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.

The vast majority of workers’ compensation claims are resolved through settlements. A workers’ comp settlement is an agreement between you and the other party (in this case your employer’s insurance company) that you’ll stop pursuing your claim in return for a specific sum of money.

If you’re worried that these settlements are public record, the answer is a bit complex. In the state of Illinois, they are technically public information, but they aren’t easily accessible.

Illinois Workers’ Comp Settlements Are Public Information

The process of recovering damages after an accident can be complicated and stressful, and you might wonder when you should start involving a personal injury lawyer. In most cases, it’s recommended that you get legal help, even if it’s nothing more than a quick consultation on whether you have a case.

When You Need an Attorney

Some of the following situations will most likely warrant the help of a personal injury attorney.

While Illinois doesn’t have any strict legal requirement to have an attorney present during real estate closings, hiring one is still a good idea. A real estate attorney helps you throughout the process of buying or selling real estate by:

  • Preparing and reviewing documents
  • Handling disputes

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

Pedestrian fatalities from accidents have been steadily increasing since 2009, which means the roads have become far more dangerous for those traveling on foot. In order to reverse the trend and get pedestrian accidents to start decreasing, caution and alertness are needed from everyone involved.

Common Causes of Pedestrian Accidents

To understand how to reduce your chances of being involved in a pedestrian accident, it’s important to know what causes these types of accidents in the first place. These accidents frequently result from the following contributing factors:

Insurance can be expensive, and when you need to file a claim, you might find your business at the mercy of your insurance provider. The issues your business might have with insurance could be mitigated by creating a captive insurance company.

What Is Captive Insurance?

Captive insurance is a subsidiary company completely owned by your business and that provides risk mitigation services. In other words, your business creates and owns the company, and that company provides insurance coverage more or less on your terms.

If you’ve been injured on the job, your employer may try to force you to take time off work. In some cases, they might be in their rights to require you to use time off, but not if it would cost you workers’ compensation benefits.

In some cases, both time off under the Family Medical Leave Act and payments from workers’ compensation may run concurrently.

Rules of the FMLA

Slip and fall injuries are fairly common, and many personal injury cases involve these types of incidents. However, if they happen on the job, they will be treated quite a bit differently than they would under normal circumstances. When you slip and fall at work, your claim goes through workers’ compensation rather than personal injury law.

Various workplace scenarios may lead to a slip and fall injury, including spills, obstacles in high traffic areas, ice and water accumulation, and so forth. Given the risk, it’s important to know how to handle these claims.

Work Injuries and Fault

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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.

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