Most Chicago business owners focus their time and energy on the growth and financial strength of their business. Establishing direction, setting goals, meeting client needs, and staying ahead of deadlines, often leaves little time to address the tax and accounting concerns of the business. Business owners need to be aware of how their company’s financial performance impacts their individual tax situation. For many, individual taxes fluctuate based on the financial performance of the business. The situation can become more complex when changes like the Tax Cuts and Jobs Act of 2017 (tax reform) are implemented. For this reason, it’s important to work with a Chicago tax advisor who understands the complete landscape and can provide the best advice possible.
Selden Fox works with Chicago business owners and high net worth individuals to manage their personal tax planning and compliance needs. Through a client-centered approach, we identify opportunities to minimize tax liabilities and establish long term goal planning. Our tax team has years of experience analyzing tax code, legislation, and changes that allows them to identify the best possible approach for each individual client. Our individual tax services include:
- Income tax planning and compliance – federal, state and local income tax returns.
- Maximizing new opportunities arising from tax reform.
- Maximizing deductions and therefore minimizing self-employment tax with regards to the preparation of Schedule C
- Evaluation of the Qualified Income Business Deduction (Section 199a) opportunities for pass through business owners.
- Tax planning estimates to avoid underpayment penalties, including quarterly planning meetings.
- Tax planning and compliance related to real estate investments.
- Tax planning strategies to minimize the income tax effect of U.S. and international investments.
- Tax research, including the impact of proposed or new federal/state legislation.
- Assistance with representation before the IRS or Illinois Department of Revenue during examinations.
The relationship between business and individual taxes is one that should be closely examined throughout the year. This can be complicated by the many changes ushered in through tax reform and their impact on a taxpayer’s situation. If you have questions about a tax concern or need assistance with your individual tax planning or compliance, Selden Fox can help. For additional information please call us at 630.954.1400 or click here to contact us. We look forward to speaking with you soon.