Here are the answers to some of the most Frequently Asked Questions our firm receives.
A. The information found on this website is general in nature and may not apply to the reader's situation. Therefore, the reader should not rely on the information on this website alone. For specific advise, please call us at 847-304-0431. Thank you.
Q. What services do you
A. We prepare all tax returns including individual, corporation, LLC and LLP, non-profit, estate and trust, partnership, payroll, sales tax, property tax, and other taxes. We also sell computers and software as well as offering training. We offer bookkeeping, financial statements, accounts payable, and accounts receivable processing--in fact, any office function, including setting up an office, as part of our services.
Q. I currently use an outside payroll service, and, frankly, have not been pleased for various reasons. What alternatives do I have?
A. We now have access to a very good payroll alternative that you can access and use right here on our webpage. This is a reasonably priced alternative, competitive with the nationally known services, and offers you the flexibility of running your own payrolls on YOUR schedule. Direct deposit, ACH tax payments and easy import to your QuickBooks or other accounting software are features of this very good software. Call us for a demonstration!
Q. I am concerned that my business is not as profitable as I would like it to be. What can you do to help me?
A. We offer an operational auditing program where a team of our professionals come into your business to assess your company's operational strengths and weaknesses. We breakdown your business into the areas that are mission critical and offer recommendations (that we can help you to implement!) to get your business on track. Organizational efficiencies and profitability structuring are the keys to your business working FOR YOU rather than vice versa.
Q. It seems like everyone and his brother (except me!) has a retirement plan! Can you explain the various plans available?
A. A good retirement plan can be an essential weapon in your arsenal for accumulating wealth. I will go out on a limb...Every business owner with taxable income from some source (whether from the business or not) should have a retirement plan to help defer taxes and to accumulate savings tax free! We can help design the PERFECT plan for your business and your circumstances. Give us a call so that we can discuss this!
Q. What is a reasonable wage for S corporation owners? (11-12-02)
A. Ideally, the best way to set pay is to use an amount comparable to an individual being paid similar rate in your industry. Otherwise, I use a standard rule of 50\50. Basically, 50% of income available to owners should be taken as wages and the other 50% should be taken as dividends.
Q. Do I need to visit your office to have my taxes prepared?
A. It is not necessary to visit our office. Many clients utilize the mail or express services to send their information to us. For new clients, we encourage a meeting so that we can discuss your unique tax situation.
Q. Can I deduct student loan
A. Since personal interest is generally non-deductible must meet several tests: You must be the person liable on the debt and the loan must be for education only. Your income can't exceed $130,000 on a joint return or $65,000 on a single return; married couple filing separately can't deduct. You can't deduct if you're claimed as a dependent.
Q. Do you work with Start-up
Q. I want to start a new business. Can you tell me
which type of business I should