To ensure compliance with the requirements imposed on us by IRS Circular 230 (31 C.F.R. 10.33 – 10.37, et. Seq.), we inform you that to the extent the information on this page mentions any federal tax matter, it is not intended or written and cannot be used, for the purpose of avoiding Federal Tax penalties.
The information contained in this website is for informational purposes only and is not and does not constitute legal advice on any subject. Receipt of this information does not create an attorney-client relationship. Do not act or refrain from acting based upon this information without seeking your own professional legal counsel.
Friday, December 2, 2011
Friday, October 7, 2011
You will certainly save time and money by considering your options carefully before starting your business. You will also avoid running afoul of timely filing requirements. Call my office today.
Monday, October 3, 2011
What if one of your kids has trouble with creditors? What if they go bankrupt? You could lose your house in such a scenario. Placing your kids on the deed could jeopardize many things.
Another popular question: "Can't I just put one of my children on my accounts? When I die, they will know what to do as far as dividing it up among all of my kids."
If your kids got along with each other before your death, that might not last after you are gone.
Why leave things so important to chance? Consider a will or a trust and make everything certain. You may just save your family.
Friday, September 30, 2011
Note: Returns are due on October 3, 2011 for spouses that died on January 1, 2011!
Wednesday, September 28, 2011
Thursday, May 26, 2011
Where the homestead is held in the name or names of a trustee or trustees of a revocable inter vivos trust or of revocable inter vivos trusts made by the settlors of such trust or trusts who are husband and wife, and the husband and wife are the primary beneficiaries of one or both of the trusts so created, and the deed or deeds conveying title to the homestead to the trustee or trustees of the trust or trusts specifically state that the interests of the husband and wife to the homestead property are to be held as tenants by the entirety, the estate created shall be deemed to be a tenancy by the entirety.
Tenancy by the entirety affords married couple with extra creditor protection in Illinois. If you have your principal residence in your living trust(s), give me a call to discuss taking advantage of this new law.
Sunday, February 27, 2011
Friday, February 4, 2011
As tax season gets in full swing, we have all noticed those ads for free do it yourself tax return preparation. Turbo Tax, H&R Block and TaxAct all offer free federal filing for the simplest of returns. (usually taxpayers with a W-2 from their employer and nothing else)
Anyone with a more complicated return (like those with itemized deductions, small businesses, securities sales, educational credits, etc.) will not be able to take advantage of the "free" filing.
Even if you have a very simple return, beware! The federal returns are free, but you must pay for the preparation and filing of your state income tax returns. These fees average $27.95 and up.
My advice is to make sure you are aware of your eligibility to use the free filing up front and determine what other costs will be unavoidable.
Wednesday, February 2, 2011
You may still have your tax preparer start on your returns now, but they may not be processed and filed until the 14th. This also delays any refunds until after that date.
If you need someone to do your taxes, why not call me at 847-955-9000.