income tax lawyer bolingbrook
With freelance work becoming more and more popular each year, we have begun to see an influx of issues with businesses misclassifying their employees as contractors in order to save on their taxes. The cost of doing this can be massive, with some companies owing millions depending on how severe the situation was. And, of…
Read MoreMany people dread filing their taxes simply because it could end up with the IRS contacting them for an audit. Some have this idea that the IRS will show up on their doorstep and take all their personal assets away. However, what actually happens in these audits is drastically different. Most of the time, only…
Read MoreMistakes Do Happen (So CYA) It is a good idea to keep everything you or your tax preparer file with the IRS. (Duh.) One of our recent cases gives an example of an IRS problem caused by failing to keep complete and accurate records. This case is being handled out of the Matteson IL office.…
Read MoreMelvin Reynolds Many of you may remember Melvin Reynolds who represented the Chicago area in the U.S. House of Representatives from 1993 to 1995. We often see tax news about congressmen. He resigned from his position due to his conviction on criminal sexual abuse involving a 16-year-old campaign staffer. Mr. Reynold’s has also, since then,…
Read MoreRegardless of what you may have heard, it is Constitutional to pay taxes. Unless you make less than the federal exemption amount, everyone is required to file a tax return with the federal government. If you are found guilty of intentionally failing to file your tax return, you can end up with harsh penalties that…
Read MoreIn our previous blog post, we discussed the top three sections of your Schedule C form. If you are a sole proprietor, then you will need to prepare and file a Schedule C every year that you are in business. This is to show the IRS whether you had taxable profit or deductible loss during…
Read MoreSchedule C If you are a sole proprietor, then you know that each year, you need to prepare and file a Schedule C with your 1040 in order to show the IRS whether your business has had taxable profit or deductible loss. While this can seem like an overwhelming task, filing will be simpler than…
Read MoreThe IRS assumes that you have started your own business in order to be profitable. So if your business is claiming a net loss for years and years in a row, or your business doesn’t meet other requirements, the IRS may decide that your business is a hobby. This can get messy if you want…
Read MoreWhen it comes time to file taxes for your small business, you probably already know the basics. However, how can you make the most of this tax season and your tax returns? You probably know the simple tips, like keeping every receipt. They can add up to quite a few deductions! Also, keep track of…
Read MoreYou may be planning to close your business, which means that you have a lot to think about before you can finally call it quits! Don’t forget to the put the IRS on your to-do list, as tax laws dictate that you need to keep the tax agency informed of your decision. Make sure you…
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