There are many challenges associated with opening a small business in Illinois. Finding the funds to operate a business can be difficult, especially if one is looking for a lot of capital upfront to get started. Fortunately, there are opportunities for entrepreneurs to take out loans that are specifically designed to help small businesses begin operations. A new bill will provide more transparency for those wishing to open a small business so they’re aware of the specific terms of a loan before signing the papers. Proposed changes Senate Bill 2234 would provide additional protection to small b ..read more

The Illinois Department of Revenue can perform a tax audit to determine if you have reported your taxes accurately for a given period. This process can be highly stressful, especially without the proper preparations. As a business owner, you should keep crucial documents the department may require for an audit. Diligent recordkeeping is helpful during tax season and for maintaining accurate financial records. What are the documents you need for a tax audit? Receipts are essential for these audits. When recording receipts, include notes on what they were for and how they relate to your business ..read more

Trusts are an important addition to an estate plan if one wishes to have more control over how one’s assets are used by the beneficiary. Illinois residents may wish to add a trust to their estate plan to help their children or grandchildren make more responsible decisions when it comes to using those assets. When adding a trust to one’s estate plan, it’s important to understand the difference between a revocable trust and an irrevocable trust.  Revocable vs irrevocable  Revocable trusts, sometimes called living trusts, allow one to make changes to the trust at any time for any reason ..read more

After the death of a loved one, you may face the daunting task of settling his or her estate and deciding what happens to personal property. This is not an easy task, even if the decedent left clear instructions in his or her estate plan regarding these matters. There is much more involved with the estate administration process than simply dividing assets among heirs. There are legal requirements you must meet before things can be final. In many cases, an estate cannot be settled without certain assets going through the probate process. This is a requirement that involves verifying the will an ..read more

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