Here are the answers to some of the most Frequently Asked Questions our firm receives.
Q.
REMEMBER:
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
provide?
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
interest?
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
Companies? |
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Q. I want to start a new business. Can you tell me
which type of business I should
form?
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