A TAXATION PRIMER

Certainly, everyone feels a moral obligation to pay their fair share of the tax burden in exchange for the benefits bestowed upon us as residents of the United States of America. However, few of us want to pay more than our fair share. The government has set up the "rules" for taxation of income. As citizens, we all have a "right" to play within those rules to minimize the tax owed to the government. There is a significant distinction between tax minimization and tax fraud.

Reducing Taxes

There are a number of tax code rules which allow for income tax minimization. In most cases, these rules require good book keeping and itemization of deductions. Many people are happy to take the standard deduction offered. Many people also fail to explore the itemized deductions beyond their mortgage interest and taxes. Did you know that self employed people can deduct a portion of ther automobile lease payments?? Did you know that you may be able to minimize your tax burden by placing excess savings into an individiual retirement arrangement?? Did you know that you can take a per mile deduction for unreimbursed business miles travelled?? A tax preparer can help you to pinpoint areas you might be overlooking on your taxes.

New Tax Act

The new Taxpayer Relief Act of 1997 provides a number of new provisions which may help you save taxes. The government has established new deductions for education (lifetime learning credit and hope credit) and deductions for adoption expenses. The law has also lowered the tax rate on capital gains on property held over 18 months and added a capital gains exclusion for certain gains on the sale of a principal residence.

Tax preparation can be complicated for some. A tax preparer can help you put your taxes together and get your return filed on time!

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SERVICES AND FEES

Services Provided	Services range from simple tax advice to the preparation of income tax returns.
Fees	Call to set up a time to drop off your tax information and speak about your return! Prices vary depending upon the complexity of the return.

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HOW TO GET STARTED

The first step to the will drafting process is to think about the nature and value of your estate. Determine what specific property, if any, you wish to give to specific individuals and decide who should take or share in the remainder. Also think about who you would like to serve as executor of the will. If you have children, think about who you would like to act as guardian should you pass away. Then, please give me a call for a free consultation. To get this process started, please feel free to contact Richard Magnone at 773-399-1122.

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This website is intended to supply general information to the public. Although the information is generally accurate, it cannot be guaranteed. The nature of Legislation is that laws change quickly, and visitors should always insure that legal information is accurate before relying on it. The above information applies the law of the State of Illinois. The law in your jurisdiction may be different. This information is necessarily brief and may or may not apply to your situation. In all cases, PLEASE, consult a lawyer before acting.

This website is intended to be advertising, and not solicitation, or legal advice. Thus, the reader should not consider this information to be an invitation for an attorney-client relationship, should not rely on information provided herein, and should always seek the advice of competent counsel in the reader's state.

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