Tag: business taxes
What Do Business Owners Need to Know About Tax Planning?
Posted on July 10, 2024
Tax planning is a critical component of running a successful business. Business owners need to understand the various types of taxes they need to pay, as well as the strategies that may be used to minimize these taxes. With proper planning, a business owner can navigate local, state, and federal tax obligations, remain compliant with evolving tax laws, and maintain ongoing financial success. An experienced Illinois business law attorney can help develop a comprehensive tax strategy tailored to the unique needs of a business. Types of Taxes Business Owners Need […]
7 Tax Planning Tips for Business Owners
Posted on November 21, 2023
As a business owner in Illinois, there are a variety of tax-related concerns you will need to address on an ongoing basis. By taking steps to understand the different types of taxes you will be required to pay and the adjustments you may be able to make, you can determine what choices will benefit your business. Proper tax planning can help you minimize your tax liability and maximize your profits. An experienced attorney can provide guidance on what to address when handling tax planning issues while avoiding the possibility of […]
The Importance of Tax Planning for Business Owners
Posted on April 13, 2021
Similar to last year, the individual tax filing deadline has been extended by the federal government. This year, the deadline was pushed back to May 17, 2021, which means that taxpayers have about four weeks to finish their tax returns and send them to the Internal Revenue Service. For an individual, putting off tax planning can lead to major stress and costly late fees. However, failing to prioritize tax planning is an even greater problem for business owners. If you own a business, the importance of proper tax planning cannot […]
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