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2 weeks ago

CPA Firm in Hoffman Estates

CPA Firm in Hoffman Estates

 

Schaumburg area CPA firm you can trust. With over 30 years of experience, we operate under on principle: to provide exceptional, personalized client service in a simple to understand method. It is our belief that we offer the best service at the most competitive price in Hoffman Estates We are a full service tax, accounting, and wealth management firm helping small to mid sized businesses and individuals with comprehensive solutions at a fixed monthly cost.

When you run a Chicago, illinois area business, keeping accurate financial records is vital to the continued success and growth of that business. Hiring a professional bookkeeper from Manen Kothari CPA Chicago & Associates who specializes in small business accounting and small business bookkeeping services can help ensure your financial data is always up to date, accurate, and securely stored.

Tax Preparation Portal Hoffman Estates

Our client portal provides the two-way transfer of information. It provides you with convenient online storage in which your files can be easily uploaded, downloaded, stored and shared in a safe and secure environment.  You have quick access to your tax returns, financial statements, payroll returns, Business liability insurance , Business owner insurance, Retirement planning, Foreign bank account reporting , 1120 preparation , 1120s preparation, Property tax appeal, 2017 tax planning, Payroll tax compliance and many other vital documents 24/7 from anywhere with an Internet connection.

We are a full service tax, accounting, and wealth management firm helping small to mid sized businesses and individuals with comprehensive solutions at a fixed monthly cost. At Schaumburgcpa & Associates, we care about each of our clients and are happy to offer free initial consultations, so call us today!

Services include:

  • Income tax return preparation
  • E-filing of returns
  • Tax planning
  • Audit representation
Book-keeping & Payroll Solutions for Small Businesses

 •   Book-keeping

 •   Payroll

 •   Financial Statements

 •   Sales & Use Tax

By hiring a qualified CPA from Manen Kothari for your small business bookkeeping needs, you can focus on what really matters - your clients. All of our CPAs are experts in small business accounting and specialize in small business bookkeeping services. From inventory expenses to keeping track of expense accounts, Manen kothari is the name you can trust for thorough, high quality small business bookkeeping services in Schaumburg.

We understand how the latest federal, state and local tax legislation and other developments affect you and are constantly identifying new ways to reduce tax liabilities.

Contact us :-  847-524-0001.

Visit us : schaumburgcpa.info

2 months ago

What to do if you Havent Filed a Tax Return

Filing a past due return may not be as difficult as you think.

Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that full payment of taxes upfront saves you money.

SK Tax Associates, we provide range of extended services to our clients in various industries. We provide traditional accounting and tax related services to individual and businesses from bookkeeping, payroll processing, sales tax compliance and annual tax returns but our focus is always to go beyond compliance and help our client thrive by providing extended range of services that are rarely offered by most CPA firms.

Here’s What to Do When Your Return Is Late

Monday, April 18, 2016, was the tax deadline for most taxpayers to file their 2015 tax return. If you didn’t file a tax return or an extension to file but should have, take action now.

First, gather any and all information related to income and deductions for the tax years for which a return is required to be filed, then call the office.

If you’re owed money, then the sooner you file, the sooner you’ll get your refund. If you owe taxes, you should file and pay as soon as you can, which will stop the interest and penalties that you will owe.

If you owe money but can’t pay the IRS in full, you should pay as much as you can when you file your tax return to minimize penalties and interest.

Payment Options – Ways to Make a Payment

There are several different ways to make a payment on your taxes. Payments can be made by credit card, electronic funds transfer, check, money order, cashier’s check, or cash. If you pay your federal taxes using a major credit card or debit card, there is no IRS fee for credit or debit card payments, but the processing companies charge a convenience fee or flat fee.

Payment Options – For Those Who Can’t Pay in Full

Taxpayers unable to pay all taxes due on a tax bill are encouraged to pay as much as possible. By paying as much as possible now, the amount of interest and penalties owed will be less than if you do not pay anything at all. Based on individual circumstances, a taxpayer could qualify for an extension of time to pay, an installment agreement, a temporary delay, or an offer in compromise. Please call if you have questions about any of these options.

When it comes to paying your tax bill, it is important to review all your options; the interest rate on a loan or credit card may be lower than the combination of penalties and interest imposed by the Internal Revenue Code. You should pay as much as possible before entering into an installment agreement.

we provide range of extended services to our clients in various industries. We provide traditional accounting and tax related services to individual and businesses from bookkeeping, payroll processing, sales tax compliance and annual tax returns but our focus is always to go beyond compliance and help our client thrive by providing extended range of services that are rarely offered by most CPA firms.

CALL US :- 847.524.0001

Visit us :-http://schaumburgcpa.info

3 months ago

Earlier Filing Deadlines in 2017 for Forms W-2 and 1099

Earlier Filing Deadlines in 2017 for Forms W-2 and 1099

Starting in 2017 employers and small businesses face an earlier filing deadline of January 31 for Forms W-2. The new January 31 filing deadline also applies to certain Forms 1099-MISC reporting non-employee compensation such as payments to independent contractors. Also of note is that the IRS must also hold some refunds until February 15.

A new federal law, aimed at making it easier for the IRS to detect and prevent refund fraud, will accelerate the W-2 filing deadline for employers to January 31. For similar reasons, the new law also requires the IRS to hold refunds involving two key refundable tax credits until at least February 15 (also new). Here are details on each of these key dates.

New January 31 Deadline for Employers

The Protecting Americans from Tax Hikes (PATH) Act, enacted last December, includes a new requirement for employers. They are now required to file their copies of Form W-2 submitted to the Social Security Administration, by January 31, as well as Forms 1099-MISC.

In the past, employers typically had until the end of February (if filing on paper) or the end of March (if filing electronically) to submit their copies of these forms. In addition, there are changes in requesting an extension to file the Form W-2. Only one 30-day extension to file Form W-2 is available, and this extension is not automatic.

If an extension is necessary, a Form 8809 Application for Extension of Time to File Information Returns must be completed as soon as you know an extension is necessary, but by January 31. Please carefully review the instructions for Form 8809, and call the office if you need more information.

The January 31 deadline has long applied to employers furnishing copies of these forms to their employees and that date remains unchanged.

Some Refunds Delayed Until at Least February 15

Due to the PATH Act change, some people will be getting their refunds later than they have in the past. The new law requires the IRS to hold the refund for any tax return claiming either the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until February 15.

Please call if you have any questions about the earlier filing deadlines for Forms W-2 or 1099.

Www.SchaumburgCPA.Info is an official blog of Manen Kothari CPA. To ensure compliance with the requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. One should consult their tax advisor before any of the information contained herewith applied to their individual tax situations. SK Tax Associates, Schaumburgcpa.info, or Manen Kothari cannot be held responsible for any general information stated above.

Manen Kothari, CPA serves in Schaumburg, Mount Prospects, Glendale Heights, Bartlett, Barrington and Chicago as well as other areas of Rolling Meadows, Naperville, Des Plaines, Elk Grove Village, Skokie and Addison, Downers Grove CPA. We are also efficient in showing you the detailed deductions that can help you to limit your tax liabilities for the next few years to come as long as we are at union with your business.

Contact us now: 847.524.0001

For More Information Visit:  http://schaumburgcpa.info/

3 months ago

Is Canceled Debt Taxable?

Is Canceled Debt Taxable?

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. Examples include a debt for which you are personally liable such as mortgage debt, credit card debt, and in some instances, student loan debt.

When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive Form 1099-C, Cancellation of Debt, from your financial institution or credit union. Form 1099-C shows the amount of canceled or forgiven debt that was reported to the Schaumburg IRS Audit. If you and another person were jointly and severally liable for a canceled debt, each of you may get a Form 1099-C showing the entire amount of the canceled debt. Give the office a call if you have any questions regarding joint liability of canceled debt.

Creditors who forgive $600 or more of debt are required to issue this form. If you receive a Form 1099-C and the information is incorrect, contact the lender to make corrections.

Www.SchaumburgCPA.Info is an official blog of Manen Kothari CPA. To ensure compliance with the requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. One should consult their tax advisor before any of the information contained herewith applied to their individual tax situations. SK Tax Associates, Schaumburgcpa.info, or Manen Kothari cannot be held responsible for any general information stated above.

Contact us now: 847.524.0001

For More Information Visit:  http://schaumburgcpa.info/

3 months ago

Ensuring Financial Success for Your Business

Ensuring Financial Success for Your Business

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination?

Not quite. You can't let your business run on autopilot and expect good results. Any business owner knows you need to make numerous adjustments along the way - decisions about pricing, hiring, investments, and so on.

So, how do you handle the array of questions facing you?

One way is through cost accounting.

Cost Accounting Helps You Make Informed Decisions

Cost accounting reports and determines the various costs associated with running your business. With cost accounting, you track the cost of all your business functions - raw materials, labor, inventory, and overhead, among others.

Note: Cost accounting differs from financial accounting because it's only used internally, for decision making. Because financial accounting is employed to produce financial planner for external stakeholders, such as stockholders and the media, it must comply with generally accepted accounting principles (GAAP). Cost accounting does not.

Cost accounting allows you to understand the following:

  1. Cost behavior. For example, will the costs increase or stay the same if production of your product goes up?
  2. Appropriate prices for your goods or services. Once you understand cost behavior, you can tweak your pricing based on the current market.
  3. Budgeting. You can't create an effective budget if you don't know the real costs of the line items.
Is It Hard?

To monitor your company's costs with this method, you need to pay attention to the two types of costs in any business: fixed and variable.

Fixed costs don't fluctuate with changes in production or sales. They include:

  • rent
  • insurance
  • dues and subscriptions
  • equipment leases
  • payments on loans
  • management salaries
  • advertising

Www.SchaumburgCPA.Info is an official blog of Manen Kothari CPA. To ensure compliance with the requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. One should consult their tax advisor before any of the information contained herewith applied to their individual tax situations. SK Tax Associates, Schaumburgcpa.info, or Manen Kothari cannot be held responsible for any general information stated above.

Contact us now:  847.524.0001

For More Information Visit:  http://schaumburgcpa.info/

4 months ago

Indian Tax Preparer in Frisco

U.S. assess law is famously entangled both to laymen and the individuals who work in fund yet may not spend significant time in duty arrangement. On account of this current, it's frequently justified, despite all the trouble to enroll the assistance of an assessment master who has a broad expansiveness of learning with respect to the expense code and experience taking care of various business and individual tax planning & preparation circumstances.

There are couple of fundamental choices which charge filers in the U.S. pick while setting up their yearly government forms: documenting charges all alone electronically with the assistance of assessment arrangement programming, enlisting an authorized proficient, for example, an affirmed open bookkeeper Frisco (CPA), or strolling into a customer facing facade impose readiness business. Every one of the three get ready assessments for a charge as a byproduct of master meeting. Furthermore, obviously, the higher the ability required, the higher the expenses.

Tax Associates is one of the fastest growing full service CPA firm providing accounting, auditing, tax and consulting services. We offer – Bookkeeping, tax assessment, US and international Business tax planning & compliance, entity planning, Incorporation, IRS / State representation, sales tax, Frisco payroll and consulting services for diversified industries. Most of the tax benefits that large corporation claims may be overlooked by small businesses. We are committed to make sure that all our clients, small or large businesses, get all tax benefits that they are entitled to.

For this situation, acquiring charge planning programming & Accounting Tx Firm is frequently the most reasonable course. Be that as it may, at last, it's practically identical to documenting your own particular charges. In view of this, numerous filers feel more certain having their duties arranged by a genuine live individual (other than themselves). To this end, numerous filers ponder whether it is ideal to get a CPA or contract an administration like H&R Piece. The answer is (as is run of the mill with money related matters): "It depends."

A Indian CPA is somebody who has had a thorough instruction and has been prepared to meet high expert norms and take after a strict code of morals to get authorized by the American Establishment of Affirmed Open Bookkeepers. CPAs have broad learning and years of involvement with expense law, including state charge law (for instance, a Seattle-or Bellevue-based CPA is required to pass examinations appropriate to Washington state assess codes).

The Human Touch

As you probably are aware, PC innovation has made considerable progress, and most bookkeepers utilize programming to help them carry out their occupations. Yet, there is basically not a viable replacement for having a prepared monetary master looking your assessment form over. This procedure may include requesting extra data that most PC projects skirt, or it might be some basic inquiries that you need to reply. Whichever way working with an accomplished CPA in Frisco on your duties more often than not brings about bigger returns or lower installments.

Consider your auto. You may believe a PC framework to give it a brisk output to search for issues, yet you don't believe the genuine support or repairs to anybody not exactly a qualified technician. Similarly, you need a talented expert handle your expense arrangement. The bookkeeper you do your expenses will have the capacity to approach the correct inquiries and burrow for the correct data to get the most ideal outcomes for you when impose day comes around.

Contact US :- (214) 396-5400 | (855) 720-2488

Visit Us :- http://avyantax.com/

4 months ago

Tax Changes for 2017: A Checklist

Tax Changes for 2017: A Checklist

Welcome, 2017! As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2017 is no different. From health savings accounts to tax rate schedules and standard deductions, here's a checklist of tax changes to help you plan the year ahead.

 

Individuals

 

For 2017, more than 50 tax provisions are affected by inflation adjustments, including personal exemptions, AMT exemption amounts, and foreign earned income exclusion.

 

While the tax rate structure, which ranges from 10 to 39.6 percent, remains the same as in 2016, tax-bracket thresholds increase for each filing status. Standard deductions and the personal exemption have also been adjusted upward to reflect inflation. For details see the article, "Tax Brackets, Deductions, and Exemptions for 2017," below.

 

Alternative Minimum Tax (AMT)


Exemption amounts for the AMT, which was made permanent by the American Taxpayer Relief Act (ATRA) are indexed for inflation and allow the use of nonrefundable personal credits against the AMT. For 2017, the exemption amounts are $54,300 for individuals ($53,900 in 2016) and $84,500 for married couples filing jointly ($83,800 in 2016).

 

"Kiddies Tax"


For taxable years beginning in 2017, the amount that can be used to reduce the net unearned income reported on the child's return that is subject to the "kiddie’s tax," is $1,050 (same as 2016). The same $1,050 amount is used to determine whether a parent may elect to include a child's gross income in the parent's gross income and to calculate the "kiddie’s tax." For example, one of the requirements for the parental election is that a child's gross income for 2017 must be more than $1,050 but less than $10,500.

 

For 2017, the net unearned income for a child under the age of 19 (or a full-time student under the age of 24) that is not subject to "kiddie’s tax" is $2,100.

 

Health Savings Accounts (HSAs)


Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent. Medical expenses must not be reimbursable by insurance or other sources and do not qualify for the medical expense deduction on a federal income tax return.

 

A qualified individual must be covered by a High Deductible Health Plan (HDHP) and not be covered by other health insurance with the exception of insurance for accidents, disability, dental care, vision care, or long-term care.

 

Www.SchaumburgCPA.Info is an official blog of Manen Kothari CPA. To ensure compliance with the requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. One should consult their tax advisor before any of the information contained herewith applied to their individual tax situations. SK Tax Associates, Schaumburgcpa.info, or Manen Kothari cannot be held responsible for any general information stated above.