Bott & Associates, Ltd.

Defined benefit plans are retirement plans that are largely funded by employers, with payouts based on a set formula that considers employees’ salary, age and tenure with the company. Also known as pension plans, they historically were offered to entice…

One reason people look forward to retirement is because they’ll finally have the time to travel. If you’ve only had enough vacation time for a few long weekends a year, then it’s no wonder you may be excited to plan…

A will is a written document expressing your wishes for disposal of your estate, and can also name guardians of minor children. It becomes active after your death. A trust is a legal vehicle that holds assets and is managed…

The rules governing the deduction of charitable contributions can be pretty strict. However, legislation has relaxed a number of them as long as donors take advantage of them by the end of 2021. So, as a Schaumburg IL business law…

In late September, the IRS sent out some new details on student loan relief, which was announced earlier this year. It has also provided links for further information. Meanwhile opponents of loan relief are taking legal action to try to…

Small and midsize employers, and certain governmental employers, can claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or…

The Internal Revenue Service has released the tax year 2023 annual inflation adjustments for dozens of tax provisions, including the tax rate schedules and other tax changes. Here are some of the key changes.  Standard deduction  The standard deduction for…

Umbrella insurance is a type of personal liability insurance that applies to a broader range of situations than conventional business insurance. It’s for those who may find themselves liable for a claim larger than what their homeowners or auto insurance…