe money to the IRS. It can be tempting to just ignore the situation. After all, there is no debtor's prison in the United States.However, the IRS is not powerless when it comes to...
Choosing a trustee may be the most important decision you make
If you are like other Illinois residents, part of your New Year's resolutions was to create an estate plan. Doing so could put your mind and the minds of your family members at ease.As you begin formulating your estate plan, you may determine that the addition of a...
Your will should change as your life does
Writing your will probably gave you a certain piece of mind. After all, you may have been hearing from different sources that having a will is essential for protecting your family and ensuring your estate gets to the right hands. Without a will,...
As the year comes to an end, you may be looking to save on taxes
It seems as though the months tend to go by faster each year. Before you know it, it's already October, and the holidays are just around the corner. Also just around the corner is the end of the year, which means that you may be running out of time to reduce your...
Various types of business taxes
Owning a business can be a satisfying experience. You may have had many goals throughout your life all leading up to the owning and operating of your company that you recently started. While you may have considered various aspects of the business from start-up costs...
Let’s look at the upcoming tax changes
Beginning on Jan. 1, 2019, many of the tax law changes passed in Dec. 2017 go into effect. Many people have heard some of what will happen, but it may still not be clear enough.This article looks at those upcoming changes, but exactly what they will mean for a certain...
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