"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 Cuts and Jobs Act of 2017, many tax saving strategies have changed.
Individuals All matters affecting the tax return are considered. We may consider whether filing separately may be more advantageous than filing jointly or whether one qualifies to file as head of household rather than single or married filing separately. In addition, we look at dependents. Many times parents are overlooked as dependents or as medical dependents; we also look for circumstances where parents could save income tax by not claiming their children as dependents. Note, when parents do not claim their children as dependents, the children on their returns may need to indicate they could be taken as a dependent on another person's tax return.
Special rules affect the taxation of persons in some occupations, such as commodity trader, day trader, and minister. In addition, we want to look for legitimate means to increase QBI since only 80 percent of this income is taxable. We also consider whether clients have planning opportunities for college or retirement saving, for divorce and separation, for being unemployed, and for withdrawing money from retirement accounts. If so, we advise clients accordingly.
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