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Estate planning insights and legal resources.
The Illinois Use Tax: What It Is and How to Stay Compliant
Doing business in Illinois can feel like running a gauntlet of taxes, but the state actually ranks near the middle of all states when ranked for total taxes levied, according to the Tax Foundation. That means the state charges a lot of different kinds of taxes but the cumulative total is average. Still, keeping track
August 19, 2025
How to Use an S Corp in Illinois to Reduce Self-Employment Taxes
Small businesses must use every advantage to maximize income and minimize expenses like taxes. But it’s hard enough to do all of the things required by your business and to be on top of tax code as well. A good accountant will make sure your taxes are accurate and take every deduction possible. But structuring
August 19, 2025
How Much Does Probate Cost in Illinois?
Dealing with the loss of a loved one is made much harder by the obligations you’re expected to meet immediately: there’s paperwork to file and arrangements to make. Delving into the lesser-known world of probate court is yet another hurdle. Whether you handle the probate process yourself or hire an attorney, there are costs involved
August 8, 2025
How to Avoid Family Disputes with a Solid Estate Plan in Illinois
Family disputes over inheritances are not uncommon, even if very few of them result in formally challenging a will in probate court. A lack of understanding about trusts and wills is part of the problem of family disputes. Not knowing the plans for dividing property – or the rationale behind the plan – can add
August 8, 2025
LLC vs. S Corp in Illinois: Which Is Better for Your Tax Situation?
If you’ve had your head down and nose to the grindstone, preparing to launch a business, it’s understandable if you don’t understand the ins and outs of corporate entities. But filing the right paperwork and making the right choices for your business can make a big difference in the taxes you pay and the way
July 25, 2025
How to Avoid Penalties When You Owe Taxes in Illinois
Illinois tax structure isn’t considered onerous for individuals, who pay a flat income tax rate. Small and large businesses, however, have many hurdles to clear to stay on the right side of the State Department of Revenue because Illinois ranks 37th in the country for its business tax burden. Knowing what to pay and when
July 24, 2025
How to Avoid Common Illinois State Tax Filing Mistakes
Filing taxes is everyone’s least-favorite task, and it’s even more onerous for small businesses which struggle to find time for all of the work involved. It’s no surprise that many individual and business tax returns are rejected or sent back to correct errors of all sizes. Read on to understand the most common tax filing
July 14, 2025
How to Avoid a Lengthy Probate Process in Illinois
Probate is the legal process of settling the estate of a person who has died. It’s a distinct division of Illinois circuit court that deals only with estates and guardianships. Avoiding probate can save your loved ones time, stress, and expense. Read on to learn about the role of estate planning professionals, the tools they
July 8, 2025
When and Why Should You Update Your Estate Plan in Illinois?
An estate plan is a careful accounting and forward-looking plan for your assets. Estate plans can include trusts, a will, power of attorney, and long-term tax planning considerations. Keeping these documents updated is crucial to their proper synchronization when a triggering event occurs. An estate law specialist is the best person to consult regarding current
July 8, 2025
Changes to Illinois Tax Law in 2025 That You Should Know
The tax landscape in Illinois is changing, and it’s up to business owners and individuals to stay on top of new requirements. Navigating these shifting sands can be challenging, and failure to properly file the necessary paperwork carries legal and financial implications. A qualified business or estate attorney can help you understand how your holdings
June 29, 2025
10 Tax and Legal Mistakes to Avoid in 2025
Everyone makes mistakes now and then, but some are more costly than others. Often, the biggest mistake is continuing to do things the way you’ve always done them, rather than examining the assumption that your information is accurate. There are almost 35 million small businesses in the country, each with taxes to file. Getting professional
June 27, 2025
Top 10 Tax Terms Every Illinois Business Owner Should Know
Illinois is in the top third of states with high business taxes at 9.25 percent, but the tax environment is offset by the economic strength of the state, which features major corporations in agribusiness, healthcare, and farm machinery. Related businesses like suppliers, service providers, transportation and logistics services, and human resources assets stay in Illinois
June 23, 2025