Chicago CPA and tax attorney Brian J. Thompson prepares state and federal income tax returns. I can prepare U.S. Individual Income Tax Return Form 1040, Partnership Income Tax Return Form 1065 (also used for LLCs in some cases) and S Corporation Income Tax Return Form 1120-S.
Chicago CPA Tax Preparation Fees
How much does a Chicago CPA charge for tax return preparation? The cost of income tax return preparation generally depends upon which tax forms and schedules are necessary. My prices are competitive with other Chicago CPAs and Chicago CPA firms.
Whether you need to file tax returns for an individual, S corporation, C corporation, partnership, or LLC, I am a CPA located in Chicago, IL who is experienced in the preparation of state and federal income tax returns. Please contact me for a free, initial consultation.
Divorce in Illinois – Divorce Tax Planning
Divorces may present tax issues related to the equitable distribution of marital property, the tax basis of property received from a spouse or former spouse pursuant to marital settlement agreement, spousal maintenance, child support, federal income taxes, and/or unfiled federal income tax returns. Whenever possible, I advocate for settlements or final judgments that conserve marital and separate assets by avoiding unnecessary state and federal income taxes. As both a Chicago CPA and an attorney, I can assist clients with divorce tax issues and financial planning. If you have divorce-related tax issues, please visit my website dedicated to the topic of divorce in Illinois:
Income Tax Tips and Tools
Whether you use a Chicago CPA to prepare your federal income taxes, check out the following tax tips and tools:
Income Tax Refund Tracker
How do I track my federal income tax refund? The IRS offers several options to see when you will receive your federal income fax refund.
The IRS2Go app can be used to make payments, as well as check refund status and receive tax tips. To download the IRS2Go app, visit http://www.irs.gov/uac/IRS2GoApp
Taxpayers who don’t have a smartphone or prefer not to download the IRS2Go app can visit the IRS website and use this IRS refund tracker to see when to expect to receive their federal income fax refund:
To check on the status of an Illinois income tax refund, visit the Illinois Department of Revenue:
Find Out How Much You Owe the IRS
If you are an individual taxpayer, you can use this tool to find out how much you owe the IRS and balance for each year:
Pay IRS Online
If you want to pay the IRS online from your bank account or with credit or debit card: https://www.irs.gov/payments/
Home Office Deduction
To claim the home office deduction, a taxpayer must use a portion of his home regularly and exclusively for business. If the taxpayer is an employee, the home office must be for the convenience of the employer. This generally means the employer does not have a local office.
There are 2 options for claiming a home office deduction. The first option is based upon the percentage of your home used regularly and exclusively for business. This option requires the taxpayer to track expenses such as utilities, insurance, depreciation (or rent) for the entire house and then allocate those expenses based upon the percentage of the home used for business purposes. Beginning in 2013, there is a second option. The new simplified method permits a $5 per square foot deduction for up to 300 square feet. Therefore, the maximum home office deduction is $1500 under this method. The new simplified home office deduction is electable on a year-by-year basis.
Capital Gains Tax Rates
How much are capital gains tax rates? for 2013? Federal income tax law generally applies lower tax rates to long-term capital gains income. Long-term means assets held longer than one year. What are the capital gains tax rates for 2013? For 2013, the long-term capital gains tax rate depends on a taxpayers’ ordinary income tax bracket:
0% long-term gains rate applies if a taxpayer is in the 10% and 15% tax brackets;
15% long-term gains rate applies if a taxpayer is in the 25%, 28%, 33%, or 35% tax brackets; and
20% long-term gains rate applies if a taxpayer is in the 39.6% tax bracket.
These lower long-term capital gains tax rates (0%, 15% or 20%) also apply to qualified dividends. Qualified dividends are dividends from the stock of a domestic corporation or a qualifying foreign corporation. In addition, the taxpayer must hold the stock “for more than 60 days during the 121-day period that begins 60 days before the ex-dividend date.” IRS Publication 550, Investment Income and Expenses.
Unfiled Income Tax Returns
Federal law provides that the IRS may assess a penalty if a taxpayer fails to file, fails to pay or both. If you do not file your income tax returns by the deadline, you might face a failure-to-file penalty. If you do not pay the income taxes due by the due date, you could face a failure-to-pay penalty.
Best Small Business Accounting Software
If you just started a small business or want to upgrade your existing accounting software, check out this review from PC.mag of the best small business accounting software: Best Small Business Accounting Software.
According to the American Institute of CPAs, the next version of the Uniform CPA Examination will launch on April 1, 2017: AICPA Plans Revamped CPA Exam.
Contact a Chicago CPA for federal income tax preparation and tax planning.