Contact Us

Expert Tax Preparation - MICPA
27
page,page-id-27,page-template-default,,qode-title-hidden,qode-theme-ver-6.1,wpb-js-composer js-comp-ver-4.3.5,vc_responsive

C CORPORATION

Our Chicago small business accountants work with our C corporation clients to help minimize the possibility of double taxation and understand the employee benefits available. The potential cost of double taxation, as opposed to the possible tax free medical benefits and lower marginal rates associated with regular C corporations, require proper planning and execution. If you are not a C corporation, we will analyze your present form of business to see if a C corporation is best for you. Expert preparation, strong communication and comprehensive planning by our experienced partners and professionals are what allow our clients to get the most out of this form of business.

S CORPORATION

This form of business impacts your personal tax situation and requires professional analysis and preparation of the business return. We will work with you to minimize your taxes and maximize the benefits of this form of business. By tax planning in the fourth quarter and early preparation after year end, you will have the most information and best advantage to comply with these complicated tax laws. All key issues are carefully researched and reviewed to insure accuracy and the best result for you as far as the law allows.

LIMITED LIABILITY COMPANY (LLC)

Limited Liability Companies are similar to S Corporations in that the income or loss generally passes through to the owners. LLCs offer the advantage of more flexibility in how the owners are treated and can be administratively easier and cheaper to operate than S Corporations. Also, self-employment tax on the earnings is a possibility which some consider to be a disadvantage compared to the S Corporation. Planning and integration with the owner(s) personal returns are required to avoid pitfalls.

PARTNERSHIP

This is the easiest of multi-owner business to organize and administratively operate. However, the tax issues are no less complex than other forms of business. There can be tax consequences to admitting partners, retiring or bought out partners and reallocation of ownership interests. Most LLCs prepare partnership returns. Again, net taxable income flows through to the partners’ personal tax returns based on their agreement / ownership interests. Partnerships’ net income can also be subject to self-employment tax. Since the tax is paid primarily personally by the owners, their individual tax situations must be considered in order to avoid penalties.

SOLE PROPRIETORSHIP

This is the easiest and often best way to start a small business. Simple filings with the County may be the only requirement to starting a business. The owner may just use his or her social security number if his or her customer needs a tax identification number, however, even if you have no employees, we would generally recommend getting a Federal Employer Identification Number (FEIN) to protect your personal identity. Your FEIN can be obtained immediately by filling out an online SS-4 application. Filing this form is FREE; Beware of online advertisements charging to complete and file SS-4s. The income and expenses from sole proprietorships are reported on Schedule C as part of your 1040 filing. Self-employment tax is required. Tax is paid via quarterly estimated tax payments.

INDIVIDUAL TAX PREPARATION

Over 30 years of tax preparation experience is behind every return that we complete. We get it done right the first time (or we fix it for free). We take the time to understand your needs and help you make wise tax decisions for the coming year so that you can retain more of your earnings. Your personal tax preparer is an experienced professional who will be there for you year after year as your needs change and questions arise.

Our free, easy to use tax organizer provides you with a tool to keep us abreast of your current situation, so that we can prepare the best return for you and give you great value for your investment with us. You will appreciate our honest, friendly and professional process to accomplish this important annual task.

ESTATE AND TRUST TAX PREPARATION

We can help navigate the complicated, confusing maze that characterizes tax preparation for estates and trusts.  Although we leave it to the attorneys to write the trusts and estate plans, we are well qualified to prepare the returns that give our clients the lowest taxes and the best value. Our years of tax service experience, excellent research tools and resources and our patient understanding throughout this difficult process, have earned us high praise from clients who have trusted us in this area. As tax accountants with a broad range of experience, we are best able to prepare these unusual returns and advise our clients of the impact on their personal and business tax situations.

GIFT TAX RETURN PREPARATION

Generally, the tax law allows each person to give $14,000 to any individual during the year without any reporting / tax requirements. Although there are many ways to give money and various ramifications of each, it is likely you will need to file a gift tax return if you give beyond the $14,000 annual exemption amount. We are able to advise you in these areas and assist you in filing a Gift Tax Return, form 709.

PREPARATION OF EXEMPT TAX RETURNS

If you have a nonprofit organization that is not a church, you likely need to file some type of exempt information return with the Internal Revenue Service. This form can be as simple as a postcard, form 990-N, to a twelve page regular 990, plus additional schedules. In addition, if you have unrelated business taxable income, a 990-T is required to compute and pay the applicable taxes. We are well experienced in completing these forms.

Testimonials