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June, 2014 Archives

Avoid these common accounting errors

Good accounting information is essential for any business’ success. Accuracy, timeliness and integrity in financial management are vital because inaccuracies can lead to uninformed decisions made by those who manage the business’ operations and those who have invested capital in the company. Additionally, mistakes made in the accounting process can result in ethical, logistical and legal problems. Mistakes to avoid There are many common accounting mistakes business owners are prone to … [Read more...]

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 … [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. Property management  In addition to naming a guardian who will take care of their child, parents should appoint someone to manage the property that their child inherits. If a property management representative for … [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...]

Regardless of your age, you should have an estate plan

Most people, if not all, can benefit from having rules and parameters in place for others to follow at the time of their death. These rules are called estate plans. While creating such a plan may be an uncomfortable thing for many to attempt and deal with, it is a vital part of maintaining one’s assets and preparing for the future. Regardless of a person’s age or wealth, these plans can make a big difference in how their loved ones fare when they pass away. … [Read more...]

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