May, 2014 Archives

Archives for May 2014

Trucking companies and hazardous loads in Illinois

The Illinois Department of Transportation reports a slow but steady increase in the number of serious accidents including large trucks, with 874 crashes taking place in 2012 alone. Many of these trucking accidents involve hazardous cargo. Every Illinois trucking company and employee should be aware of the dangers posed by transporting hazardous loads. Risks are compounded by transporting hazardous goods Driving an 18-wheeler is a dangerous job even in the best conditions. When hazardous … [Read more...]

Understanding Illinois’ estate tax law

The estate tax is a tax placed on a deceased person’s right to transfer property after their death.  The total amount of assets in the person’s estate is known was their gross estate. When determining what the estate tax will be, the fair market value of their assets, not what their value was when they were acquired, is used to determine the deceased’s gross e state. Once the amount in the gross estate is decided, certain deductions are permitted before arriving at the amount known as the … [Read more...]

Placing safeguards for underage beneficiaries in Illinois

Having a child can complicate life in many ways, especially when it comes to estate planning. When parents have an underage child they should know that, there are several estate planning methods they can use to protect their child in the event that they should die unexpectedly. … [Read more...]

Illinois legislation seeks to amend property tax code for tool and manufacturing business property

Recently, Chicago Business announced that a manufacturing company has decided to relocate to Illinois from Indiana. The company is the latest business to move to Illinois and revealed that one of the deciding factors was the offer of a tax abatement in Munster. The tax abatement will eliminate property taxes for the manufacturer over the next 10 years, providing the company with a yearly relief of around $200,000. Property tax incentives are commonly used by states to attract more … [Read more...]

Settling a business dispute without litigation

Although companies hope that clearly defined contracts and strong business relationships will prevent disputes, disagreements are bound to happen from time to time. These disagreements can arise over employment contracts, differing views held by company owners, agreements made with suppliers or simple misunderstandings. Costs of litigation When disputes arise, it is usually in everyone’s interest to avoid litigation. This is because lawsuits tend to be long, drawn out and, most … [Read more...]

Independent contractor contracts

Independent contractors work in many professions and their earnings vary widely. It can be difficult to pinpoint the thing that groups them together into a single category, apart from the fact that they bear full responsibility for paying income taxes. Since an increasing number of companies are taking on new workers as independent contractors, particularly in the information technology industry, it is important for people joining the workforce or considering a career change to understand the … [Read more...]

Tax registration for businesses in Illinois

Anyone who is setting up a business in Illinois must go through the steps required to complete tax registration. Sole proprietors, tax-exempt organizations and government agencies that deal with Illinois residents also need to register with the Illinois Department of Revenue to legally conduct business. Getting started Tax registration for businesses can be completed either electronically or by paper mail. To register electronically, a business owner can create an account with the Illinois … [Read more...]

Establishing a power of attorney in Illinois

Many people in Chicago, Illinois, worry about the possibility of becoming incapacitated and incapable of looking after their own affairs. One action that can bring individuals and their families peace of mind is establishing a power of attorney. … [Read more...]

Which legal structure is right for your business?

Among all of the choices made when a business is formed, legal structure is an important decision many people in Chicago, Illinois, overlook. Legal structure determines how a business is taxed, how much liability the owners take on and even how much paperwork owners must maintain. Choosing the wrong kind of business structure can have lasting consequences, which is why business owners should carefully research their options and consider seeking expert help. Basic structures  Four common … [Read more...]

The 5 Illinois Estate Planning Secrets You Need to Know Part 5

5. Do not overlook the need for a power of attorney for property.  Just like you need a health care power of attorney, you also need a property power of attorney to communicate your wishes regarding who will make financial decisions in the event that you become incapable of doing so. There are a number of situations in which you could be alive, but incapable of managing your financial affairs due to a deteriorating mental or physical condition. Without a property power of attorney, any … [Read more...]

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