Tax Services
Since 1998, BJS & Associates, Ltd. has provided clients with comprehensive assistance with of their tax return preparation and planning needs. Based in Hanover Park, IL, we are proud to serve the surrounding areas of Northern Illinois for personal finances, corporations, partnerships, limited liability companies, S-corporations, not-for-profit organizations, and more. We have experience in providing tax assistance for divorce and support issues and are well versed in the tax effects of buying and selling a business. We also provide personal tax planning and preparation services for individuals across the United States.
Tax Preparation
As any business owner knows all too well, today’s tax laws are a complicated world to navigate. This can often make filing the simplest of returns a confusing endeavor. Let our experienced tax professionals help you navigate the ever-complicated world of tax preparations.
Tax Planning
In order to reduce your tax liability, it’s crucial that you invest proper time and resources into the planning of your taxes. That’s where we come in. At BJS & Associates, Ltd., we go beyond compliance and provide viable strategies that help you to effectively maximize your after-tax income.
Estate & Trust Tax Preparation
Effective estate and gift planning ensures that the transfer of your assets secures the financial future of your beneficiaries and family and eliminates the taxes due on the transfer of your business. Let our experienced staff get your financial affairs in order.
Troubleshooting & IRS Representation
Whether it’s dealing with the IRS or finding the best strategy to maximize your after-tax income, let our firm consult with you to help you troubleshoot and find the best solutions to your tax problems. Our background and experience in all aspects of tax preparation enables us to be strong advocates of your position before the Internal Revenue Service and Illinois Department of Revenue on installment agreements and other notices.
Frequently Asked Questions
Should my rental property be placed in a S-Corp?
We strongly advise against. When transferring the property out of the S-Corp back to any owner(s), it is deemed a taxable sale, potentially causing a harsh tax implication.
Do I always get to claim my rental losses?
No, there are phaseouts based on income and participation level (further explanation with a consultation appointment)
Do I always get the college credit?
No, there are phaseouts based on income and marital status (further explanation with a consultation appointment)
What is the allowable annual Gift Tax exclusion amount for 2024?
$19,000.00 per donor to each donee
What is the mileage rate for 2024?
$0.67 per mile
Do I need an id.me account with the IRS?
No. However it allows you to view your account in great detail. If married, both taxpayer and spouse should create separate id.me accounts.
What kinds of things do I see on id.me?
You can see and authorize a Power of Attorney sent to you by us.
You can also see:
- Installment agreement information
- Transcripts of prior three years of tax returns
- Ability to make estimated payments
- Your personal PIN assigned each year to you. This helps secure your identity with the IRS.
- And much more
If I have an existing IRS id.me, does that force me to have the PIN?
Yes, you receive a new PIN each year and this PIN is required in order to electronically file your tax return.