While the Infrastructure Act (Infrastructure Investment and Jobs Act, pub. L. 117-58, 135 Stat. 429 (2021) could arguably be said to have created some cool things, it came with a lot of compromises. One of the big areas of compromise was to lessen, yes, I said lessen, some of the government assistances that were made available by the CARES, Relief,…
Professional But Personal Legal Services To Give You Peace Of Mind In Your Business And Tax Matters
Year: 2021
What are Estimated Tax Payments and Who has to Pay them?
Let’s start with what we are talking about. Estimated Tax Payments, referred to those in the tax field as ETPs are prepayments to your IRS income tax account. They are required for certain taxpayers by the Internal Revenue Service(IRS) and by many state taxing authorities, including Illinois Department of Revenue (IDOR). The basic rule is that if you earn income…
More Time to File and Pay 2020, Same Deadline to Pay for 2021 Taxes
On March 17th, the IRS announced that the annual filing deadline for 2020 personal income tax returns has been extended to May 17, 2021. Additionally, March 30th, they announced that the deadline is also extended to May 17th to contribute to IRAs and health savings account and have it counted for 2020 tax purposes. They also extended the time to…
New Business, New Taxes
Whether you are stating a new business or buying an existing business, you need to know what your federal and state tax obligations are for that business and yourself as the owner. I’m going to focus on the federal tax obligations in this post. First, you need to decide what type of entity your business is going to operate as.…