"Tax preparation is more than putting
numbers on tax forms. Understanding clients' needs and
circumstances and advising them is central to preparing their
As a result of the Tax Reform Act of 2017, many tax saving strategies have changed.
Individuals All matters affecting the tax return are considered. We may consider filing status and exemptions. For example, parents might qualify as dependents or as medical dependents; in some cases, tax savings may result by not claiming children as dependents.
Special rules affect how persons in some occupations, such as commodity trader, day trader, and minister, are taxed. Planning opportunities are available for saving for college or retirement, divorce and separation, dealing with unemployment, and withdrawing money from retirement accounts. We consdier all these factors when advising clients.
Businesses Corporations, partnerships, LLC's, and sole proprietorships have different tax characteristics; with clients who are considering starting a company or who have recently started one, we discuss these differences and highlight planning opportunities. We then review the business's accounting process and whether the company is compliant with payroll, sales tax, and income tax requirements. If necessary, we prepare financial statements.
Trusts & Estates We prepare estate tax returns (form 706) and estate and trust income tax returns (form 1041). The discussion touches on provisions of the will or trust, how the tax is calculated, and tax saving opportunities. As an example, in some cases trust and estate income tax returns can be combined in a single return, resulting in significant tax and administrative savings.
Of course, clients have many questions about various issues, and these concerns are discussed.
Clients Outside Chicago Area Many send their documents to us, and we provide them the same high-quality service that our local clients enjoy. Some clients schedule phone consultations or call to discuss specific matters.
In the past, source documents were rarely sent by email due to security concerns. Now, with portal technology, documents can be safely sent electronically.
4 Miles South of Oakbrook Shopping Center
119 E Ogden Avenue, Suite 130
Hinsdale, Illinois 60521
630 455-1190 fax