708-598-5999

If you recently graduated from college, you may want to take advantage of some of the many tax breaks that are currently available for your demographic. Daniel Huang of the Dow Jones Newswires lists several of them in this informative article. Included in his list are: student-loan interest deductions, the Lifetime Learning tax credit, the American Opportunity tax credit, moving expenses tax credits, and tax-smart savings deductions for putting money away into a 401(k) or other retirement … [Read more...]

Purchasing a home or piece of property is a huge investment. If you are making this purchase on contract or in a for-sale-by-owner arrangement, you may be tempted to save money by avoiding the fees charged by a real estate attorney. This plan can easily backfire, however, if you get caught up in one of the many potential pitfalls that a purchase like this can have. Real estate attorneys can review your contract, work with mortgage lenders, review important documents and ensure that the property … [Read more...]

Laura Saunders of the Wall Street Journal reports that the IRS has done little to collect back taxes from Americans living abroad. This is according to a recent audit of IRS practices conducted by the Treasury Inspector General for Tax Administration (TIGTA), a governmental bureau tasked with overseeing the practices of the IRS. This is not to say that these individuals are off the hook. More than 1,700 expats with delinquently owed taxes are currently named on a Customs Hold list, meaning that … [Read more...]

A recent article that appeared in Progress Illinois revealed that although house foreclosures in the Chicago area have returned to pre-recession numbers, the housing crisis is still affecting area homeowners. Author Ellyn Fortino reports that Chicago activist who are working to help struggling homeowners say that “many communities, particularly low-wealth and majority minority neighborhoods, continue to grapple with the effects of the housing crisis.” If your home is taking you underwater … [Read more...]

If you have filed for an extension on your 2013 federal tax payments, time is running out. The deadline on these extensions is October 15. The IRS urges that those who have received an extension check their returns for any overlooked tax benefits for which they may be entitled. According to the IRS, approximately 3 million tax payers who filed for a six month extension have not yet filed their returns. If you are one of them, and need assistance or legal advice about relief programs offered by … [Read more...]

Forbes contributor Robert W. Wood states that a recent IRS audit by the Treasury Inspector General for Tax Administration found that the IRS frequently writes off tax debts too soon. Apparently, 57% of the time, the IRS does not take all the required steps necessary before listing back taxes as uncollectible. The report asserted that approximately $1.9 billion could be collected if IRS managers ensured that all proper steps had been taken prior to listing the debts as uncollectible. If this … [Read more...]

State income taxes were increased in 2011 to make up for budgeting shortfalls. Though a vote to make these increases permanent is in the works, Republican candidate for Governor, Bruce Rauner, wants to delay the lawmakers’ decision until after the election. If he wins the election, Rauner states he wants to block these increases from being made permanent. However, current Governor Pat Quinn argues that the increase tax revenue is necessary for state services such as schools, healthcare, public … [Read more...]

There are a number of ways that those charged with driving under the influence can defend themselves in court. This article lists a few of them including affirmative defenses such as necessity, duress, entrapment, mistake of fact and involuntary intoxication. It also expands on commonly used defenses such as improper stop, inaccuracy of field sobriety tests, inaccuracy of breathalyzer test, chain of custody with blood tests and rising blood alcohol concentrations. A DUI charge can have serious … [Read more...]

Buying a house on contract is a great option for deal-seekers those who may have trouble getting approved for a mortgage. There are several things that you need to look out for, however.  There may be liens on the property, problems with the title or even an unmanageable balloon payment in your future. When you work with a qualified real estate attorney, you can avoid many of the pitfalls that can turn your dream of owning a home into a nightmare. Before you purchase any real estate on contract, … [Read more...]

Mortgage rates have remained historically low for a while now; the average mortgage rate last week was only 4.28 percent. But consumers should expect to see a rise in rates in the coming year. Economists predict that by the middle of 2015, mortgage rates will average about 5 percent. While this may not seem like a significant difference, it can greatly increase the monthly cost for a home, particularly in parts of the country where housing prices are very high. If you plan to buy or sell a house … [Read more...]