Tax Planning and Preparation

For over 23 years, Tax & Financial Solutions, Inc. has prepared over 2,000 individual and 200 business tax returns annually, helping clients to foresee ways to minimize taxes paid, now and in the future.

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TAX PLANNING

Maximize year-end deductions such as:

	Timing of recognition of income and deductions to most effective tax year(s)
	Recognizing losses to balance capital gains before December 23 (depending on how the calendar falls)
	Home office use and charitable contributions
	Establish tax deferred vehicles such as Profit Sharing, Money Purchase, SEP, Salary Deferral Employee Plan, SIMPLE or IRA plans
	Correct use of tax entities (S-Corp, C-Corp etc.)

Quarterly Estimates - verify adequacy of Federal and State payments and withholding (Form W-4) to avoid penalties and maximize client use of the money, preparation of Form 1040ES, Form 2210.

TAX PREPARATION

	Individual returns - Prepare annual Federal and State income tax returns including Forms 1040, 1040A & 1040EZ
	Corporations and small business - Forms 1120 and 1120S
	Payroll - Form 941, Employer's Quarterly Federal Tax Return, Form 940 Federal Unemployment Report, Illinois Department of Revenue IL-941 Employers Quarterly State tax return, UC3-40 Employers Contribution and Wage Report for the State of Illinois
	Partnership and Limited Liability Corporations (LLC's) - Form 1065
	Trusts and Estates - Form 1041 for fiduciaries
	Retirement Plans - SEP-SARSEP, 401K, Form 5500 annual summary
	Tax Exempt organizations - Form 990 and Form 990T
	Estate and Gift Tax Returns - Form 706 & Form 709
	Various states filings as needed and required

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