I lost my house in divorce. Will I have capital gains later?
I lost my house in divorce. Will I have capital gains later? Avoid tricky tax problems in divorce property settlement! Here’s the common situation: Let’s suppose that you are the primary spouse on marital home’s mortgage. You plan to give your spouse all rights to your home, in the divorce. Your spouse will keep the…
Young Millennials in Tax Trouble
Imagine a horrible nightmare, being young, finally employed, and receiving a letter from the IRS about taxes due. What do you do? You have limited experience with taxes, plus limited income, and therefore, seemingly limited options. We recently encountered a similar situation. One morning, a young woman contacted our office. She inquired about services after…
Worst IRS Nightmare … Ever!
Before you read another paragraph here, I must first explain: This is an embarrassingly true story of how dealing with the IRS Criminal Investigations can affect—no, TRANSFORM—a person. There is always a cost, but you have to protect what matters most. What’s The Worst That Can Happen? Some time ago, I gave a legal consultation…
Is April 15 the Tax Filing Deadline this Year?
A friendly reminder from your Downers Grove tax attorney… April 15 Deadline is Adjusted to April 18 !! This year’s individual tax returns are due April 18, as Saturday, April 16, 2016, is Emancipation Day in the District of Columbia, and the holiday is observed on Friday, April 15. However, because Patriot’s Day will be…