Daniel J. Brown, CPA, a local firm with 25 years experience

Dan provides income tax preparation and planning services and IRS representation. He counsels clients on business start-ups, divorce, estate issues, retirement and college planning, and many other tax and financial matters.

Through exceptional service, Dan builds lasting relationships with clients. Many have been returning since the firm was established and children of clients have become clients themselves. Clients who move from the area often continue having him prepare their taxes; many live in foreign countries and in states other than Illinois.

Understand Your Tax Opportunities and Pitfalls

"I have seen people overpay taxes by thousands of dollars because they made uninformed decisions."

Dan wants to prevent such situations. He offers tax advice after considering clients' circumstances and gladly answers their questions. A sample of what he's been asked:

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  • I am starting a new business, what expenses can I deduct? Or, I will be an independent contractor, what can I deduct? Should I make estimated tax payments?
  • I have a small business. What is Qualified Business Income and how does it affect me?
  • I made nondeductible contributions to my traditional IRA in the past but never told my tax preparer. Is that OK?
  • Since the Tax Reform Act of 2017 eliminated personal exemptions and reduced or eliminated many itemized deductions, will my taxes increase?
  • I had a high income for many years and put a lot in my retirement account; but I have not worked this past year; are there tax planning opportunities?
  • I am self-employed. What's the best way for me to save for my children's college? To pay for medical expenses? What retirement plans can I use?
  • I received a small inheritance. What will the income tax be?
  • It looks like higher tax rates are coming. Should I convert my retirement accounts to a Roth IRA?
  • I changed jobs. Should I rollover my 401(k) or use it to pay bills? Should I use it for my child's tuition?
  • When is my IRA required to file a tax return?
  • My widowed mother named me executor of her estate; when she passes, what should I do?
  • I have a bank account overseas and pay income tax to the foreign country. Does it affect my federal tax return?
  • Should I sell my appreciated rental property or do a like-kind exchange?
  • Should I make a "back door" IRA contribution?
  • I am more than 70.5, should I direct the administrator of my IRA to send my charitable contributions directly to charities?
  • My income is too high for me to qualify for an education credit; can my child take the credit?
  • I am a minister. How is my self-employment tax calculated? What's covered by my "housing allowance"?
  • My soon-to-be-ex wants the exemptions for our children. What is the tax savings from personal exemptions?
  • I play online poker and was told I should file a FinCEN form 114. What is this form and how do I file it?
  • The divorce is not final and we are living apart. Should we file jointly or separately? Head of Household?
  • My child's college tuition and fees were paid by scholarships; am I eligible for any education credits?
  • If I take a home office deduction, am I more likely to be audited? Do I qualify?
  • I hired someone to take care of my children. What payroll taxes do I have to pay and how do I pay them?
  • As part of our estate planning, my spouse and I created living trusts. Should we file returns for these trusts?
  • When I die my estate will be taxable. What can I do now to minimize the tax?
  • I receive money every month from my ex-spouse. Is it taxable?
  • Is there a downside to financing my new business with my IRA?
  • I exercised stock options and sold the stock; how do I figure the taxable gain?
  • Should I gift my house to my children now, while I am living, or pass it to them after I die?

Note, the Tax Reform Act of 2017, effective January 1, 2018, has impacted the answers to many of these questions.

Dan likes to ask clients:

  • Do you have a will or trust? Is it up to date? (If your trust does not consider "portability", it is not up to date.)
  • Are your primary and contingent beneficiary designations on your life insurance and retirement accounts up to date?

Appointments are available year round 9:30 am to 7:30 pm Monday through Thursday and 9:30 am to 3:30 pm Friday and Saturday. Call 630 629-4400 to schedule an appointment.

4 Miles South of Oakbrook Shopping Center
119 E Ogden Avenue, Suite 130
Hinsdale, Illinois 60521
630 629-4400
630 455-1190 fax
Email: info@djbrowncpa.com