Your Trusted Tax Accountants in Chicago
Choosing the right professional to help you file your personal or business taxes is a critical decision to make. MDS Financial Services skilled Chicago CPAs are proud to be your trusted source for reliable accounting services. Operating since 1997, we help you accelerate your financial growth through tax planning, efficient bookkeeping, personalized business consulting, and more.
Whether you need help preparing for tax-time or more frequent assistance, our accountants are ready to provide you with financial services specifically tailored to your needs. We have the skills and experience to help you file accurately and reduce the risk of an audit. Get in touch with us today to schedule a consultation!
Our Comprehensive Tax Solutions
When it comes to tax services, our experts are here to help. Today's tax laws are complex and always changing, and you can count on us to help you maximize deductions and minimize your tax liability. Our skilled CPAs will gladly help you:
- Organize your tax information
- Complete tax forms
- Evaluate your cash flow
- Identify deductions, credits, and incentives
- Find and correct errors
- Assist with any tax problems or IRS audits
- Identifying deductions, credits, or exemptions
- Prepare monthly financial statements
- File your taxes on time
- Provide you with tax-saving strategies
- Give you financial advice year-round
Tax Services for Chicago Small Businesses
Whether you are a brand-new start-up or a well-established corporation, filing business taxes can be difficult and time-consuming. Our services can help you stay compliant with all tax regulations, so you can focus your time on running your business.
Does Every Business Need to File a Tax Return?
Your business must file its taxes annually, except if you own a partnership. Partnerships need to file an annual information return to report their income, deductions, gains, losses, etc. from its operations. They don't pay income tax. Instead, partnerships "pass-through" any profits or losses to its owners.
If your business needs more time to prepare the required documents, we can always support you by filing an extension to minimize any IRS penalties and interest.
Do I Have to File Taxes if My Business Didn't Generate any Revenue?
As a business owner, you are required to file taxes for your business, even if you do not generate income during a specific year. It is still necessary to report that to the IRS, and it will help you keep accurate historical records as your business grows.
What are the Documents Needed to File Taxes for Small Business?
The exact documents needed to file your business taxes vary. Depending upon the structure of your business, our specialized accountants will let you know which documents to have ready. Some of the basic records include:
- A financial statement: Also known as a profit and loss statement, usually consists of a cash flow statement, a balance sheet, and an income statement. If needed, we can always help your business prepare this document. It is also helpful if you include a summary of your company's assets and expenses as it helps us understand more about how your company operates and how well it is performing.
- Asset activity: During a fiscal year, if your business sells or buys any assets, it's essential to account for these transactions on your tax return. Assets can be tangible or intangible. An example of a tangible asset can be land, equipment, buildings, or vehicles. Whereas an example of an intangible asset may include copyrights, patents, and trademarks.
- A summary of home-office expenses: If you use your home office exclusively as the principal place to conduct business or meet clients, you can generally claim home-office expenses. These expenses include a percentage of your home insurance, mortgage interest (or rent), utilities, repairs, and maintenance.
- Vehicle Use: If you use your personal car for business purposes, you can claim a portion of your vehicle's operating expenses as a tax deduction. You will need to document all mileage used for business in a vehicle log, by just writing down miles, dates, and descriptions into a notebook.
What is the Deadline for Submitting Business Tax Returns to IRS?
The type of taxes you pay and the deadline for submission differs based on the type of business entity you operate. Some of the most common types of business taxes are payroll taxes, income taxes, self-employment taxes, estimated taxes, excise taxes.
Tax Services for Chicago Individuals
Our comprehensive tax services take the stress out of tax time. We encourage communication throughout the tax preparation process to ensure we fully understand your unique tax requirements. Our experienced accountants recognize that every stage of life brings new challenges, and we can help you navigate through it all. Our services make it easy to prepare for important life events such as retirement, saving for college, a new job, or change of marital status.
Our tax professionals can easily navigate an ever-changing and complex tax code and will ethically work on maximizing your financial savings through appropriate credits and deductions. We are also happy to discuss your past filings and prepare a tax plan for the future to help you create financial success.
What are the Documents Needed to File My Taxes?
As your CPA firm, we put our wealth of knowledge and experience to work helping you master your taxes. The needed documents change based on your situation. However, the most common documents include:
- Social security number or tax ID for you and your spouse
- Social security number for all your family members
- Proof of income for you and other adults in the household (Forms W-2, unemployment form or self-employed)
- Proof of rental income if applicable
- Proof of retirement income if applicable
- Proof of income from stocks or dividends
What is the Deadline for Submitting Taxes To the IRS?
The deadline for individual tax returns is usually on April 15, but the actual date may vary if it falls on a weekend or holiday. If you need more time to prepare your documents, we can always help you by filing an extension to minimize any IRS penalties and interest owed.
Planning and Preparing Your Business Taxes
Our financial services include payroll, monthly financial reports, tax preparation, and planning. We will provide you with all the tax and accounting assistance needed for you to focus all your time and energy on other aspects of your business for continuous growth and prosperity.
Quarterly tax filing & payroll taxes: We can work with you on a monthly or quarterly basis to help you file estimated tax payments and payroll taxes. We are happy to assist with the set-up and management of these essential tax obligations.
Can MDS Financial Services Represent My Business When Dealing with IRS?
We understand that tax problems can come in different forms; IRS tax problems, state tax problems, and sales tax problems Whether you have issues with late filing, audits, or you owe back taxes, we are ready to represent you and help resolve your concerns. Here are two of the most common ways to make paying back the IRS fit into your budget.
Offer in Compromise: an offer in compromise, OIC, is a way to settle your tax debt for less than the full amount. If you can prove you don't have the means to pay through an installment agreement, you may qualify for an OIC.
No matter which choice best solves your tax problems, there is usually more than one solution for resolving your issue. If you have any tax problems, don't wait, let us help you get started now to reduce your future risk.
Your Chicago Tax Solutions Are Here
At MDS Financial Services, We understand that tax planning goes beyond tax season. Whether you're seeking tax expertise for yourself or your Chicago business, our accountants have the experience and insight you need. Get in touch with our customer-focused firm today and get all the tax help you need!