HOW TO GET AROUND THE NEW TAX LAW’S BARRIERS TO CHARITY
In the recently-passed tax reform bill, Congress raised the standard deduction, which is now $12,000 for single filers and $24,000 for married taxpayers filing joint returns. Due to this increase, many Americans will likely elect to take the standard deduction, as opposed to itemizing their tax deductions.
ILLINOIS IS BACK IN THE LLC BUSINESS
For years, small business owners in Illinois have lamented about the high fees charged to Illinois limited liability companies (“LLCs”) in formation, annual reports, and other filings. Especially for individuals with multiple LLCs, such as real estate developers, the costs quickly become significant.