Tax Prep for chicago businesses and families

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 (Tax Prep Chicago | Tax Prep South Shore | Tax Prep Hyde Park | Tax Prep South Loop)

Many individuals today wear multiple hats—working full-time while freelancing or running side hustles. If you're a contractor, consultant, or self-employed in any way, your taxes can get complicated fast.

What to know:

• You may need to file a Schedule C for your business income.
   
• Keep receipts, mileage logs, and 1099s organized throughout the year.
   
• You’re responsible for self-employment tax, which includes Social Security and Medicare.
   
• You may benefit from home office deductions, equipment depreciation, and qualified business expense write-offs.
   
• You should plan for quarterly estimated tax payments to avoid IRS penalties.
   

We serve clients in Chicago, especially in the South Shore, Hyde Park, and South Loop communities, helping individuals understand what counts as business income and how to stay compliant while maximizing deductions.

 (Tax Prep Chicago | Tax Prep South Shore | Tax Prep Hyde Park | Tax Prep Chicago Suburbs)

Nonprofits face a unique challenge: staying in good standing with the IRS while maintaining transparency with donors and the public. Filing taxes correctly is essential to keeping 501(c)(3) status and avoiding penalties.

What compliance means:

• Filing the proper version of Form 990 (EZ or Full) annually.
   
• Accurate reporting of donor contributions, grants, and program expenses.
   
• Keeping clean records for board governance, nonprofit purpose, and compensation.
   
• Ensuring your nonprofit doesn’t cross into for-profit territory, like unrelated business income.
   

We support faith-based groups, youth programs, and cultural organizations with nonprofit tax prep in South Shore, Hyde Park, and the Chicago suburbs, ensuring accurate filings and long-term compliance.

 (Tax Prep Chicago | Tax Prep South Loop | Tax Prep Chicago Suburbs)

Whether you’re a single-member LLC or a multi-member partnership, we offer strategic tax prep services for LLCs. LLCs are flexible in structure but can still be confusing at tax time.

Key issues for LLCs:

• Choosing the right tax classification (disregarded entity, partnership, or electing S-corp).
   
• Tracking owner draws, guaranteed payments, and member distributions.
   
• Understanding pass-through taxation and how it affects your personal tax return.
   
• Managing estimated tax payments if profits are consistent throughout the year.
   

Our clients in the Chicago suburbs, South Loop, and Hyde Park rely on us to help them keep LLC books clean and tax-ready.

 (Tax Prep Chicago | Tax Prep Hyde Park | Tax Prep South Shore)

S-corps can provide real tax savings—but only if managed correctly. If you’ve elected Subchapter S status, your tax prep needs are different from regular LLCs or sole proprietors.

Special considerations:

• Reasonable salary requirements for owners: You must pay yourself a W-2 wage.
   
• Distributions vs. salary: Get it wrong and you risk IRS red flags.
   
• Need to file Form 1120-S and provide K-1s to shareholders.
   
• Payroll tax compliance, even if you’re the only employee.
   

We help small business owners throughout Chicago and the South Shore area handle their S-corp filings and avoid the common pitfalls of S-corp management.

(Tax Prep South Loop | Tax Prep Chicago Suburbs)

Running a business from home offers convenience and flexibility, but also adds complexity at tax time. Whether you're selling products online, offering virtual services, or consulting from your living room, we help you capture all the available tax benefits.

Things to be aware of:

• You may qualify for a home office deduction, but only if the space is used exclusively for business.
   
• Track utilities, mortgage interest, repairs, and other expenses that can be partially deducted.
   
• Home-based businesses must also track inventory, advertising, and shipping costs.
   
• You may still owe self-employment taxes even if your business is part-time.
   

Our team works with home business owners in Hyde Park, South Shore, and the Chicago suburbs, helping them reduce taxes while staying in compliance