Individual Tax Preparation Services in Chicago, IL

Yes. We prepare multi-state returns for clients with income in multiple states. We determine filing requirements for each state, calculate proper tax allocation, and claim credits for taxes paid to other states to minimize your total tax liability. It really depends on your specific situation and we recommend a complimentary call with us to discuss anything that is a specific concern. Common deductions include mortgage interest, charitable contributions, and state/local taxes. Credits include child tax credits, education credits, and retirement contribution credits. We review your complete tax situation during consultation to identify everything you qualify for.

Tax preparation completes and files returns based on prior year activity. Tax planning minimizes future tax liability through proactive decisions—retirement timing, investment strategies, charitable giving, and income timing. Both are important, but planning is where tax savings happen. Learn more about our tax planning services.

Illinois offers K-12 education expense credits (up to $750 per student), property tax credits for senior homeowners, and earned income tax credit with different rules than federal. Federal deductions include mortgage interest, state and local taxes (up to $10,000), charitable contributions, and medical expenses exceeding 7.5% of income. We review your complete situation during consultation to identify everything you qualify for.

Yes, through strategic tax planning. We identify deductions and credits specific to your situation, optimize retirement contributions, implement tax-loss harvesting, and recommend timing strategies for income and expenses. Tax reduction comes from proactive planning throughout the year, not just accurate filing. Learn more about tax planning services.

Cost depends on return complexity. Simple W-2 returns cost less than returns with multiple income sources, investments, or rental properties. View our pricing page for details. Every client need is different and we encourage you to schedule a complimentary consultation with us to review any concerns or questions you have.

You’ll need W-2s, 1099 forms, mortgage interest statements, property tax receipts, and charitable contribution records. Business owners need profit and loss statements. Investment accounts require year-end statements and trade confirmations. We provide a detailed checklist during our consultation, and our secure portal makes document sharing simple.

Cryptocurrency transactions are reportable as property sales. We track your crypto trades, calculate gains and losses, and report them correctly on your federal return. This includes purchases, sales, trades, and income from mining or staking. Bring your transaction history from exchanges, and we handle the calculations.What deductions and credits am I eligible for that can reduce my tax bill?

We file extension forms (Form 4868 for federal, IL-505-I for Illinois) when you need more time. Extensions give you until October 15 to file, but any tax owed is still due by April 15. We estimate your liability and file extensions electronically to ensure they’re processed on time.

U.S. taxpayers must file Form 8938 with their tax return if they hold specified foreign financial assets above certain thresholds. You must file Form 8938 if you meet all three criteria:

1. You are a qualifying taxpayer
You must be a U.S. citizen, resident alien, nonresident alien filing jointly with a U.S. citizen or resident, or a bona fide resident of American Samoa or Puerto Rico.
Note: If you’re not required to file a tax return, you don’t need to file Form 8938, regardless of your foreign asset value.

2. You hold specified foreign financial assets
Specified foreign financial assets include:
Financial accounts at foreign financial institutions
Foreign stocks or securities
Interests in foreign entities
Financial instruments or contracts with foreign issuers or counterparties

3. Your assets exceed the reporting threshold
Thresholds vary by filing status and location:
Living in the U.S.:
Single filers: $50,000 on the last day of the tax year OR $75,000 at any time during the year
Married filing jointly: $100,000 on the last day OR $150,000 at any time
Married filing separately: $50,000 on the last day OR $75,000 at any time
Living abroad: Higher thresholds apply if you qualify as living abroad through the bona fide residence test or physical presence test.

For complete definitions and requirements, refer to the Form 8938 instructions at IRS.gov.

Yes, you’re in luck – under the new tax law, 529 college savings plans are no longer just for college.  They’ve been expanded to allow annual tax-free distributions of up to $10,000 per student to pay tuition for the child’s elementary and secondary private and parochial school education. Note that the $10,000 cap doesn’t apply to 529 plan withdrawals to pay for college. (Kiplinger Tax Letter)

Taxpayers would be able to increase their tax basis in capital assets by the rate of inflation between the purchase date and the time of sale. 

Here is an example:
You bought stock in early 2008 for $20,000 and sold it for $35,000 in early 2018.  Using a common inflation measure, your original basis would jump to $23,227.  Absent indexing, you’d have a $15,000 capital gain ($35,000 – $20,000).  With indexing, your gain is $11,773 ($35,000 – $23,227), thus lowering your tax bill.

This is not law but has been discussed in Congress. (Kiplinger Tax Letter)

In short, yes. It applies not only to individual owners of pass-through entities such as partnerships and LLCs, but also to self-employed individuals who file Schedule C with their returns.

An important limitation applies to high earners in “specified service trade or business” (SSTB) income. SSTBs include fields like health, law, accounting, consulting, financial and brokerage services, performing arts, athletics, actuarial science, investing or trading in securities, or any business where the principal asset is the reputation or skill of its employees. If you’re in one of the affected fields and your total taxable income exceeds $315,000 for joint returns and $157,500 for all others, the 20% deduction begins to phase out. It’s zero once your taxable income exceeds $415,000 for couples…$207,500 for others. (*Kiplinger Tax Letter)

You will have to pay tax on the converted funds, but once the money is in the Roth IRA, future earnings are tax-free.  Present and future tax rates are key in your decision on whether a Roth conversion make sense.  If you expect the tax rate you will pay in retirement to be the same as or higher than the rate on the conversion, then switching to a Roth can pay off taxwise. If your tax rate in retirement will be lower, then tax-free Roth distributions later on could turn out to be less advantageous. You don’t need to convert the entire amount to a Roth in one swoop. You can transfer the money in increments over time, and space out the tax hit. (Kiplinger Tax Letter)

If driving for charity, keep track of the mileage, date and purpose of the trip, and get an acknowledgment from the charity. Taxpayers CAN deduct on Schedule A 14 cents (2025) per mile for charitable driving, plus what they pay for parking and tolls. Lacking the proper substantiation can cost you a charitable deduction.  We suggest using MileIQ mobile app. (via Kiplinger Tax Letter)

Under the current U.S. tax law for 2025, capital gains are taxed at different rates depending on how long you held the asset and your taxable income. Short-term capital gains (assets held for one year or less) are taxed as ordinary income, using your regular tax bracket (which ranges from 10% to 37%). Long-term capital gains (assets held more than a year) receive preferential rates:​

– 0% rate: Single filers with taxable income up to $48,350, married filing jointly up to $96,700, head of household up to $64,750, and married filing separately up to $48,350.
– 15% rate: Single filers from $48,351 to $533,400, married filing jointly from $96,701 to $600,050, head of household from $64,751 to $566,700, married filing separately from $48,351 to $300,000.
– 20% rate: Single filers above $533,400, married filing jointly above $600,050, head of household above $566,700, married filing separately above $300,000.​

Special assets, such as collectibles, may be taxed at up to 28%, and some real property gains may be taxed at 25%. Additionally, high-income earners (MAGI over $200,000 single or $250,000 married filing jointly) may owe a 3.8% Net Investment Income Tax (NIIT) on top of these capital gains rates.​