Midwest Accounting LLC has two Certified Public Accountants on staff. We are highly prepared to provide small businesses on Main Street with expert tax preparation and tax planning.
We take pride in partnering with small business to formulate legal tax reduction strategies. Additionally, our firm has the resources necessary to ensure that all your tax and reporting obligations are taken care of in an accurate and timely manner.
Tax Preparation
Today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional and/or CPA.
Midwest Accounting LLC takes the worry out of filing your tax return. We specialize in all areas of tax preparation. Whether you are an individual, sole proprietorship, corporation, partnership or LLC, we can provide the tax help you need. We prepare and electronically file your returns for you.
Our experienced accountants and CPA’s will prepare your taxes in an accurate and timely manner. We help you minimize your tax liability, pay the lowest possible taxes and maximize your refund at the end of the year. We stand behind our work and are available year round for tax planning and to assist you in case of an IRS audit.
We process the following returns for you:
- Individual (1040)
- Sole Proprietorships (1040 Schedule C)
- Fiduciary (1041)
- C Corp (1120C)
- S Corp (1120S)
- Partnerships (1065)
- LLC’s (1040 or 1120)
- Non Profit Organizations (990)
- Estate Tax (706)
- Gift Tax (709)
- IRS Back Taxes
Individual Tax Preparation – We offer full service tax preparation to individuals to assist you at tax time and thoughout the year. We help you minimize your tax liability, pay the lowest possible taxes and maximize your refund at the end of the year. We are also available year round for tax planning and to assist you in case of an IRS audit.
Small Business Tax Preparation – We offer income tax preparationfor corporations, partnerships, LLCs and non profit organization. We also offer Audit assistance and free review of prior year income tax returns. Tax forms includes 1120, 1120S, 1065, and 990. We will prepare your business taxes accurately and in a timely manner.
Self Employment/1099 Tax Preparation – The Self-Employment Tax is how an independent contractor pays Social Security and Medicare payroll taxes. We will prepare a schedule C along with your 1040 tax return so that your taxes are appropiately recorded and paid to the IRS.
Gift & Estate Taxes – The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not. The Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death. Will will prepare federal and state taxes that apply to your estate.
Here’s what you get:
- Your small business or individul tax return will be checked and rechecked by our CPA’s and computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
- Your tax return can be filed electronically so you will get a refund in a little as 8 days.
- We will show you how to adjust your payroll withholding to get more money back each week.
- We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year’s tax liability.
Behind on Tax Preparation? No Problem!
If you own a small business or are an individual and haven’t kept up on bookkeeping, don’t worry. We can help you. We’ll prepare your overdue bookkeeping, prepare a full Schedule C, 1120S, 1120C, 1065 or 990, as well as your personal income tax return. Then we’ll help you set up an easy system that allows you to keep your books in order for years to come.
Tax Planning
Planning is the key to successfully and legally reducing your small business or personal tax liability. Midwest Accounting LLC goes beyond tax compliance and assertively recommends tax saving strategies to maximize your after-tax income.
We make it a priority to enhance our understanding of the current tax law, tax code, and new tax regulations by attending frequent tax seminars.
Small businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize taxes throughout the year.
We recommend Tax Saving Strategies that help you:
- Grow and preserve assets.
- Defer income
- Reduce taxes on your income.
- Reduce taxes on your estate.
- Reduce taxes on your gifts.
- Reduce taxes on your investments.
- Reduce taxes on your retirement distributions.
Here are examples of the legal Tax Saving Strategies we use:
- Splitting income among several family members or legal entities in order to get more of the income taxed in lower brackets.
- Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
- Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
- Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
- Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.
We work for you and your small business not the IRS. Clients often save many times our fee in reduced tax liability through careful planning and legitimate tax strategies.
We’re here to help.
Midwest Accounting is ready to be your one-stop accounting team. We’d love to discuss your business with you, and how we can help you optimize your ROI and tax strategy.