Accountants and Financial Services

Moser Tower along the Riverwalk park complex in Naperville, Illinois, USA. Moser Tower contains the city's Millennium Carillon. (Photo credit: Wikipedia)

There are a lot of companies offering accounting services, but it’s important for you to make sure you’re working with the right one. While there are many things you should look for in an accountant, such as experience and honesty, you also need to look for someone who believes in educating you, especially when it comes to your financial statements.

Understanding financial statements and what they really mean can be difficult, and far too many accountants these days just read the statements themselves and act accordingly. Really, though, part of an accountant’s job is enabling and empowering you to take control of your own finances. You might not be able to handle every part of your finances, but you should at least know what’s going on!

You should be able to read financial statements and should be capable of periodically checking on your financial status on your own as needed. If your accountant can’t or won’t teach you how to do those things and wants to keep you “in the dark,” then it may be time to get your accounting services elsewhere, like at Susan S. Lewis, Ltd., an accounting firm in Naperville that is all about putting people in the driver’s seat of their financial lives.

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Easier Filing for Those Who Work From Home

Do you work from home? If so, do you have a home office? If you answered yes to both of those questions, you probably already know that you qualify for a home office deduction. What you might not realize, however, is that, as of last year, changes to tax law have resulted in an easier filing process as it relates to this deduction.

While past filers were forced to keep tally of all of their incurred home office expenses, now deductions can be made based on the size of the home office. Those who work at home can deduct $5 for every square foot of their office, not to exceed a deduction of $1,500. Even better yet, receiving the deduction now only takes one line of writing, rather than forty-three!  

If you don’t want to do the math yourself or to miss out on other possible deductions, take advantage of accounting services in your area. Susan S. Lewis, Ltd. offers a variety of Naperville accounting services geared specifically toward those who work from home.

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Tips for Accounting Services

Recently, hospitals that were seeking government tax help in Tucson, Arizona got some bad news. The hospitals, which had requested help dealing with and hopefully being off the hook for millions of dollars in costs accumulated by patients who were unable to pay for their care, were denied help or bail-outs from the government.

This decision was a real letdown for the hospitals who were seeking tax help in Tucson. Most of the hospitals thought that getting help would be a “given,” and reportedly, the hospitals were banking on receiving around $70 million total. Things were looking good for the hospitals since the city council had voted in favor of the tax assistance, but ultimately and unfortunately, the tax help just didn’t come.

Hopefully, you will never find yourself or your organization in this kind of tax trouble. But, if you do or if you just need some assistance sorting out your taxes and other financial matters, you can always find people to help in Naperville; all you have to do is contact Susan S. Lewis Ltd.

A Move is Planned for Mountjoy Chilton Medley

Mountjoy Chilton Medley has long been known as the largest accounting firm in all of Kentucky, but, despite the name it’s made for itself there, the firm recently announced that its planning a move. While you might think the accounting services company would simply be relocating to a different part of Kentucky, it’s actually going out of state and will be basing itself in southern Indiana!

The move has nothing to do with “trouble” or “problems” for the accounting services firm, as many have wrongly speculated. In fact, the company plans to add on some twenty new employees. Of course, however, only time will tell how the company fares in its newfound home.

Obviously, though, some Kentucky customers are likely to be disappointed; after all, no one wants to get comfortable with an accounting firm just to have it pick up and move. Fortunately, that’s not something you have to worry about, not if you work with one of the most reliable accounting firms in all of Naperville: Susan S. Lewis, Ltd.

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Be Sure to Make a Will

If you have a family and a home, you need a Will. Wills are your chance to say who gets what in your estate when you pass away—including your house and possibly the assets in your retirement plan in absence of a valid designation of beneficiary form. Without a Will, state law will determine how your assets are distributed and who will take care of your children. And those decisions may not be what you want. A Will can be drawn up quickly and easily by a lawyer, which will typically cost between $200 and $750.

Put Someone in Charge
First, decide who you want to be the executor (or executrix, if a woman) of your estate. He/she is the one who will be responsible for filing your Will in probate court. The executor is often a spouse or partner, but you can—and should—name an alternate, in case he or she dies before you or can't handle the responsibility for some reason.

Protect Your Kids
Second, name a guardian for your children if they are under 18. This is important because if you and your spouse were to perish at the same time—unlikely as that may seem—a judge would decide who will take care of them if you have no Will. Consider naming an alternate guardian as well.

Distribute Your Assets
Next, decide how you want your assets to be distributed to your loved ones and make sure your specific desires are stated clearly.

Keep it Current
Finally, once you have a Will, remember to update it whenever there is a significant change in your family's circumstances—like a birth, a death or a marriage. Although making a Will may seem like a chore now, it will help your loved ones tremendously down the road.

The information contained herein represents the opinions of a third party and does not necessarily represent the opinions of Naperville Accounting Services Firm of Susan S. Lewis Ltd or Naperville Financial Services team, Platinum Financial and are unaffiliated with any of the entities referenced above.

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Accounting Services: What You Need to Know

Having a professional accountant is only for the wealthiest of the wealthy or the top earning corporations, right? No, of course not. Look, we all have to deal with often complicated financial situations. Whether it's the small business owner looking for ways to improve the bottom line, or a family trying to make more informed financial decisions around tax time, it pays to have access to the best Naperville accounting services.

What types of Naperville Accounting Services are there?

Professional Tax Preparation

Tax laws change every year. And since these laws are already complicated to begin with, the plot really thickens when these changes take place. For people who are not used to dealing with the federal, state and local tax laws for a living, not understanding the changes to tax laws can lead to some unforeseen financial and legal problems.

We don't expect anyone who isn't a CPA to understand the tax laws on their own. The staff at Lewis CPA make it their business to know all the ins and outs of the latest tax laws. And that's why they are the preferred accounting firm in Naperville. Yes, there are lots of fly-by-night tax return operations out there, but who wants to trust something as important as their taxes to one of these places.

We always advise people to not try to decipher all the confusing tax laws on their own. It's much easier and more likely to cost you less when you work with experienced tax accountants, like the staff at Lewis CPA, to make sure that your taxes are filed the right way – to avoid penalties and potentially overpaying on your yearly tax returns.

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Accounting Help When You Need it Most

Running a business can mean a huge commitment. Of course, being your own boss is a pretty sweet reward for all of that sacrifice. But for some business owners, taking care of their day to day accounting tasks can prove to be a bit much. Let's face it, not every business owner has the time or inclination to do their own bookkeeping. And hiring a full-time employee to take care of your books can be too costly for many small businesses. That's where the Naperville Accounting Services you get from Susan Lewis Ltd can be so important. The accountants here are experienced in every aspect of financial assistance, and they can help to keep all of your business books balanced and in good order.

Being Prepared

One thing that can ruin any business owner's day is the thought of being audited by the IRS. No one wants to go through this process, yet many business owners will have to at some point in time. That's when having balanced books really matters the most. By hiring us to do your bookkeeping, you'll be getting the Naperville Accounting Services that you need to keep all of your records organized and ready, in case an audit should happen. And even if your business never gets audited, simply having financial records that are balanced and organized goes a long way in making your business more successful.

There's nothing like knowing that all of your business's financial records are organized. And when tax time comes around, you can even have the experts at Susan S. Lewis Ltd take care of your business and personal tax filing. We don't just do bookkeeping, we also handle  Naperville Accounting Services, like business and personal tax filings too.