Better Business Blog

The Illinois General Assembly has passed a measure to implement an amnesty on taxes administered by the Department of Revenue and has sent the measure to Gov. Pat Quinn. The amnesty period would run from October 1, 2010, through November 8, 2010. Under the terms of the amnesty, upon payment by a taxpayer of all [...]

In today’s tough job market, students seeking summer employment, young adults looking for full-time employment, and college graduates looking to begin their careers are finding it difficult to land a job.  The family business may be the only place for some family members to find work, even if only temporarily until [...]

Corporate officers will sometimes attempt to disguise what should be payment for services as distributions of cash, dividends, and loans as a means of avoiding payroll taxes on the income.  Because they are pass-through entities, Sub Chapter S corporations are especially prone to the misclassification of income attributable to a misunderstanding [...]

I attended a Committee for Business Support meeting this morning at the Crystal Lake Chamber of Commerce and was able to hear a very interesting presentation about property tax reductions in northern Illinois.  As everyone knows, property values have declined over the last few years, but our property taxes seem to be as high as [...]

The McHenry County EDC invites you to attend a Small Business Federal Resources Seminar hosted by Congresswoman Melissa Bean on Monday, June 7th from 7:30 to 11 AM at the McHenry County College, Conference Center, Building B, 8900 U.S. 14, Crystal Lake.
Participating agendies at this event include:

Small Business Administration: 504, 7a and Express loan programs, and [...]

The chairmen of the House and Senate tax-writing committees today released a summary of “H.R. 4213,” also called “The American Jobs and Closing Tax Loopholes Act of 2010.” It is considered an extenders bill because it extends some favorable tax provisions due to expire this year. However there is one item tucked away in this bill is something that could affect owners of small (3 or fewer employees) S corporations engaged in a professional service business.

Illinois Democrats are floundering in their attempts to fix a $13 billion dollar shortfall and the ideas being floated are simply ludicrous. One proposal is to borrow more money. After recent downgrades of the state’s debt ratings by Moody’s this proposal is becoming not only more expensive but digging ourselves deeper in a hole. Other proposals include skipping payments to the state pension plan, delaying payments to providers of state services, and raiding state funds earmarked for other purposes.

So many myths, misconceptions, and rumors abound about the benefits, disadvantages and requirements of being a limited liability corporation (LLC).
Yes, becoming an LLC can provide legal protection and operational ease, but depending on your circumstances it can also  present disadvantages.
Here are some FAQs to help you ascertain whether becoming an LLC is right for you, [...]

Illinois Governor Pat Quinn needs your help.  Unable to come up with enough good ideas through his staff, Governor Quinn is turning to the citizens of Illinois to come up with ideas.
Have ideas? Click here to to go the Illinois website to submit them.
I’d love to hear your ideas as well. Post them as a [...]

Well, the taxes are paid (hopefully) for the 2009 tax year, and you’re a third of the way into 2010. How’s your cash flow doing this year?
If tax payments caught you short, you may be scrambling to build a cash reserve that protects your bottom line. There are many ways to do that, some less [...]