Chicago Tax Lawyer

Tis The Season For Four Illinois Tax Tips

Albert Einstein lamented that income tax was the hardest thing in the world to understand. Economist Thomas Sowell groused that “Inflation is the most universal tax of all.” And, who can forget ole’ Benny Franklin’s wisdom in declaring everything uncertain, “except death and taxes.”

But don’t fear! We, the good folks at the Gordon Law Group, are here to help — and one of our specialties is taking the stress out of taxes. We also get top marks in compliant taxable income reductions.

And as you know, tax time is fast approaching. So if you want to keep more money in your pocket, give us a call; let’s discuss what we can do for you and your bottom line.

In the meantime, we’ve put together a short guide of things you can do to make tax season more manageable.

Illinois Tax Tip #1: Use Technology

First and foremost – don’t be afraid to use technology.   When it comes to tax software, the efficiency is unmatched.

For the past 16 years, the IRS offers its own tax software; it’s free, secure, and saves you time!  If you haven’t made the jump from a paper return to an e-file, consider it.

Illinois Tax Tip #2: Track Spending

The better track you keep of things during the year, the better off you are at tax time. And it’s easier than ever, with technology being our fifth appendage. Pro tip: Want to keep track of receipts? Just make sure to snap a pic of it on your phone and store them in a directory. Or, get a tax-financial app to keep organized.

Try to track as much as possible. Then, when it’s time to file, take your bounty to a certified tax accountant or lawyer, who will be able to assess your expenses and figure out the best possible tax position for you.

Illinois Tax Tip #3: Double Check

No matter how good you are with numbers, it’s always best to have a second set of eyes review your calculations — especially if you have a diverse financial portfolio. Having to revise taxes due to mistakes is a waste of time. Get it done right the first time.

Illinois Tax Tip #4: Consider Capital Gains

Your stocks are doing great, and you want to cash out for that new car or beach house.  But in some cases, it may be beneficial to hold. Always remember that there is a huge benefit when it comes to long-term gains.  Let’s say that you invested $100,000 into a stock, and it’s doubled in a year. That means 100 percent profit, and that you have an extra $100,000!  Well, if you sold before a year and a day – you would get short-term gains profit. That means that you would have to pay 24 percent instead of 15 percent — a difference of $9,000!

Of course, this all depends on the individual, their risk/reward ratio, circumstances, and investment style; but if you can hold off, that $9,000 could mean a family vacation that you weren’t planning!

We’ll Make Sure You Pay The Least Amount Of Taxes Possible While Remaining Compliant

Everybody has a talent. Ours happens to be crafting compliant tax and investment positions that keep the most amount of money in your pocket.

We get it: Tax time can be stressful. But we’re here to make it all better, plus save you money. Get in touch today to begin the conversation.

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