Chicago IRS Tax Attorney

Chicago Tax Team - We help business professionals solve their IRS problems - FOREVER!

Free Consultation

When Your Financial Well Being is Being Threatened You Need To Know the Law Firm You Work With Is There For You

by

When the IRS comes after you the financial hardship they can impose on you can be devastating. With the ability to put liens on your home and property, garnish your wages and even go after you Social Security and 401 k benefits they can definitely hit you where it hurts the most. We know that when our clients are facing such hardships they are scared, stressed and need solutions quickly.

For this reason we believe in giving each of our clients the personal attention and care that they deserve. When you have questions or concerns then we believe you deserve to talk with a knowledgeable attorney directly. We put your best interests above everything else and work to find solutions for you that are effective and efficient so that you can take the steps to move into a better future. If you call Northern Illinois your home and you have IRS problems or are facing bankruptcy or foreclosure contact us today. https://chicagotaxteam.com/why-us/

 

What is Better Than Resolving Your Tax Problems? Staying Away From IRS Problems From This Day Forward!

by

If you’re facing IRS problems or have just resolved them then the you want to make sure that, as you move forward with your life, you avoid these problems in the future. For that reason we want to provide you with some key tips that can help you avoid IRS issues.

First – File on time.

  • This is the most effective and simple advice we can give you. However, it is also one of the most common reasons that taxpayers get themselves in trouble. Remember, even if you can not afford to pay your taxes you should still file on time. If you don’t then you face significant penalties and further complications. Not filing can be considered a felony and has harsh consequences. So, do yourself a favor, file your taxes on time then see what you can do to take the steps to pay them.

Second- Keep Good Records

  • You must keep records of your income, expenses and other circumstances that might affect your taxes. Keep these records for several years after you file your return. IRS audits can happen three or maybe more years after you file. If you have clear and accurate records then facing an audit will go much smoother for you.

Third – Don’t Try To Trick Anyone

  • We know, taxes are not fun, no one likes paying them. However, it is the law to pay your taxes. Yes, there are a lot of ways that you might be able to reduce your taxes using deductions and other legal methods. No matter what, we encourage you to file your taxes accurately and legally. Don’t try to outright cheat the IRS. The problems cheating will cost you are not worth it. Make sure you work with a qualified professional and make sure that any strategies that you use to lower your tax bill are legal.

Fourth – Document All Deductions.

  • If you claim any deduction other than the standard deduction then you must document all of them. A high level of deductions can raise red flags at the agency. You should not be scared to take legitimate deductions but just make sure that they are legal and that you have documentation to prove them. That way, if the IRS ever comes knocking, you will be able to prove the legitimacy of each deduction.

Fifth – If You Are Self Employed Withhold Income From Each Check.

  • Being self employed has it’s benefits but you can’t depend on your employer to withhold taxes from your paychecks to make sure that you are able to pay your tax bill. This task is left up to you. So plan ahead and withhold a portion of your income. If you don’t then you often will end up with a tax bill that you will not be able to pay come tax time. The amount you withhold will vary depending on your specific situation. In general it usually is good practice to save at least 20% of your income.  Talk with a qualified professional if you need help figuring out how much you should put aside.

Finally – If You Are a Business Owner Pay Your Payroll Taxes.

  • The IRS takes paying all taxes seriously but they are very aggressive when it comes to paying payroll taxes. Don’t even try to avoid paying your company’s payroll taxes. If you are confused about how to pay them then get qualified professional help immediately.

Hopefully these suggestions will help you avoid problems with the IRS. If you live in the Northern Illinois area and already are dealing with an IRS problem then remember, we can help. Talk with us today and lets see what we can do to to help you face your tax issues and move forward into a better life. https://chicagotaxteam.com/about-us/

Types of Bankruptcy

by

At the Law Office of Steven Leahy we offer bankruptcy services. Bankruptcy is an important tool that can offer much needed relief for those facing harassment from the IRS. Here is a brief overview of the different types of bankruptcy.

Chapter 7 Bankruptcy- This is the most common method of bankruptcy. With this method the trustee liquidates any non-exempt assets held by the debtor and uses the proceeds to pay down as much debt as possible. The portion that can’t be paid is discharged. Individuals, corporations, and partnerships are eligible for Chapter 7.

Chapter 11 Bankruptcy- This method is mostly used by businesses and can be complicated. The business continues to function and maintain ownership of assets, and the business tries to work out a reorganization plan to pay off debts. The business has 120 days to create a plan.

Chapter 13 Bankruptcy- This is similar to Chapter 11, but for individuals. The debtor works out a 3-5 year repayment plan. Some of the debt may be discharged.

Get a further overview of bankruptcy in this article: http://money.howstuffworks.com/personal-finance/debt-management/bankruptcy1.htm

The Child Care Tax Credit- Do You Qualify?

by

Summer is here and if you are a working parent your children may be in daycare or with an in-home caretaker. Did you know this expense may qualify for a tax credit? Indeed, if you incur child care expenses anytime during the year, you may be eligible for the tax credit.

In order to qualify for the tax credit you must have earned income from either wages or self-employment. If married filing jointly, your spouse must also have earned income. The exception to this is if the spouse is a full-time student or unable to care for themselves due to mental or physical issues. The child(ren) for which you pay childcare for must be under 13 years old and must be claimed as dependent(s). The childcare expense can qualify for either in-home care or a daycare facility. Expense for overnight camps or summer tutoring do not qualify. If you pay other members of your family to babysit, this does not qualify. Keep your receipts and records to document this expense.

If you have any questions about this give our office a call at 312-664-6649. Read more about the child care tax credit here: http://taxes.about.com/od/deductionscredits/qt/child_care.htm

No More Fear and Sleepless Nights. How Steven Leahy Can Help

by

Are you laying awake all night worrying about your IRS problem? You don’t have to stand back and watch them take your home or levy your bank account. You don’t have to hide what’s happening from your spouse anymore. Not only do I know that you can rebuild your life – I think that you deserve to rebuild your life, and I can help.

At Opem Tax Resolution, we take a broad view of your financial picture, and help you in tax and debt relief. IRS levies, foreclosure, collections, we are ready to assist you with any of these problems. A lawyer who only has one solution to offer is the same as a carpenter who only has a hammer in his tool belt — to him, everything looks like a nail. At the Law Office of Steven Leahy we have all of the tools necessary to help you out of your financial crisis and to move on with your life. We can bring you options and help you decide which one is best for you.

I feel lucky to be in a position where I can contribute to the lives of others in this way. When I help a client fix everything – their tax problems and their debt problems – I feel like I’ve hit a homerun. But I can’t help you, if you don’t call me. Your first consultation is free. Call to schedule an appointment today. 312-664-6649 or https://chicagotaxteam.com/contact-us/

Our Resources

Testimonials

Our Office

Our Office has represented Clients throughout Chicago & Northern Illinois. We represent many clients from Cook County; however, we have represented clients from:

DuPage County
Kane County
Kendall County
Grundy County

Lake County
McHenry County
Will County
LaSalle County

We have helped taxpayers in Wisconsin, California, Tennessee, and perhaps your state. No matter where you call home, we look forward to your telephone call for your FREE consultation.