Illinois Tax Attorney

Tax Law

When you are unsure about what to do in your tax situation, reach out to an Illinois tax attorney. The attorneys at Pioletti Pioletti & Nichols have been helping clients solve their tax problems for decades. Besides assisting clients with annual income 1040 tax return preparation, we help people with their tax issues in several other areas.

Affordable Care Act

We have studied the new Affordable Care Act Law and that is just now taking effect. If you need assistance in dealing with the effects of this new law for yourself or for your business we can help. Among the provisions taking effect for 2013 tax returns are the Net Investment Income Tax or NIIT and the Additional Medicare Tax.

For more information on the specific provisions on this tax check out our Guide to the Affordable Care Act or call us at 309-467-3213.

IRS Tax Dispute Resolution

Being involved in a tax dispute with the IRS can be a headache. We have experience dealing with the IRS and Illinois State Government to resolve people’s tax issues. If you have received a CP2000 Notice or Audit Notice and want help resolving these issues let us put our experience to work for you.

Tax Return Preparation

We provide general tax planning services for businesses and individuals alike from individual tax returns to complex corporate tax returns. Our rates are competitive with tax preparation services but unlike them, we are attorneys and are allowed to give legal advice along with our tax services.

Estate Planning and Trusts

Creating estate plans and establishing trusts are intertwined with complex tax issues. We have experience navigating these issues to maximize the effectiveness of estate plans and trusts. This allows our clients to advance such goals as wealth preservation, tax savings and efficient distribution of assets.

Help From an Illinois Tax Attorney With Taxes When You Are Self-Employed

In the United States, everyone has to pay taxes on income they earn. If a person works for an employer, then the taxes are usually withheld from their paycheck and automatically sent to the government. Each year, by April 15th, everyone must file their tax returns with the IRS. The amount of earned income is calculated and any deductions and/or exemptions the person is entitled to is used to determine the final amount the person owes to the government for their tax obligations for that year. The money that was deducted from a person’s paycheck all year is deducted from that tax obligation amount and will determine if an individual overpaid during the year and is entitled to a refund or if the individual underpaid during the year and owes the IRS money.

However, when a person is self-employed or owns a small business, the process for determining tax obligations is much more complicated. Not only do they need to worry about what their federal and/or state tax obligations are, but they must also calculate what the amount they should pay for Social Security and Medicare taxes, as well. These are also automatically withheld from paychecks for people who work for employers. A tax attorney in Illinois knows this can be a very confusing situation.

It is recommended that anyone who is self-employed pay their tax obligations on a quarterly basis. This can be done by using the Estimated Tax for Individuals Form 1040-ES provided by the IRS. The form bases the estimated tax on what the individual’s income was from the year before. It can also estimate the amount if the individual knows the expected amount they will earn in the current year.

When it comes time to file their annual tax return, self-employed individuals will want to use Schedule C in order to report all of their income and expenses, which will determine if they had a profit or loss for the year they are completing the tax return for. It is important to take all of the deductions and claim all of the expenses you are allowed to under IRS rules in order to accurately determine the amount of taxes you owe. For example, if you do not take all of the expenses you had throughout the year, you will likely end up paying more in taxes than you should.

Conversely, you do not want to take expenses you are not entitled to in order to fraudulently decrease the amount of tax you actually owe. Doing so can lead to your tax return being flagged by the IRS for an audit, with the end result of interest and penalties you now owe the government, in addition to the underpaid tax. An Illinois tax attorney knows that even if you don’t mean to, you may accidentally fill out the wrong information that leads to tax fraud. It can also lead to the IRS flagging you for an audit every year, especially if your only income is from self-employment.

Illinois Tax FAQs

An Illinois tax attorney from our office can help you navigate your taxes and steer clear of trouble with the IRS. Read on to get answers to a few of our most frequently asked questions.

When facing tax-related issues, it’s natural to have several questions about how a tax attorney can assist you. Here are some common inquiries we receive at our office, along with our responses to help clarify the role and benefits of hiring a legal specialist.

What Exactly Does A Tax Attorney Do?

A tax attorney specializes in the complex and technical field of tax law. They are experts in legal and financial matters related to taxes, including IRS disputes, tax debt relief, estate planning, and more. Your attorney can help you navigate the maze of federal and state tax regulations, represent you in court or before tax agencies, and provide advice on tax-related decisions.

When Should I Consider Hiring A Tax Attorney?

You should consider hiring a tax attorney if you are dealing with complex tax issues, facing an audit by the IRS, or need legal representation for a tax dispute. Additionally, if you have legal questions about estate planning or need guidance on business tax strategies, a tax attorney can provide invaluable assistance. It’s essential to seek professional help early to prevent potential issues from escalating.

How Can A Tax Attorney Help With IRS Audits?

A tax attorney can be instrumental during an IRS audit. They understand the auditing process and can communicate effectively with the IRS on your behalf. An Illinois tax attorney from our office can help ensure that your rights are protected, negotiate settlements, and assist in resolving any discrepancies or disputes that arise from the audit.

What’s The Difference Between A Tax Attorney And A Cpa?

While both tax attorneys and CPAs can assist with tax-related matters, they have different areas of expertise. CPAs (Certified Public Accountants) are experts in accounting and are typically hired for tax preparation and financial planning. On the other hand, tax attorneys focus on the legal aspects of tax law, offering representation in legal proceedings, helping with complex tax disputes, and providing advice on legal tax avoidance strategies.

How Expensive Is It To Hire A Tax Attorney?

The cost of hiring a tax attorney varies based on the complexity of your case, the attorney’s experience, and the amount of time required to resolve your issue. At Pioletti Pioletti & Nichols, we understand the importance of budgeting and strive to provide cost-effective solutions. We recommend discussing fees upfront to have a clear understanding of the costs involved.

If you find yourself in need of legal guidance regarding tax matters, consider reaching out to us at Pioletti Pioletti & Nichols. We’re equipped to handle a wide range of tax-related issues, ensuring that you receive expert advice and representation tailored to your unique situation. Let us help you navigate the complexities of tax law and work towards a favorable resolution. Contact us today to schedule a consultation, and see how an Illinois tax attorney from our office can help you find your way forward.

Contact an Illinois Tax Attorney for Assistance

If you have an IRS issue and need the assistance of an Illinois tax attorney, contact Pioletti Pioletti & Nichols today to set up a consultation and find out how we can help.