The IRS has clarified which returns can be filed July 15. Only corporate and individual returns due April 15 can be filed on July 15. If your return is due May 15 or June 15, you need to file for an extension of time. Illinois corporate and individual income tax returns due April 15 can be … [Read more...] about IMPORTANT: Clarification on Tax Return Due Dates
Estate Planning and Coronavirus: What You Need To Do
The spread of COVID-19, also known as the Corona Virus, is impacting our everyday lives as we know it. Social distancing, working from home and limited supplies are just some of the side effects of this pandemic. Another problem can arise if an individual has not updated their estate plans, or … [Read more...] about Estate Planning and Coronavirus: What You Need To Do
What is a “Transmutation” in Estate Planning in Illinois?
Married couples frequently have separate property—that is, property that belongs to one of the parties, and isn’t part of the marital estate. It could be a piece of real estate, a business, or other asset that they had prior to the marriage or inherited during the marriage. Separate property … [Read more...] about What is a “Transmutation” in Estate Planning in Illinois?
Events In Your Life That Warrant Reviewing Your Estate Plan
If you’ve finally completed your estate plan, you may be feeling a sense of accomplishment. You’ve put your wishes in writing, and you’ve made sure your spouse, children, grandchildren, or other relatives have been taken care of. They will receive the money, property or other things you intended … [Read more...] about Events In Your Life That Warrant Reviewing Your Estate Plan
Do I Have To Pay Taxes On Money Given To Me As A Gift In Chicago, IL?
You’ve just been gifted a sum of money either by a relative, or through a deceased person’s will. And you are wondering "What tax implications come with it?" What Does “Gift” Actually Mean? A gift is something given without the expectation of something in return. When someone gives you … [Read more...] about Do I Have To Pay Taxes On Money Given To Me As A Gift In Chicago, IL?
