Q: What are the benefits of having a tax attorney prepare my tax return?
What could be better than having someone else prepare your tax return? Having it done by an Illinois tax return preparation attorney who also specializes in multiple areas of tax law.
Clients may need legal advice or assistance with matters that are beyond the scope of budget tax prep service providers, including a tax appeal, audit, or federal tax controversy and more. In addition, tax laws may factor into estate tax planning as well.
There are several areas of tax laws that a skilled estate planning attorney must master in order to provide clients with a comprehensive estate plan customized to their unique financial situations and family’s needs.
Life happens. Laws change. People and relationships change, too. Years ago, many people made a simple will and never changed it, but that’s becoming less common these days. In fact, failing to update your estate plan when the laws or circumstances change could have serious financial consequences.
For that reason, people often seek an estate planning and tax attorney who will be there for them throughout all of life's unexpected events from planning for children to Medicaid planning. And everything in between. For their personal lives and for their businesses as well.
Speaking of changing laws that may have an impact on the tax practices of individuals and companies, Illinois recently became the latest state to establish a tax credit scholarship program under which private individuals and companies can donate funds to the program and "get a credit worth 75% of their donation up to $1 million". The fund enables selected children in qualified, financially-challenged families to attend private schools they otherwise could not afford instead of attending public school. Under this brand new five-year pilot program, donors would reserve tax credits and then complete their donation to "the scholarship granting organization of their choice" within 60 days. This logistics of this new and complex tax option for individuals and companies would be best explained by a skilled tax attorney.
If you would like more information about how you or your company might benefit from the tax credit scholarship program, or have questions regarding any other tax or estate planning issue, the Law Office of Thomas J. Hansen can help. Contact us today to request a free consultation.
From our offices in Park Ridge, we offer clients throughout Illinois expert and personalized client support not only from your first visit but all through the years that follow.