Frequently Asked Questions about Taxes

Naperville tax planning lawyer Denice Gierach knows the benefits of proper tax planning both for businesses and for individual estate planning needs. Below, Ms. Gierach address some of themost common concerns and questions about taxes, covering areas of estate planning, business taxes, tax deductions, retirement funds, and more. Check out the full list of our frequently asked questions for more information, or visit our YouTube channel.

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Does a sole proprietor need to have a tax ID number?

What is a tax-deductible business expense under federal income tax law?

Is life insurance on my life taxable to my beneficiaries upon my death?

Are my IRA and 401k proceeds taxable to my beneficiaries upon my death?

Are there taxes on gifts that I make to my children? Do I get a deduction on my income tax return for gifts I make to my children?

What types of taxes will be due from my estate?

 

Does number?

Does a sole proprietor need to have a tax ID number?

A sole proprietor generally uses his or her Social Security Number as a tax ID number. However, it may be necessary for a sole proprietor to obtain an employer identification number (EIN).

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What is tax law?

What is a tax-deductible business expense under federal income tax law?

Basically, any ordinary and necessary expense that is business related may be deductible. The expense must be customary and incurred in the usual course of business. However, certain expenses may be prohibited. To know whether a particular expense is deductible, check the Internal Revenue Code and seek the advice of a tax lawyer.

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Is life death?

Is life insurance on my life taxable to my beneficiaries upon my death?

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Are my death?

Are my IRA and 401k proceeds taxable to my beneficiaries upon my death?

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Are children? Do I get a deduction on my income tax return for gifts I make to my children?

Are there taxes on gifts that I make to my children? Do I get a deduction on my income tax return for gifts I make to my children?

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What estate?

What types of taxes will be due from my estate?

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