Buying a home in Illinois means weighing different options when it comes to location, price, neighborhood, and features of the property. One must also decide if one wishes to live in a home that is governed by an HOA. While many homeowners appreciate the cohesiveness of an HOA community, others find the restrictions to be limiting, and sometimes intrusive. Before buying a home with HOA regulations, one should be aware of the fees, governing doctrine, and regulations that one must deal with while living there.   Understanding the HOA  In most cases, the sellers are required to in ..read more

When starting a business in Illinois, one can benefit from understanding the initial process to have the business registered within the state. Many people choose to start an LLC because the steps required are simple and easy to understand. Most small business owners appreciate the protections provided by an LLC and choose this business structure due to its simplicity in formation and operation.   Registering an LLC  Each LLC must have a unique name that is not shared by other LLCs in the state. Before registering the name of a new LLC, one can search the state’s database to ensu ..read more

Filing income tax returns in Illinois often comes with much paperwork, which can leave one feeling overwhelmed. Some individuals and small business owners may choose to complete their tax returns without professional assistance. While many individuals can complete their tax returns without issues, others may run into problems, leading them to make errors on their tax returns. Errors are not necessarily a major concern, but they must be dealt with properly according to taxation laws.  Correcting an error   Errors on tax return forms can often delay processing. When there is an er ..read more

You may be one of many people who want to work for themselves by starting a small business. Business ownership is a dream of many, but there is much more involved with entrepreneurship than just having a good idea for a company and launching a social media page. One of the most important things you will do in the initial stages of your new Illinois business is to create a business plan. This is an outline of how your company will operate.  The details of your business plan matter. It is critical to have a detailed outline for how you would like to operate your business, the purpose of you ..read more

Filing one’s tax return on time can sometimes come with challenges. Delays in getting the proper documentation and other incidents can lead to delays in completing one’s Illinois income tax return. For those who are facing delays, there are options in filing for an extension which can avoid penalties that can come with filing a late income tax return. Extensions may be granted for both federal and state income tax returns.  Getting an extension  Most residents who are required to file an income tax return are aware of the April 15th deadline. While one may do everything possible to h ..read more

Filing tax returns on time and without error is important for small business owners in Illinois. While this time of year can be stressful, business owners need to focus on getting their tax returns prepared appropriately based on the laws in the state and the type of business they operate. Tax returns that are filed with errors, incomplete information, or improperly can be costly to fix and in some cases, can lead to legal issues. Small business owners can be aware of the most common mistakes, so they know what to avoid.   Avoid these mistakes  One of the most common tax-related ..read more

Small business owners in Illinois should be aware of tax deductions available to them. As tax season approaches, many business owners will be gathering documentation in preparation for filing their annual tax returns. Using every available deduction can help one ensure that they are getting the most from their investment and not missing out on funds that could be used to purchase necessary items to keep their business functioning.  Be aware of these deductions   Small business owners can take advantage of many tax-related benefits, especially if they keep proper records. Busines ..read more

As tax season approaches, many individuals may begin feeling the stress that comes with getting one’s financial statements and other documentation in order in preparation to file one’s tax return. Tax matters can be complicated, especially for those who aren’t knowledgeable of the laws and commonly used terms. Taxable income, for example, may sound simple enough, but not all income is taxable. By understanding what income is taxable, individuals can prevent errors on their tax returns which can lead to processing delays and other issues.   Taxable income  Taxable income includes ..read more

The intent of planning for the future is to have the final say over important matters, such as what happens to your personal property after you pass away. By creating an estate plan, you can be certain that you are able to control the medical care you want or do not want in the event of your incapacitation. There are many different reasons to make an estate plan, and one of the primary ones is having the final say over what happens to your property and your body. However, if you commit certain mistakes in your estate plan, you or your loved ones could pay the price in the future. It is worthwh ..read more

Small business owners in Illinois often see the effects of legislation long before larger businesses notice an impact. In some cases, new legislation benefits small business owners and helps them grow. But some laws, like the ones that will begin on Jan. 1, 2024, may negatively affect how some owners are able to run their small businesses. Awareness of these new laws can help owners prepare and plan for how to deal with the changes.   What are the new laws?  Starting Jan. 1 2024, Senate Bill 2034 will go into effect. This bill provides an extended bereavement time for when someo ..read more