Tax Category Archives — Firm News & Legal Updates Published by Firm News & Legal Updates

How Do Property Tax Liens Work in Illinois?

Published on: January 8, 2021 | By Hart David Carson LLP

When a property owner fails to pay property taxes, the county in which the property is located creates a lien on it for the amount owed. Tax liens are sold in order to recoup losses from unpaid taxes, and the buyers of those liens get the benefit of investing in a piece of real estate.

What Is a Property Tax Lien?

A property tax lien is a claim on a piece of property for an amount owed in unpaid taxes. It is generated when the owner fails to pay their property taxes, and the lien itself may be sold to the highest bidder to recover that amount.

Tax Planning During a Crisis: How COVID-19 May Impact Your Taxes

Published on: June 19, 2020 | By Hart David Carson LLP

Many of the various reliefs and incentives put out by the government are intended to help ease the burdens of individuals and businesses alike. Whether you’re a high net worth individual with a complex financial scenario or a small business owner trying to make ends meet during an economic lull, the pandemic will likely impact your tax situation.

Tax Deadlines Postponed

One of the reliefs extended by the IRS is an extension on tax deadlines. Taxes and returns that were due in April are now due by July 15th. If more time is still needed, individuals and businesses are able to extend that deadline further by filing an extension.

Illinois Tax Laws – Nuances and Recent Changes

Published on: February 14, 2020 | By Hart David Carson LLP

Illinois tax code is complex, and a lot of it is fairly punishing to local residents and businesses. In fact, one study rated Illinois the “least friendly” state in terms of taxes.

Navigating the maze of tax laws and regulations often requires expert guidance, especially when it comes to more complex tax situations. Here, we’ll look at some of the nuances of Illinois’s tax code.

Illinois Tax Nuances

How to File a Business Tax Extension

Published on: December 6, 2019 | By Hart David Carson LLP

Sometimes, your business might need a little more time beyond the deadline to prepare its tax return. Fortunately, filing an extension is fairly simple as long as you keep a few important items in mind.

Reasons to File a Business Tax Extension

There are a number of reasons why you might file a business tax extension. These include:

What Are Business Tax Credits and How Do I Use Them?

Published on: October 15, 2019 | By Hart David Carson LLP

For most businesses, taxes are a burdensome expense. Business tax credits are a way to reduce the total dollar amount of taxes your organization pays each year.

Definition of Business Tax Credits

Put simply, tax credits are reductions to the actual dollar amount of taxes owed. They are offered by the government as an incentive for businesses to invest in things that improve society, such as research and development, using green energy, providing for employees’ needs, and so on.

Commonly Asked Questions About Business Taxes

Published on: October 1, 2019 | By Hart David Carson LLP

Taxes are complicated. For businesses, they can get especially convoluted. While tax season itself is a long way off, most businesses need to keep their tax obligations in mind year-round.

Following are some of the questions people commonly ask about business taxes.

Business Tax Deductions

6 Reasons to Start Your Taxes Now

Published on: April 4, 2019 | By Hart David Carson LLP

Most people don’t start thinking about their taxes until April. Many businesses have to deal with them year-round, but even then, their tax burden may not get as much attention as it probably needs. With the start of the new year, now is the time to start preparing your taxes. There are several reasons to do this, six of which we’ll discuss here.

1. Get Refunds Sooner

One of the most attractive benefits of filing taxes promptly is that you get your refund sooner. If you overpaid over the course of the last year, you’ll be due a refund, and that extra cash can be very helpful if business has slowed down after the holiday season. If you make estimated payments throughout the year, that extra windfall can be put toward this year’s taxes, diminishing your overall financial burden.

Work Injuries and Taxes

Published on: December 4, 2018 | By Hart David Carson LLP

If you have received workers’ compensation due to a workplace injury, the question of taxes may come up sooner or later. You may wonder if those benefits are taxable. If you are receiving a wage differential or disability benefits, will you have to report those on your return?

The simple answer is these benefits are not taxable. You can receive benefits through workers’ compensation without fear of it impacting your taxes—at least in most scenarios. There is one exception to this rule, and it involves Social Security.

Workers’ Compensation and Social Security

Tax Planning for 2019 – A Few Pointers

Published on: August 18, 2018 | By Hart David Carson LLP

While 2019 may be a few months off, it is rapidly approaching, and it’s never too early to begin planning for the next tax year. The IRS tax code is constantly evolving, as is your own financial situation, so making these plans early will help you avoid unpleasant surprises later on. Among the various tactics one can use to prepare for the next tax year are the following.

Review Your 2018 Return

First, you’ll want to review your tax return for this year. This will give you some insight into where you might have been off on the previous year’s tax planning and how you might improve this year. If you ended up owing taxes, try to see why and make plans now to minimize those issues.

What to Do if You Overpaid on Taxes?

Published on: June 7, 2018 | By Hart David Carson LLP

Tax season is coming up, and you may be due a refund. In the simplest of scenarios, this is handled in the course of filing your annual tax return, but in some cases, there may be an error that means you still paid more than you technically owed. Businesses and those with more complex financial profiles may find themselves overpaying due to certain oversights or situations.

Common Errors

Errors on taxes are common, and the IRS generally does a decent job of double checking your returns and refunding overpayments. If you made math errors on your return or when calculating certain taxes, or if you forgot to take certain obvious exemptions, you will usually be refunded the amount overpaid with no effort on your part.