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Curious How Innovative Start-Ups Are Saving Thousands on Taxes Each Year?

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Start-ups are notorious for their scrappy tactics and innovative growth techniques. However, many start-ups may not be aware of the tax credits and incentives available to them. Certain tax credits can be the difference of thousands of dollars saved each year in taxes. According to Josh Alballero, tax expert and founder of IOOGO, “The R&D tax credit is one of the greatest tax credits available to start-ups and small businesses.” 

The R&D credit, is officially known as the “Credit for Increasing Research Activities” this credit is available to start-ups in any industry, and in many cases, you do not even need to have a research and development department to qualify for the credit! Many start-ups miss out on this incredible incentive because they assume they won’t qualify, however, if you’re in the process of creating a new product or service, there is a good chance your business is an ideal candidate. 

According to Alballero, there are two major benefits of the R&D credit. 

  1. This credit can give you resources you otherwise wouldn’t have access to. One of the most important stages when bringing a new product or process to the market is the research and development stage. Some start-ups won’t spend enough time on this stage due to a lack of resources, staff, or funding. This credit can put much-needed money back in your pocket to allow you to focus on this crucial phase of building your business. 
  2. The R&D credit covers a variety of expenses. This credit may be applied to costs you’d never considered, wages, supplies, consultant fees, contractor fee, prototyping, tooling/ supply expenses, packaging, surveys, studies, software costs, equipment, and more! The stipulations of this credit allow businesses to apply up to $250,000 of their research expenses against their payroll tax or income tax for up to five years. This means that businesses could expect to get back around 10 – 15% of what they spent on R&D. 

Calculating R&D credit can be quite complicated and in most cases, business owners should consult the expertise of a tax professional or accounting firm. The IRS will look closely at any business’s R&D credit, so it is important that you follow the proper protocol. The tax experts at IOOGO specialize in R&D credit matters and can ensure you’re following federal regulations and taking full advantage of the credits available to you. In order to file for the R&D credit, a business will be required to file Form 6765 with their tax return. This filing process should not be costly and business owners should be wary of any accounting or tax firm that attempts to charge them thousands of dollars for this filing process or even a percentage of the savings in payroll taxes, which is an illegal process. 

To learn more about the R&D credit or to schedule a consultation with an IOOGO tax expert, visit www.ioogo.com.

Rosario is from New York and has worked with leading companies like Microsoft as a copy-writer in the past. Now he spends his time writing for readers of BigtimeDaily.com

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Business

From Contracts to Counsel: Your Essential Guide to Hiring a Probate Attorney in Chicago

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Like many people, you’ll come across the term probate after a loved one, such as a parent or spouse, passes away. So, what is probate, and why do you need an attorney for it? As defined in Forbes, probate is a legal process that occurs after death. It entails transferring the assets of the decedent (the person who passed) to beneficiaries named in their last will. 

With that in mind, having a probate lawyer by your side is essential. The last thing you want to do is deal with the legal complexities of settling a loved one’s estate while grieving. A probate lawyer oversees the validation of the deceased’s will and the fair distribution of assets among family members. One challenge lies in finding a top-quality probate lawyer.

In this guide to hiring a probate attorney in Chicago, we’ll discuss the tips to identify the right legal professional for probate proceedings. 

Understand the Responsibilities of a Probate Lawyer

It’s difficult to hire a talented probate lawyer when you don’t know what they do: Start by understanding the roles they play. 

When you work with a Chicago probate lawyer, some tasks they might do include: 

  • Act as an estate executor or administrator 
  • Collect proceeds from the life insurance policies of the deceased
  • Identify and secure the decedent’s assets
  • Get an appraisal for the deceased’s estate
  • Pay debts and resolve estate tax issues
  • Prepare and file documents required in probate court
  • Transfer assets to rightful heirs
  • Represent you in litigation proceedings if someone challenges or contests the will

A probate lawyer could also help you and your family navigate state inheritance laws if a loved one dies without a valid will. That way, you can avoid unnecessary taxes or other ramifications of not creating a will, such as losing ownership rights of the deceased’s business or financial support.

Search for Lawyers Online and Offline

You’re probably thinking, where do I find the best lawyer to hire? You could seek referrals from friends or colleagues. Friends who worked with probate attorneys before might provide important details, such as how the lawyers communicate and handle the probate process. 

Alternatively, do a simple online search using the terms “probate lawyer near me” or “probate attorney in Chicago.” Go through various websites or online directories and write names of lawyers with positive ratings and customer testimonials. Then, contact the potential lawyers to set up free consultations. Note that not all legal professionals offer free consultations, so make sure to ask before setting a time in your calendar. 

Ask the Right Questions

A free consultation provides opportunities to ask questions to better understand if the lawyers in question have the qualifications to handle your probate case. 

Four questions you might ask attorneys during the initial meeting may include:

  1. Do You Have Experience in Probate Law? 

When evaluating lawyers, prioritize experience. An experienced probate lawyer is aware of common pitfalls that can result in the probate petition being postponed or dropped by a judge. To feel more comfortable about an attorney’s expertise, ask them if they’ve handled probate cases similar to yours before. 

For example, let’s say the deceased owned a substantial estate or had complicated assets like royalties and mineral stocks. Working with an attorney with a track record of successfully handling cases like that could save you time and money in the long run.

  1. What Do Other Clients Say About You?

Experience alone doesn’t make a probate lawyer perfect for your case. Look for someone with an outstanding reputation. These reviews likely live on Google next to their business profile or are featured on their website. If you can’t find any endorsements, ask for testimonials written by past clients. 

One point to focus on is what reviewers say about the lawyer’s efficiency and speed. Beyond that, does the lawyer offer expert guidance, conflict mitigation, and proper asset management during probate? 

A probate attorney in Chicago, IL, should be an efficient expert in asset preservation. This can be crucial to helping avoid hefty taxes and excessive debt claims. Additionally, if the lawyer receives positive feedback on conflict mitigation, it suggests they have experience in resolving or mitigating family conflicts that tend to stall the probate process. 

  1. How Long Does Probate Last? 

One way to test a probate lawyer’s knowledge is by asking them, “How long does probate last?” While the numbers vary, probate can last for a few months to over a year in many states, including Chicago. When highlighting factors that affect the duration of probate, your counsel might mention things like estate size, family disputes, debt and taxes, absence of a will, and state laws.

A knowledgeable lawyer can explain clearly why your probate case could last a few months or even years. A lawyer that makes too brazen or hard-set of promises might not be the most honest. 

  1. How Do You Want Us To Communicate? 

There’s no hard rule on how you and your probate attorney communicate. You can talk via text messages, email, video calls, or phone calls. More importantly, check that the attorney communicates in simple language to help you understand your case. 

In fact, one essential of a lawyer’s dos and don’ts to gaining clients’ trust is to avoid making clients feel clueless. If a potential lawyer uses complex legal terms or avoids communicating directly, search for probate services elsewhere.

Conclusion: Finding a Probate Attorney in Chicago

Reviewing the will of a loved one after their death and ensuring fair distribution of their assets often involves complex legal issues. For this reason, consider hiring an attorney who specializes in probate law. 

To maximize your chances of finding the right probate lawyer, familiarize yourself with their responsibilities. Next, search online for lawyers within your state or ask for recommendations from people you trust. Then, interview prospects to help ensure they possess experience, a remarkable reputation, communication skills, and knowledge of probate law.

Settling the affairs of a loved one who has passed on can be an overwhelming time. A probate attorney can help lift some of the pressure off your shoulders as you focus on grieving and healing. 

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