Opem Tax Advocates

Lil’ Kim just paid off a $150K tax lien, but her debt started small and snowballed into millions. The lesson? Don’t ignore small problems—be proactive, get a team, and keep your finances in check!

The Beneficial Ownership Interest Report is a regulatory measure intended to enhance transparency in corporate ownership, yet it raises concerns about its effectiveness and enforcement. While aimed at preventing fraud and money laundering, the complexity of compliance may leave many companies struggling to meet the requirements. Non-compliance can lead to significant penalties, including substantial fines and legal consequences, which disproportionately impact smaller businesses. Additionally, the burden of these regulations may lead to a culture of fear and secrecy rather than openness. Critics argue that without robust enforcement and clear guidance, this initiative risks becoming another bureaucratic hurdle that fails to address the root issues of financial misconduct.

Every Project, every business move, every new idea is harder, takes longer, and costs more than you thought. "Everyone has a plan until they get punched in the mouth"

Attorney Steven A. Leahy answers a question from a listener. She bought a property with her boyfrend. The relationship didn't work out. How can she buy him out?

Offer in Compromise: A Rare IRS Deal: In 2023, the IRS closed more than 5.7 million collection cases, yet only 12,711 resulted in Offers in Compromise—less than 0.25%!

Attention business owners! The IRS just announced the 2025 tax brackets and increased the Standard Deduction. Starting in 2025, you can pay your kids up to $15,000 tax-free at the federal level! Plan ahead!

Catch me on David Hochberg's *Home Sweet Home Chicago* on WGN AM 720 today from 3:00 - 6:00, right after Northwestern football! Tune in for expert advice, as we shifted from the usual 10:00 - 1:00 slot.

Heads up Business Owners! The Beneficial Ownership Information (BOI) filing deadline is approaching fast. Miss it, and you could face fines up to $500/day. Don’t let this slip—

Stay Tax Savvy: How to Handle Quarterly Payments: This video explains how to calculate and pay estimated quarterly taxes if you're self-employed or don’t have automatic tax withholding.

Avoid Tax Mistakes: Picking the Right Business Structure: Learn how sole proprietorships are simple but potentially costly, how LLCs offer tax flexibility, and why corporations face double taxation but provide key advantages.