Tax Services

Individual Tax Returns

Preparing your individual tax return each year can be burdensome and overwhelming, especially if you are unfamiliar with the U.S. Tax system. At 5 Star Taxes & Accounting we assist individuals with the filling out of their personal income tax returns and provide them with all aspects of personal income tax planning and preparation services.

We will take care of everything for you when it comes to filing your taxes – from completing the forms to verifying all the information with you before submitting your Personal Tax Return on time. Our CPAs will provide assistance and ensure deadlines are met and accuracy of reporting is maintained.

By hiring 5 Star Taxes & Accounting to help you with individual tax return you will

  • Save time, which you can use more productively on hobbies or spending time with your loved ones
  • Reduce your stress as you will not have to worry about the current regulations, settlement methods, and a number of other issues
  • Gain full comfort and the feeling that your tax return is accurate and filed on time

    Filing your individual tax return with 5 Star Taxes & Accounting is not the only thing that we can offer as a professional tax agent. We are at your disposal all year round if any questions relating to taxation arise. Call us today and speak to one of our certified accountants.

    Our CPAs at 5 Star Taxes & Accounting work hard to provide fast, easy and fuss-free solutions that are tailored to your specific needs. When choosing a tax agent to prepare your return you want to be sure that your tax advisor is acting in your best interest and within the law.

Call us at (773)205-0222 or fill out our online contact form.

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Corporate & Partnership Returns

Every business owner is required to file an annual income tax return. If your business is a sole proprietorship, you are obliged to file a 1040 or 1040-SR and include a Schedule C form to report the business’s income or losses. If you are a corporation or a partnership, you typically file a Form 1120 or a Form 1065 tax return.

Our team of experts in the field of tax law will take care of all of your company’s tax needs, providing optimal solutions and cooperation based on mutual understanding.

We will protect your interests by complying with all the legal provisions.

With the help of 5 Star Taxes & Accounting:

  • You can be sure your tax returns are correct and submitted on time, and that all your responsibilities are fulfilled
  • Audits will run smoothly and will not expose you to legal and financial consequences
  • You will benefit from access to the latest knowledge of current tax laws and regulations
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5 Star Taxes & Accounting - What can you expect?

If you are looking for accounting support or a team of accountants whose role will be to optimize and take care of your company’s tax returns – please contact us.

Our accounting office is located in Schaumburg, where we provide comprehensive services in the field of accounting. As part of our services, we carry out all work related to filing corporate and partnership tax returns.

If you are looking for an accounting office that you can trust and which you will be able to entrust with full responsibility for taking care of your company’s accounting matters – don’t wait any longer and get in contact with us. We are happy to serve all companies in the Chicagoland area, no matter their size.

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Extensions

Extending the deadline to file your federal tax return can be a relief to individuals, as well as business owners, who have not yet gathered all the necessary paperwork on time. The extension date applies to filing the paperwork only and it does not postpone the deadline for paying any federal income tax that is owed (which is generally April 15th).

The decision to postpone the deadline is discretionary – the IRS decides whether it will grant you the right to file your documents at a later date. Even if you apply and meet all the requirements that entitle you to postpone the deadline, there is no guarantee that such relief will be granted to you. The IRS considers each case individually.

The extension can be requested online or via mail, however, as with all tax-related issues it requires a lot of paperwork, as well as knowledge of financial accounting terms and principles.

As a professional accounting firm, we help our clients with filing for tax extensions so you have confidence and trust that your taxes are done right and on time.

Entrust all your accounting needs to us – we’ll take care of everything, so you can focus on your business or doing the things that are most important to you.

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Sales Tax Returns

Preparing and filing sales tax returns requires proper documentation, communication with the IRS and a lot of administrative work. Doing it yourself may be confusing and time-consuming if you’re not familiar with the process and what to expect.

Sales tax returns can be filed monthly, quarterly or annually, depending on how much tax you owe.

As with most issues that are tax related, there are a number of various aspects that should be taken into account, which makes the process more complicated than it seems.

Hiring a professional tax agent will relieve some stress and take you step by step through the process and ensure you are always on top of things. Our accounting office services are aimed at small and medium-sized companies as well as entrepreneurs independently running a business who prefer to focus on the development of their own business rather than on following the ever-changing tax regulations. We are flexible and ready to adapt our offer to your needs.

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Non-For-Profit Returns

Most nonprofit corporations in the US are required to file tax returns with the IRS annually. Even though charitable organizations are “tax-exempt”, which means that they do not pay federal taxes on income, the IRS still requires an informational return filing, called IRS Form 990. There are several types of Form 990 that can be completed. Based on the filing year and the receipts of the non-for-profit corporation, our tax specialists at 5 Star Taxes & Accounting will help you decide which form you are obliged to fill out.

Working with us will relieve you of the burden of paperwork. From now on, your only problem will be to pack your documents in an envelope and hand them over to us, and we will do the rest. We provide comprehensive services to companies and nonprofit organizations throughout the Chicagoland area. 

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Rental Property

Interest in investing in the real estate market is growing, which is why Chicagoans are eager to invest in properties. Property rental is becoming more and more popular and it’s a fairly easy way to increase your income, but anyone who earns this type of income must remember to settle the tax for renting a property.

Here at 5 Stars Taxes & Accounting we help landlords, property managers, residential, commercial, vacation, and time-share property owners prepare and file your property tax declarations.

The only thing you’ll need to remember and take care of is keeping accurate records that will help you monitor the progress of your rental property, prepare your financial statements and tax returns, and keep track of deductible expenses.

Call us today and we’ll take care of the rest, so you can rest easy knowing that your tax return is in the hands of experts whilst you focus on more important things.