Expertise. Peace of mind. Courtesy of Tax & Financial Solutions, Inc.


Accurate, timely accounting information is vital for any successful business.  Our experienced, knowledgeable staff is ready and waiting to provide you with incomparable personalized service, whether you need it on a temporary or ongoing basis.

Here are just some of the specialized services available to Tax & Financial Solutions, Inc., clients:

  • Tax Planning Services Services
  • Tax Return Preparation Services
  • Accounting Services
  • Payroll Services
  • Business and Software Consulting Services
  • Estate Planning Services
  • Legal Services by Michon & Buckley

 

Tax Planning Services

For over 32 years Tax & Financial Solutions, Inc., has prepared more than 2,000 individual and 200 business tax returns annually, helping clients to foresee ways to minimize taxes paid, now and in the future.  We help our clients to maximize year-end deductions such as:

  • Timing and recognition of income and deductions to most effective tax year or years;
  • Recognizing losses (gains) to balance capital gains (losses) before year-end;
  • Home office use and charitable giving including items of personal property (clothing, household goods and vehicles);
  • Establishing tax deferred vehicles such as 401(k) plans, profit sharing plans, pension plans, SEP, IRAs and Roths;
  • Correct use of tax entities ( S-Corp, C-Corp, etc.); as well as
  • Finding the delicate balance between corporate and individual taxes for small business owners.

We also verify adequacy of Federal and State estimated tax payments to avoid penalties and maximize client use of funds through our state-of-the-art tax planning software.

 

Tax Return Preparation Services

We view our relationships with our clients as ongoing partnerships, and we pledge to provide you with quality, up-to-date tax return preparation and advice, whatever your tax planning and preparation needs—whether you're a sole-proprietor business or operate a multi-tiered corporation or partnership.

We provide tax preparation for the following:

  • Individual tax returns - both Federal and state as well as all forms and schedules related to Forms 1040, 1040A, 1040EZ and applicable state returns;
  • Corporate tax returns - Forms 1120 and 1120S;
  • Payroll tax returns - Form 941 Employer's Quarterly Federal Tax Return, Form 940 Federal Unemployment Tax Return, Form IL-941 Illinois Quarterly Withholding Tax Return, UI-3/40 Illinois Employer's Contribution and Wage Report (state unemployment tax), Form W-3 Federal Transmittal of Wage and Tax Statements, Form W-2 Employee Wage and Tax Statements;
  • Information Returns - Forms 1099, 1098, 1096;
  • Sales Tax Returns
  • Partnership and Limited Liability Company (LLC) tax returns - Form 1065;
  • Gift, Trust and Estate tax returns - Forms 1041, IL-1041; Forms 706 and 709;
  • Annual Return/Report of Employee Benefit Plans - Form 5500.

But our dedication to you doesn't stop after April 15.   All through the year, we keep up to date on current tax laws to minimize your tax liabilities and to maximize your future opportunities.

Should the need arise we also offer assistance in dealing with the Internal Revenue Service and other taxing authorities for tax notices and audits.

 

Accounting Services

Tax & Financial Solutions, Inc., provides accounting services depending on our clients' individual needs and helps them understand their company's financial condition as well as how their company's profit or loss relates to corporate and individual taxes.  Our accounting services include:

  • Financial Statement preparation;
  • Monthly, quarterly or annual bookkeeping and/or accounting;
  • Payroll tax return preparation;
  • Sales tax return preparation; and
  • Client meetings to review financial and tax consequences.

 

Payroll Services

In today's hectic business world, it's a challenge to juggle all the daily tasks that keep your business running efficiently.  One of the most time-consuming tasks any business owner faces is payroll.

Wouldn't it be helpful to rely on a trusted, accessible business partner to handle your payroll functions, from issuing checks to filing the necessary tax returns?  We're here to lend a hand with our payroll services:

  • Live weekly, biweekly, semi-monthly or monthly payroll; or
  • After the fact payroll for reporting purposes. 

 

Business and Software Consulting Services

Tax & Financial Solutions, Inc., offers support for various accounting software programs including:

  • QuickBooks and QuickBooksPro - Tax & Financial Solutions Inc., has certified QuickBooks Pro Advisers on staff to help clients solve problems using QuickBooks, implement new software, train client staff and/or set up QuickBooks;
  • Creative Solutions Accounting; and
  • Peachtree Accounting.

Tax and Financial Solutions, Inc., also offers business consulting to perform cost analysis reviews, break-even analysis, product or service pricing as well as budgeting and forcasting services.  We also offer support for litigation, divorce settlements and buy-sell agreements.  In cases like these, you need to know what your business is worth.  We're here to guide you through what can sometimes be a difficult process, with a comprehensive analysis that will help you make informed decisions.

 

Estate Planning Services

Tax & Financial Solutions, Inc., can help minimize estate and gift taxes, which can approach 45%.  We can help by using family trusts, gift planning, irrevocable insurance trusts, charitable trusts, post-mortem estate planning as well as estate administration.  We work closely with attorneys to make sure your estate is preserved for the next generation.

Legal Services

Michon & Buckley, Attorneys at Law, is available to help prepare wills, trusts, powers of attorney (health and property, living wills, HIPPA releases) and are experts at elder care law. We also facilitate sales and purchases of real estate, negotiations of leases, sales or purchases of companies, incorporations, corporate minutes and entity formations, such as partnerships, limited liability companies, and corporations.