Detail-Oriented Chicago Tax Preparation for Individuals
A critical factor to growing your wealth is taking the time to protect it first. Tax season is an excellent way to secure your assets, but it's also an opportunity to lose money without proper knowledge and action. At Osaghae & Associates, Ltd., we've helped countless individuals with their tax preparation, and we want to do the same for you.
We're proud to offer high-quality tax preparation services to Chicago individuals and residents of our surrounding communities. As a black-owned business, we strive to create a welcoming and inclusive environment for people from all walks of life. We're excited to help you take the first step toward saving money during tax season. Contact our office today for your consultation!
Do I Need Professional Tax Assistance?
Enlisting the help of a CPA to handle your tax preparation offers a host of benefits that can contribute to achieving your short and long-term financial goals. One of the more challenging aspects of tax preparation is how much time and attention it requires to handle correctly. Our CPAs take a meticulous approach to your taxes and will ensure that information is accurate down to the last line. Not having to spend hours pouring over forms and schedules allows you to focus on what matters most.
Tax laws and regulations are constantly changing, and it can be exhausting keeping up with them. Our team stays up to date with changes on the local, state, and federal levels. Additionally, we'll alert you to any potential tax implications so that you're never caught off guard. If you're looking for a more efficient way to approach tax season, we're a partner you can depend on year in and year out.
Chicago Tax Preparation to Fit Your Unique Needs
At Osaghae & Associates, Ltd., we understand that no two clients are exactly alike, which is why we take an adaptive approach to each individual we serve. Regardless of how complicated your taxes are or the industry you work in, we'll bring a wealth of experience to your corner to help you make the most of your taxes. We'll start with looking at your previous returns and getting a sense of your financial goals to better understand how to approach your tax preparation.
We've helped a variety of clients through our Chicago tax services for individuals, including:
Business owners: The last thing you want to do after handling your business' operations and taxes is preparing your own. It can be confusing even for sole proprietorships and limited liability companies, whose owners can file their company's income and losses on their personal returns. We'll work with you to make your tax preparation as stress-free as possible.
Company executives: As a company executive, your tax returns may need to account for stock returns and an extensive list of tax deductions. We've worked with plenty of executives over the years and understand the subtle nuances that go into preparing their returns.
Self-employed individuals: We understand that you've worked hard to build your wealth. That's why we offer practical tax preparation services that can work for any individual.
Rental property owners: Real estate income is one of the more complex aspects of tax preparation. There are distinct differences in the way the IRS treats rental property revenue and rental property sales. If you're a rental property owner, we'll help keep your returns tax compliant and airtight.
Helping Navigate Tax Laws & Regulations
Preparing your taxes is difficult enough without factoring in changes to tax laws and regulations. It's easy to see how countless individuals miss out on cost-savings opportunities or are hit with penalties because of small changes to the tax code. Our Chicago tax services team takes a proactive instead of reactive approach to potential changes and strives to keep your tax returns in good standing with the IRS.
Some of the tax laws that are constantly in flux include:
Child tax credit: A seemingly simple tax deduction, the amount you can deduct for each child changes year over year. One of the main factors that can affect your total claim amount is is whether you're filing as the head of the household or married filing jointly. Changes to how the credit is paid out can affect your tax returns for the upcoming year.
Tax brackets: Although tax brackets have remained stable over time, there are occasional changes to them that can affect your tax returns. Even though you may have always fallen in one of the seven tax brackets, changes to income thresholds can push you into a different bracket without you realizing it.
Standard deductions: When you pay your taxes, there are two ways you can claim tax deductions: standard or itemizing. If you itemize your tax deductions, you can expect similar amounts each year. However, standard deductions receive changes that can throw off your entire tax return calculations if you're not aware of them.
Tax Preparation FAQ
When you prepare your taxes alone, you may have questions that go unanswered. Our Chicago tax preparers pride themselves on their level of support, and one-on-one assistance is only a phone call away. Some frequently asked questions about individual tax preparation include:
When are my taxes due?
The tax deadline for personal returns typically falls near April 15. However, if the deadline falls on a weekend or holiday, it can be pushed to the next business day. In addition, self-employed individuals may have to pay taxes quarterly.
Should I take the standard deduction or itemize?
Regardless of the way you claim your deductions, they'll reduce your taxable income. If you have different types of deductions, an itemized deduction list may save you more money once it's all added up. Conversely, if you don't have that many potential deductions, a standard deduction offers a simple, mess-free way to save money.
How do I figure out my tax bracket?
There are seven tax brackets, all with different rates. To figure out which tax bracket you fall into, you must take your total income amount and use the IRS' Tax Rates Schedules to determine your bracket, marginal tax rate, and the potential amount of taxes you owe.
Reliable Chicago Tax Services for Individuals
When you work with Osaghae & Associates, Ltd., you can expect to receive the high level of service and attention you deserve. We have extensive experience serving small business owners, self-employed individuals, and everyone in between. Our Chicago tax preparation services combine technical knowledge and operational skill to create a one-of-a-kind tax experience. Call our accounting firm today for your consultation!