Tariffs Explained – Here’s Who Actually Pays
Tariffs Explained – Here’s Who Pays At Tax Law Offices, we often discuss taxes that impact business owners and individuals, like income, employment, and sales tax. But there’s one important tax type we haven’t discussed much: tariffs. You’ve probably heard about tariffs on the news. They’re often described as taxes on foreign countries and…
Cut Your Gambling Tax Bill with the Sessions Reporting Method
Sessions Reporting to Reduce Tax on Gambling Income – Simple Explanation For those of you who have gambling income and know there might be a tax problem developing, you may want to ask your tax accountant about the Sessions Reporting method for your winnings. What Sessions Reporting can do for you is help you…
How to Report Gambling Winnings and Losses on Your Taxes (Without Getting Audited)
How to Report Gambling Winnings and Losses on Your Taxes (Without Getting Audited) If you gamble regularly—or even just occasionally—it’s important to know how to correctly report gambling winnings and losses on your tax return. The IRS expects accurate reporting, and mistakes can trigger audits, penalties, or even tax debt. Here’s a guide to…
Behind on Illinois Sales Tax? Set Up a Simple Payment Plan Today
Behind on Illinois Sales Tax? Set Up a Simple Payment Plan Today How to Set Up a Simple Sales Tax Payment Plan in Illinois If you’re an Illinois business owner behind on sales taxes, this will help you. The Illinois Department of Revenue (IDOR) offers a simple way to catch up on past…
Illinois Sales Tax Help: 3 Steps to Get Caught Up and Avoid Trouble
Illinois Sales Tax Help: 3 Steps to Get Caught Up and Avoid Trouble This applies to retailers, merchants, and especially restaurants in Illinois. Most businesses can keep up with paying and reporting the sales tax collected every month. However, it is easy to fall behind. If your business has some cash flow challenges, one…
March 17 Business Tax Deadline: File or Extend to Avoid IRS Penalties
Don’t Forget to File or Extend Your March 17 Business Tax Deadline! The March 17, 2025, deadline is approaching fast, and it’s important to submit your business tax return on time to avoid IRS penalties and interest. How to File an IRS Extension for Business Taxes It is okay to request an automatic 6-month extension…
IRS Layoffs 2025: How Will They Affect Your Taxes & Refunds?
IRS Layoffs 2025: How Will They Affect Your Taxes & Refunds? Breaking News: The IRS has laid off 6,700 employees, leading to delays in refunds, audits, and collections. If you owe back taxes, this could be a game-changer. Learn how to protect yourself. This was about 6% of its workforce. That’s a substantial change!…
7 Tax Problems Where A.I. Can’t Help You
7 Tax Problems Where A.I. Can’t Help You First, here is the obvious. People with IRS or state tax problems want to avoid the expense of hiring an attorney or representative. Fair enough. Also, we know that artificial intelligence (AI) is now commonly used in financial services, including tax preparation and tax advice. Even lawyers…
Pros and Cons of LLCs for Illinois Businesses
Pros and Cons of LLCs for Illinois Businesses If you’re starting, or even running a small business in Illinois, having the right legal structure is important. A Limited Liability Company (LLC) is a popular option. This short article highlights some of the good and bad sides of the LLC for these businesses:…
Don’t Get Burned by the Residential Energy Tax Credit
HOT for Refunds – But Don’t Get Burned by the Residential Energy Tax Credit We talked with tax return preparers around Chicago, Houston, Orlando, and Maryland. Some of them love this tax credit to boost refunds for their customers. But others stay away, because often the credit is being used illegally, and is creating…