Blog
847-995-1205

1051 Perimeter Drive, Suite 400

Schaumburg, IL 60173

Map & Directions

The Miller Law Firm is dedicated to solving your legal issues.
Subscribe to this list via RSS Blog posts tagged in tax credit

Illinois record keeping lawyerStress during tax season is a common issue for small businesses. More often than not, it is because of multiple internal failures. Poor or inadequate record keeping, failure to keep up with ever-changing tax laws, and difficulties in maintaining day-to-day operations are some of the most common of these issues. Thankfully, it is possible to manage the stress that often accompanies tax season. The following information explains further.

Understanding the Root Causes Before you can truly address your business’s tax issues, you must first understand why they exist in the first place. For example, if your record-keeping system leaves room for error, or fails to ensure you claim every credit and deduction, it may be time to rethink how you do the books. If your issue is more related to being overworked, which can cause you to fall behind in your record-keeping duties, it may be time to outsource your bookkeeping duties. Alternatively, you might hire another employee (even if only part-time) so that you can effectively balance day-to-day business operations and daily, weekly, and monthly record-keeping. Finding a System That Works If it turns out that bookkeeping issues are, in fact, the root cause of your tax issues, it may be time to bring in some outside help. For example, an attorney can help you set up a system that will hopefully meet your company’s needs without adding more work than you can reasonably handle. Further, the input from an outside source can help you understand how to file and record certain credits and deductions; this could potentially decrease your tax load at the end of the year, which could place more profits in your pocket. Managing Employee Documents If you hire employees, general contractors, or freelancers, you must submit all documents within the appropriate time period. Last year, businesses had until the end of February to submit 1099s and W-2 forms to the IRS. This year, they needed to be in by January 31. Failure to get them in prior to the deadline could result in a penalty. So, if you are still behind on your record-keeping and filing, contact an experienced lawyer for assistance immediately. Any further delays could potentially cost your small business even more money in the end.

Contact Our Illinois Record-Keeping Attorney

Whether you are starting a new business and simply want to ensure you start off on the right foot, or are struggling to deal with the impending tax season, Miller Law Firm, P.C. can help. Dedicated and experienced, our Schaumburg, IL record-keeping lawyer can assist you with all aspects of tax-related record-keeping issues. Learn more by calling 847-995-1205 today. Source:

http://www.dentonrc.com/business-tech/denton-business-headlines/20170128-taxes-often-a-headache-for-small-businesses.ece

 tax credit for small business IMAGEUnder Illinois employment law, businesses who hire certain groups of employees could earn big tax credits this year.

According to the Illinois Department of Employment Security, employers who participate in the Work Opportunity Tax Credit program could earn up to $9,600 in federal tax credits for hiring certain groups of employees:

  • Up to $2,400 for short-term welfare recipients and ex-felons
  • Up to $9,000 over two years for long-term public assistance recipients
  • Up to $9,600 per veterans for profit employers or up to $6,240 for non-profit organizations.

In addition to these federal credits, Illinois employers can earn substantial state tax credits for hiring veterans, particularly those who served during Operation Desert Storm, Operation Enduring Freedom, or Operation Iraqi Freedom. This credit can be up to $5,000. Ten percent of the total earnings paid to every qualified veteran hired after January 1, 2010 can be applied to the credit, as long as the veteran worked at least 185 days during the tax year.

...

Recent Blog Posts

Categories

Archives

Contact Us

NOTE: Fields with a * indicate a required field.
*
*
*
Illinois State Bar Association LawyerCentral.com

Our Office

1051 Perimeter Drive, Suite 400
Schaumburg, IL 60173
Phone: (847) 995-1205

Map & Directions