What is Michna Law Group?

Michna Law Group primarily concentrates in real estate law, assisting in the purchase, sale, leasing, or refinancing of your home or business property. In addition, Michna Law Group has a record of collaborating with developers and condominium associations in commencement and ongoing operation of their projects.

Along with real estate law, Michna Law Group also specializes in wills, trusts, probate, in tandem with initiating, maintaining, buying, or selling a corporation or limited liability company.

For legal assistance throughout the Chicagoland area, including Cook, Lake, DuPage, Kane, McHenry and Will counties, contact Michna Law Group today. We look forward to helping you in successfully administering your legal matters and achieving your personal and business goals.

For more information on Michna Law Group, contact us by phone at 847.446.4600 or by email at BJM@MichnaLaw.com.

Overlooked Areas in Home Inspections

While not required, many real estate agents advise clients to hire an inspector to check out a prospective home before completing the closing process. For those who are new to home-buying, you may think an inspection covers virtually everything. Unfortunately, there are a several key areas that are often overlooked.

Beneath the Floorboards

US News & World Report explains that inspectors generally only look at what's immediately visible. Thus, issues under the floorboards (i.e. mice, mold, or mildew), may very well be missed.

On the Roof

Before moving in to a new home, find out when the roof was last replaced, along with any pertinent repairs or damage that it faced. An inspector with roof maintenance experience could prove to be invaluable here.

If it's determined that there are issues with the roof, consider asking the seller for assistance with repair/replacement costs. If you take this route, ask that this is included in the closing costs or as a contingency clause in your offer.

In the Chimney

When conducting a home inspection, the inspector may just walk by your fireplace without giving your chimney another thought. It's common for chimneys to have an abundance of issues, including soot or fuel buildup, birds' nests, or other animals living inside. This is especially true if the fireplace hasn't been used in a while.

According to the Chimney Safety Institute of America, even a little bit of sooty buildup is enough to cause a fire that could damage your fireplace or spread to your home, so it's vital that this area is cleaned as soon as possible. A qualified chimney sweep should be able to remove nests. A licensed animal removal expert can take care of any live animals living in your chimney.

In the Swimming Pool (If Applicable)

When considering swimming pools in relation to home inspections, ensure that the surrounding fence is at the proper height to prevent accidents. Also, make sure that the filters are working properly.

Although it makes sense to assume your home inspector is experienced in all aspects of home inspections, make sure to interview your inspector to determine what expertise he or she has, and hire additional inspectors to cover unchecked areas.

For more information on Michna Law Group, contact us by phone at 847.446.4600 or by email at BJM@MichnaLaw.com.

Multi-Chamber Networking Breakfast

The Northbrook Chamber of Commerce & Industry is hosting the Multi-Chamber Networking Breakfast on Thursday, February 23rd between 7:30 and 9:30 A.M. Michna Law Group attorney, Brigitte A. Auer, will be in attendance. A Southwestern University School of Law graduate, Brigitte has been with the firm since 2015.

At the networking event, each participant will have an opportunity to discuss their business. Following a period of informal networking during breakfast, attendees will be divided into small
groups at assigned tables. There, each participant will provide a two-minute presentation on their business. Afterwards, participants will be able to speak to two more groups of participants. With table assignments beginning promptly at 7:45 A.M., anyone not checked-in by then will be at risk of losing their spot.

The event will take place at the Holiday Inn North Shore, which is located at 5300 West Touhy Avenue, Skokie. For additional questions on this networking opportunity, please contact the Northbrook Chamber of Commerce & Industry by phone at 847.498.5555 or by email at info@northbrookchamber.org.

In addition, you can contact Michna Law Group by phone at 847.446.4600 or by email at BJM@MichnaLaw.com.

Illinois: Second Highest Property Tax Rate in the Country

This probably isn't breaking news for Illinois homeowners, but our state has the second highest property tax rate in the country. According to SmartAsset, Illinois is at 2.253% just behind New Jersey at 2.293%.

When this number is compared to the national average (1.211%), Illinois is nearly double the rate. More so, Illinois has the highest median tax rate in the nation at 2.67%. Add in the fact that Illinois' metropolitan area in Chicago being nationally ranked as the worst real estate market, and things don't look too sharp. Despite these statistics, Illinois' housing inventory (supply) is smaller than its demand.

So what does all of this mean?

Frankly, there couldn't possibly be a better time to sell your home. In a traditional supply and demand model, low supply reflects high demand which in turn, generates higher prices. As a homeowner, you can take advantage of the housing market.

For assistance with selling your home, contact Michna Law Group by phone at 1.847.446.4600 or by email at BJM@MichnaLaw.com.

Tax Season 2017: Part 2

Last week, Michna Law Group took a deeper dive into a few of provisions pertaining to this year's tax season. For more information on topics, such as e-file, Free File, safeguards, and the Affordable Care Act check out last week's article.

As a continuation of our coverage for this year's tax season, we'd like to examine assistance filing, now-expired individual taxpayer identification numbers (ITIN), and additional helpful resources.

Tax Preparers & Filing Assistance

According to the IRS, "More than 90 percent of all tax returns are prepared using tax return preparation software." That said, the IRS does offer advice for those who still opt to go with an expert tax preparer. 

• Ensure that your tax preparer has an IRS Preparer Tax Identification Number (PTIN).
• Look for tax preparers with professional credentials. For example, your preparer could be an enrolled agent, certified public accountant, or attorney. In addition, he/she can belong to a professional organization.
• Confirmed fees.
• The refund should be sent to you (either directly or via direct deposit) as opposed to your tax preparer.
• Ask your preparer to e-file your tax return.
• Provide records and receipts.
• Don't sign a blank return.
• Review your return before it's filed.
• Verify that your preparer signed your return and included their PTIN.
• Reaffirm that your preparer will be available after the April 15th deadline should anything happen.

Expired ITIN

According to the IRS, "the PATH Act provisions related to the Individual Taxpayer Identification Number (ITIN) program require some taxpayers to renew their ITINs beginning in October 2016. ITINs that have not been used on a federal tax return at least once in the last three years will no longer be valid for use on a tax return unless renewed by the taxpayer."

ITIN's are used for those who are faced with tax filing obligations, but aren't eligible for a social security number in the United States. Those still using an expired ITIN may face a delayed tax return. In addition, they could possibly lose out on certain tax benefits until the renewal goes through.

To make matters worse, ITIN renewal applications can take as long as 11 weeks during tax season, which is why it's vital to ensure that yours isn't expired as soon as possible.

Additional Resources

The IRS as a whole is on top of their tax resources. For certain individuals, Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) are available. These services offer free tax filing assistance.

More so, the IRS reminds individuals to hold onto their tax return from last year. As of 2017, those who use a tax filing software for the very first time will need to include their Adjusted Gross Income (AGI) amount from their prior-year tax return as a method of identity verification.

For additional questions, please contact Michna Law Group at 1 (847) 446-4600 or at BJM@MichnaLaw.com.