Doing your taxes is already taxing enough. Adding a potential audit to the mix only makes things more stressful. There are many different reasons the Internal Revenue Service (IRS) may flag you for an audit. While there is no true way to completely eliminate the...
It is important to understand tax laws on a local and federal level. If you get into trouble for tax-related crimes, you could find yourself facing years of repercussions. Of course, different tax crimes come with different potential penalties. For example, tax fraud...
The Constitution of the United States gives the federal government the right to collect income taxes from citizens. Though this can sometimes be onerous for you, it is necessary to fund programs and services that the government provides for the public good. While...
Business owners are subject to certain property taxes based on the assessed value (estimated every three years in Illinois) of their commercial real estate. Some states tax personal business property, which encompasses furniture, inventory, equipment, fixtures and any...
Illinois residents like you have paid taxes for years. Sometimes, it can feel like a constant battle between you and the IRS to get the most money back or pay as few taxes as possible. While avoiding behaviors are not criminal and are in fact perfectly legal, this is...
Feeling as though you pay too much on your property tax is something that other Chicago residents can relate to. If your tax bill seems too high for your locality, you may want to further investigate it. Property taxes can fluctuate. If your taxes increase but you...
Illinois property taxes may feel crushing when it comes time to pay. Regardless of how you have saved to pay them, they may escalate suddenly, leaving you strapped. Is there any type of relief? You may qualify for a property tax break or exemption for a few reasons....
If you are one of the many people who itemize your deductions when preparing and filing your personal Illinois income tax return, there may be many potential opportunities for items you can add as deductions. In some situations, you may qualify to receive a credit on...
If real estate owners' property taxes seem high, they may want to search for issues with the assessment made by the County Assessor's office. One factor that may bring down the amount of property tax is the incentive for solar energy systems. According to the...
Residents across the United States know that taxes are part and parcel of today's world. The income generated through taxation may often fund important infrastructure efforts and programs. However, it is important that taxes be fairly assessed and understood by those...
