Tax Resource Center
The A.C.T. Group LLC’s tax resource center has all of the information you need for tax season.
This Tax Resource Center provides:
• Tax preparation aids
• Our engagement agreement file folder
We have compiled a list of resources, below — financial calculators, common types of legal entities, and more.
Individual Terms and Conditions
The ACT Group, LLC provides clients with an engagement letter so that they will have a better understanding of our services and their limitations.
(To access individual tax preparation information, please submit this engagement letter agreement and you will be directed to the individual tax preparation documents.)
Corporate Terms and Conditions
The ACT Group, LLC provides clients with an engagement letter so that they will have a better understanding of our services and their limitations.
(To access corporate tax preparation information, please submit this engagement letter agreement and you will be directed to the corporate tax preparation documents.)
Send us an Accountant’s copy of your QuickBooks data file or other document.
Don’t know how to create an Accountant’s copy? See our YouTube videos, below.
If we do not acknowledge receipt of your data file within 48 hours, please call the office at 773-743-2196 and talk with our office manager.
Government Tax Forms
Payroll Tax Forms
W-4 Employees Withholding Allowance Cert.
Federal Tax Forms Website
Illinois Tax Forms Website
www2.Illinois.gov/rev/forms/
Illinois Secretary of State Website
Illinois Sales Tax Rates – Reference Manual Website
www2.Illinois.gov/rev/forms/
Attorney General Website
Check the Status of Your Refund
Check the status of your IRS refund
Check the status of your Illinois refund here
Reviews and Audits
What is the difference between a Compilation, a Review and an Audit?
Click here for our ACT-Audit-Brochure
Financial Calculators
Here is a great website that offers you a series of on line calculators. It can calculate:
Mortgage monthly payments
Business loan amortization schedules
Depreciation schedules for common assets
www.financialcalculators.com
Types of Legal Entities
Are you starting a new business? Do you have questions about the type of entity that works best for you? Are you getting conflicting messages from other small business owners about which entity is best for you? Below is a list of choices for tax purposes:
- Sole Proprietor – one person operating a non-incorporated business.
- Partnership – two or more people operating a non-incorporated business.
- C Corporation – Incorporated business that is taxed separately. Tax return is due 3/15. Owners get paid from payroll and from dividends.
- S Corporation – Incorporated business that requires a separate tax return (1120S) due 3/15, and most of the time pays no federal tax. The 1120S tax return produces schedule K-1 that contains information that flows through to your personal tax return.
- LLC – Limited liability company requires a separate tax return (1065) due 4/15 and most of the time pays no federal tax. The 1065 tax return produces schedule K-1 that contains information that flows through to the personal tax return. Members of LLCs must make personal estimated tax payments throughout the year to pay the tax on any taxable income incurred by the LLC.
Some of our clients have worked with attorney Howard Balikov – howardbalikov@yahoo.com – he may be able to help you.
Selling Your Business
At some time you might consider selling your business. Planning for the sale is essential to maximize your profits. The first step in preparation for a sale is to make sure your bookkeeping records are up to date, your tax filings are complete and you have maximized your profits.
You may also want to review vendor and customer contracts – you will need to disclose any long term contracts and commitments to any potential new buyer. A customer with a long term contract could be a significant consideration when determining the selling price.
How Much is my Business Worth?
The bottom line is – your business is worth whatever someone is willing to pay you for it. You may consider a business valuation. While a business valuation will give you an estimate of the worth of your business, it will also give you some additional information that will be very helpful when presenting your case to a prospective buyer.
There are many details to consider when selling your business, so plan to spend a considerable amount of time getting things ready.
Staffing Issues
What are the differences between an employee and a contractor? What can I NOT say in an interview? What is the best way to terminate an employee? Do I really need an employee handbook?
Staffing problems are one of the biggest issues facing small businesses. Hiring and retaining qualified, personable and trustworthy staff is critical to the success of your business.
Unfortunately, almost all small businesses do not have a separate “hiring” manager or human resource department. But, you can hire someone to handle these issues for you. Or, you can learn how to do them yourself.
Here are some helpful hints that we have learned from our experiences and from our clients:
- New staff members start at their best behavior – if a new employee comes in late several times the first few weeks, chances are they will continue to come in late throughout their time in your business.
- Check their references, credentials and work history – it is amazing how many do not tell the truth on their resume.
- If you have good instincts – USE THEM when interviewing the potential new employee. If something doesn’t “seem” right, don’t hire them.
- Start all new staff members with a 6 month probationary period.