The Dynamics That Can Drive Inflation

In the first half of 2011, spikes in food and gasoline prices strained the budgets of many Americans and sparked fears of more persistent inflation.

Nonetheless, the Federal Reserve expected such price spikes to be temporary and forecasted the overall inflation rate to stay in the neighborhood of 2.5% in 2011, with the core consumer price index (which strips out food and energy) to grow in the range of 1.5% to 1.8%.1

The Fed focuses primarily on the core CPI — assuming it is a more accurate measure of long-term price movements — and aims to keep it near a target of 2% a year.

By that standard, consumers have experienced only moderate inflation over the last two decades. Many manufactured goods, such as clothing, computers, and many types of electronics, actually became much more affordable during this period.

Here’s a closer look at the reasons why some economists see the potential for higher prices in America’s future.

Emerging Economies
It’s possible that headline inflation, a broad measure that includes food and energy, may deserve more attention from policymakers going forward. Shocks can result in short-term periods of high prices for oil and food that may or may not spill over into other goods and services.

However, greater global demand for resources needed by developing nations could boost prices more regularly going forward. If so, focusing on core inflation might cause the Fed to systematically underestimate inflation for many years.2

Wholesale Prices
The Producer Price Index (PPI) measures price changes affecting businesses before they reach the consumer. Higher raw material costs have caused wholesale prices to increase faster than consumer prices over the last two years, but businesses may be more likely to pass some of the costs on to their customers as economic conditions and consumer confidence improve.3

Monetary Policy
Since the financial crisis began more than two years ago, the Federal Reserve has employed unprecedented methods to help keep borrowing costs low and stimulate the economy. Besides keeping interest rates near zero since December 2008, the Fed has undertaken two rounds of quantitative easing, essentially creating money to purchase $2.3 trillion worth of longer-term Treasury securities.4

The fear is that the Fed won’t move fast enough to raise rates and/or sell off the securities as the economy improves. There is also some concern that the federal government could fail to address ongoing budget deficits and may eventually resort to printing money to pay its creditors, which would most likely devalue the dollar further and could trigger higher inflation.

Other economists worry less about prices, believing there is still enough weakness in the economy (specifically depressed housing prices, high unemployment, and slow wage growth) that could continue to hold back consumer spending and possibly even cause inflation to fall.5

Investors should keep in mind the potential risk of inflation, whichever path it takes, because even modest price increases compounded over time can erode the purchasing power of the assets in their portfolios.

1) Reuters, June 22, 2011
2, 5) Bloomberg.com, May 24, 2011
3) Bloomberg.com, May 25, 2011
4) Reuters, May 19, 2011

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent Naperville Asset Managment advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.

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Don't Forget Important Income Tax Deductions

Every year that special day rolls around that people so look forward to – Tax Day! Okay, so maybe I'm being a little bit sarcastic here. I know how much people get stressed out when tax season rolls around, but it doesn't have to be torture ever year. In fact, filing a Naperville income tax return can be a lot easier, when you understand some tax basics.

Don't Forget Your Deductions

The easiest way to start learning about your Naperville income taxes is by thinking about deductions. As you know, every individual and business is eligible for certain deductions when they file their tax returns. Many people, however, overlook many deductions that they are eligible for. And that's like leaving money just lying on the table.

Here are some of the common deductions that you should be aware of:

-    Charitable Giving Deductions – Many people give regularly to charities and don't take advantage of these deductions
-    Student Loan Interest Deductions – More people are getting student loans these days...
-    Unreimbursed Medical Expenses – Insurance companies are requiring many of us to pay more for medical care out of our own pockets.
-    Home Mortgage Interest – If you're a home owner, this deduction is critical.
-    Child Care Tax Credits – With most families being two income families, child care bills can really stack up.
-    Tax Preparation Fees – Yes, you can deduct what you paid last year to get your taxes prepared.

And those are just a few of the more common deductions that many people aren't even aware of, or at the very least are not taking advantage of when they file their tax returns. Be sure to talk to your tax advisor or accountant to make sure that you are getting all of the deductions that you are eligible for, to make tax day less of a burden each year.

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Variable Annuities and Your Retirement Strategy

Retirement savers are generally wise to take full advantage of the tax benefits that apply to employer-sponsored retirement plans and IRAs. However, because these tax-deferred plans are subject to strict annual contribution limits, many higher-income individuals may not be able to set aside enough money in them to pursue a comfortable retirement lifestyle.

Because a variable annuity is not subject to federal contribution limits, it enables investors to invest more after-tax dollars to supplement the income they could receive from other plans. Taxes on earnings are deferred until withdrawn.

Not only does a variable annuity offer a way to pursue investment gains, but it may offer an opportunity for the contract holder to purchase guarantees (for an additional cost) to help protect against the downside risks of investing in the markets. Examples may include the guarantee of minimum fixed income payments or a guarantee to withdraw a specific amount over a lifetime, regardless of account value. Of course, any guarantees are contingent on the claims-paying ability of the issuing insurance company.

If you are looking for a way to supplement your retirement income and defer taxes on investment gains, a variable annuity could play a key role in your retirement portfolio.

Market Exposure with Potential Gains
A variable annuity is a long-term investment vehicle designed for retirement purposes. The contract holder agrees to make a single payment or a series of payments to an insurance company in exchange for a future income (typically in retirement). These payouts can be structured to last for the rest of the contract holder’s lifetime.

During the accumulation period, the contract holder invests in a variety of investment subaccounts according to his or her risk tolerance, long-term goals, and time horizon. In this way, the investor can participate in the growth potential of the stock market. Of course, the future value of the annuity and the amount of income available in retirement depend on the performance of the subaccounts selected.

Because variable annuity subaccounts fluctuate with changes in market conditions, the principal may be worth more or less than the original amount invested when the annuity is surrendered. The investment return and principal value of an investment option are not guaranteed.

There are contract limitations, fees, and charges associated with variable annuities, which can include mortality and expense risk charges, sales and surrender charges, investment management fees, administrative fees, and charges for optional benefits. Withdrawals reduce an annuity’s death benefit and values. Only the earnings portion of variable annuity withdrawals is taxed as ordinary income; withdrawals made prior to age 59½ may be subject to a 10% federal income tax penalty. Variable annuities are not guaranteed by the FDIC or any other government agency; they are not deposits of, nor are they guaranteed or endorsed by, any bank or savings association.

Variable annuities are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information about the variable annuity contract and the underlying investment options, can be obtained from your financial professional. Be sure to read the prospectus carefully before deciding whether to invest.

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent Naperville Brokerage Services advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.

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What Does a Naperville CPA Do?

We live in an age that is overrun with acronyms – FBI, CIA, TCP/IP, CPA. There are so many to remember, that some people get confused over just what a certain acronym really means. One that is common is that of the CPA. Most people know that this acronym stands for Certified Public Accountant, but just what does a Naperville CPA do for a living? And does it make sense for people to hire just any financial firm or should they always hire a CPA?

Tax Preparation for the Often Dreaded Tax Day

Probably the most familiar thing that CPA's do is to help people and businesses prepare their tax returns. We all know that tax day rolls around every year, and that you have to put all your year's financial records in order to file successfully. But you also need to understand how the tax laws apply to your unique circumstances. A Naperville CPA understands the tax  laws and works hard to help their clients get the most favorable results from their tax returns.

Financial Planning for the Future

In regard to long term financial goals, nothing is more important than planning. But the tax laws apply to your investments too, so having an accountant to help you plan your investments in accordance with the most current tax laws, helps people to plan for their financial futures the smart way.

We regularly hear from people who need help with their taxes or financial planning in the Naperville area. And we always recommend that these folks contact us at Lewis CPA. This accounting firm has experienced CPA's on staff to provide the best financial and tax services to people in Naperville.

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Giving Strategies That Can Give Back

A recent survey in 136 countries suggests that spending money to help others may be a universal source of personal happiness.1 Americans seem to take this to heart, giving more than $290 billion to charity in 2010, even with the slow economy.2

When making a substantial donation to a specific charity, you might consider trust strategies that may allow you to give generously while potentially benefiting yourself and your heirs. A good first step is to understand the basics.

Charitable Remainder Trust (CRT)

In a CRT, you (the grantor) can donate money, securities, property, or other assets to the trust and designate an income beneficiary — even yourself — to receive payments of a specified amount for a set period or your lifetime (or the lifetime of your surviving spouse or designated beneficiary). Payments must be made at least once a year and may be fixed or variable depending on the type of CRT you use. Upon your death (or the death of your surviving spouse or designated beneficiary), the assets in the trust go to the charity.

Although the annual trust income is usually taxable, you may qualify for an income tax deduction based on the estimated present value of the remainder interest that will eventually go to the charity. Once assets are in the trust, the trustee may be able to sell them and reinvest the proceeds without incurring capital gains taxes.

Charitable Lead Trust (CLT)

Assets placed by the grantor in a CLT pay income to the designated charity until the trust ends (typically, upon the death of the grantor). The remaining assets are then returned to the grantor or the grantor’s heirs. Not only could this strategy provide an income stream to your favorite charity, but it might help reduce, or in some cases eliminate, estate and gift taxes on appreciated assets that go to your heirs.

Both types of trusts are irrevocable, so assets cannot be removed from the trusts once they are donated. Not all charities are able to accept all possible gifts, so it would be prudent to check with your chosen organization before making a donation or establishing a charitable trust. The type of organization you select could also affect the tax benefits you receive.

The use of trusts involves a complex web of tax rules and regulations. You should consider the counsel of an experienced Naperville estate planning professional and your legal and tax advisors before implementing trust strategies.

1) National Bureau of Economic Research, 2010
2) Giving USA 2011, Giving USA Foundation

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.

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Why Using Naperville Accountants Makes Good Sense

It's time-honored advice for people, when they have financial questions or need financial help, to hire an accountant. But many folks just aren't sure about what it is that accountants do. If you live in the Naperville area and have been wondering what types of services the best Naperville accountants provide, here are just a few of the key tasks that they specialize in.

Book Keeping Services

Businesses have to keep a tight rein on their day to day accounting data. Unfortunately, we find that most people just aren't equipped with the time or skills needed to keep the books balanced and in good order. The top Naperville accountants help busy business owners with their daily bookkeeping tasks, to keep the finances of the company in order.

Tax Preparation Services

When tax season rolls around, the most valuable asset you can have on your side is a great Naperville accountant. These days, when every dollar counts more than ever before, it's essential that you have all your bases covered when the time comes to file your tax return. CPA's intimately understand the tax laws and can help you to lower your payments or possibly get a refund on your taxes.

These are just a few of the things that experienced, professional accountants help their clients with. In the Naperville area, Susan S. Lewis LTD. is the go-to accounting firm for small businesses and individuals who are looking for the most knowledgeable, experienced CPA's in the area. All of us can agree on the importance of our finances, so it makes good, fiscal sense to get the help of the best accountants in the area for your financial and tax needs.

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To Roll or Not to Roll: It’s Your Choice

It used to be common for employers to encourage (or require) departing employees to withdraw their money from the company’s retirement plan.1 Like most employee benefits, an employer-sponsored retirement plan is typically an expense for the employer.

Now that the baby-boom generation has started reaching retirement age (at the rate of about 10,000 per day), some employers are encouraging departing employees to leave their retirement savings in the company plan.2–3 These employers are finding that the loss of large employee accounts can diminish their leverage when negotiating with plan administrators, possibly making their retirement plans less attractive to current and prospective workers.4

If and when you leave your current job, either to retire or to take a new position, understanding the options for your retirement savings may help you make decisions that serve your interests and not those of a former employer.

Stay Versus Roll

Employees are under no obligation to leave money invested in a former employer’s retirement plan but are free to roll it over to a traditional IRA. A properly executed IRA rollover can help preserve the tax-deferred status of retirement assets and avoid unwanted tax consequences and penalties. However, there are some subtle differences between IRAs and employer plans to be aware of before you decide how to proceed.

Investment options. The investment options in an employer plan tend to be limited by the plan administrator. The investment options available in IRAs are nearly unlimited.

Early withdrawals. If you think you might tap your retirement assets early, you may want to leave them in the employer plan. Normally, a 10% federal income tax penalty applies to distributions from traditional IRAs and employer retirement plans before age 59½. However, you may be able to avoid this penalty with an employer plan if you sever employment during or after the year in which you turn 55. [The age 55 exception does not apply to IRAs, annuity contracts, or modified endowment contracts (MECs), nor does an exception for death apply to MECs.]

You may also be able to withdraw money from a former employer’s plan or an IRA and avoid the early-withdrawal penalty by taking a series of substantially equal periodic payments (based on life expectancy) that continue for at least five years or until age 59½, whichever occurs later.

Early withdrawals may be penalty-free in the event of death or disability. IRA exceptions to the penalty also include a first-time home purchase ($10,000 lifetime maximum), unreimbursed medical expenses that exceed 7.5% of adjusted gross income, and qualifying higher-education expenses. Withdrawals from traditional IRAs and employer-sponsored retirement plans are subject to ordinary income tax.

Keeping track of multiple accounts. Over the course of your career, you could accumulate several retirement accounts. Rolling them all into a single IRA may give you a better perspective of your retirement portfolio and help reduce the potential for losing track of your money.

Creditor protections. Employer plans have strong creditor protections enshrined in federal law. Money rolled into an IRA from an employer plan typically enjoys the same protections.

There is no one-size-fits-all solution. A careful evaluation of your circumstances could help you decide what to do with your Naperville retirement assets when you change jobs or retire.

1, 3–4) The Wall Street Journal, May 8, 2011
2) Pew Research Center, 2010

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.

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Where Not to Look for an Accounting Firm in Naperville

If you're like most, you think a lot about your financial security. Everything from investing, planning for the future and dealing with taxes can lead to a bit of frustration and anxiety for folks who aren't necessarily financial experts. Perhaps you've thought about getting professional accounting services, but weren't sure where to find a top notch accounting firm in Naperville.

Here are some tips on the types of financial or account firms that you need to avoid:

-    Accounting firms without a proven track record. If the accounting firm you're considering hasn't been doing great work for Naperville businesses and individuals for years, that's one firm that you'll want to pass on.
-    Accounting firms without CPA's on staff. To understand the most current tax laws, it takes a lot of training. Only CPA's are certified experts on the tax laws, and they're the only tax professionals you should trust with your finances.
-    Accounting firms without a local address. It's easy for sneaky financial companies to offer only online accounting services, but who knows where these companies are located. It's best to work with a local CPA that has an established location in or around the Naperville area.

If you keep these very basic tips in mind while you're searching for the best accounting firm in Naperville, you should be able to avoid the pitfalls of working with a sub-par financial company. Many of your neighbors in Naperville turn to Lewis CPA when they need an accountant. Lewis CPA has been serving the area for years, with CPA's on staff, so you'll know that your tax preparations and financial dealings are in good hands.

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Understanding the Three New U.S. Trade Agreements

On October 12, in a demonstration of bipartisan cooperation, Congress passed three separate trade agreements — with South Korea, Colombia, and Panama. They are the first trade agreements in four years. In terms of potential impact, the trade pact with South Korea is the most significant since the North American Free Trade Agreement (NAFTA) with Mexico and Canada in 1994.1

Proponents believe the agreements could boost exports by $13 billion annually and support tens of thousands of American jobs.2 The U.S. Chamber of Commerce claims that the pacts will prevent the loss of 380,000 jobs.3 However, labor organizations caution that the deals might lead companies to move more jobs and factories overseas.4 To address this concern, separate legislation extended financial and retraining benefits for workers who lose their jobs to foreign competition.5

It’s too early to know the outcome, of course, but the agreements represent a positive effort to stimulate economic activity at a time of congressional gridlock, slow GDP growth, and high unemployment. As an investor, you may find it helpful to consider how a more open trading relationship with these countries could impact the domestic economy.

Opening Markets

From the American point of view, the primary benefits could be to (1) eliminate or reduce tariffs on U.S. exports; (2) level the playing field for U.S. investors and businesses; (3) open service markets in areas like telecommunications; and (4) protect the environment, labor rights, and intellectual property rights.6 Although the fundamental concepts are the same for each of the three countries, the specific economic and political situations vary substantially.

South Korea

South Korea has the world’s thirteenth largest economy and is the seventh-largest U.S. trading partner.7 In 2010, the United States imported $48.9 billion in goods from South Korea and exported $38.8 billion. Automobiles accounted for about 75% of this $10 billion trade deficit.8 The agreement should help U.S. automakers narrow the gap by selling more vehicles in South Korea. It should also increase agricultural exports, which have been held back by high tariffs.9

U.S. textile manufacturers, who struggle to compete with lower-priced South Korean imports, have expressed some concern about a reduction in tariffs. To address this, the agreement allows the textile industry to petition the government to reinstate tariffs if cheaper Korean goods flood the market.10

Another concern is that Chinese products may enter the United States duty-free by passing through South Korea.11 Japanese officials fear that the agreement may make it more difficult for some Japanese goods to compete in the United States.12

Colombia

Although Colombia has a smaller economy than South Korea, it is the second-largest market for U.S. products in South America (after Brazil). The United States imported $15.7 billion from Colombia in 2010, mostly oil and other mineral fuels. In return, Colombia bought $12.1 billion in U.S. goods.13

The Colombian accord faced some stiff resistance due to a history of violence against labor organizers. However, Colombian President Juan Manuel Santos is a strong U.S. ally who signed a Labor Action Plan in April that committed the Colombian government to protect labor rights.14

Panama

Panama has a small economy with a trading relationship that heavily favors the United States. In 2010, Panama bought $6 billion in U.S. products while exporting only $381 million. The agreement should increase U.S. trade with Panama and make it easier for American companies to compete for contracts on the $5.25 billion expansion of the Panama Canal.15

Opposition to the agreement was that Panama has been (and still remains) a tax haven for wealthy Americans. However, last year the United States and Panama signed a tax information exchange agreement to provide more transparency.16

A Free-Trade Future?

With the passage of these accords, the United States now has free-trade agreements with 20 countries. The U.S.-led Trans-Pacific Partnership, currently being negotiated among nine nations, envisions a free-trade zone that would include more than 40% of world trade.17

Free trade seems to be the future of the global economy, and the United States is taking a strong leadership role, telling the world that we are open for business. The litmus test will be whether free trade aids the U.S. economic recovery and produces American jobs.

Investing internationally carries additional risks, such as differences in financial reporting, currency exchange risk, as well as economic and political risk unique to the specific country. This may result in greater share price volatility. Shares, when sold, may be worth more or less than their original cost.

1–2, 5, 7–8, 11, 13–16) Associated Press, October 12, 2011
3–4, 12) Bloomberg.com, October 12, 2011
6, 9) whitehouse.gov, 2011
10) The New York Times, October 11, 2011
17) Office of the U.S. Trade Representative, 2011

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent Naperville investment services advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.

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Tips for Choosing the Right Accountant in Naperville

We hear from lots of folks, especially small business owners, who want to know how to choose an accountant for their small business. Since the right approach to business taxes can literally make or break a small business, we put together a few tips to help small business owners choose the best Accountant in Naperville.

Here are a few helpful tips to help choose an accountant for your small business:

Look for a Naperville CPA

It's amazing, but many of the people we talk to don't know that not every person who calls themselves an accountant is necessarily a CPA. You wouldn't trust your personal health to a doctor who didn't have a medical license, would you? No, you sure wouldn't, so don't trust the finances of your small business to an accountant who is not a CPA.

Ask for References

A professional accounting firm should be able to offer you references and testimonials from their clients. If you are talking to an accountant and aren't able to get your hands on any references, you may want to part ways with that accounting firm and choose a firm with a demonstrated track record of success.

Additional Naperville Accounting Services

The accounting firm that people choose for their small business should be able to offer more than just tax preparation services. For example, the accountants from Lewis CPA offer additional accounting services, like business planning, to help small business owners as they get started or begin expansion plans. If your business is going to grow, doesn't it just make sense to have the right financial business advice?

Keep these things in mind when you choose your business tax accountant in Naperville.

Protection from a Range of Liability Claims

It’s estimated that American companies will face $183 billion in tort costs in 2011, $152 billion of which will land on small businesses.1

Accidents happen no matter how well a business is run, and the expenses involved in defending a lawsuit can prove to be devastating, whether the organization is found to be at fault or not. Fortunately, there are several forms of liability insurance that may help offset unforeseen costs (up to the policy limits) that could consume your business’s profits or ruin its longer-term prospects.

The commercial general liability coverage offered with a business owner’s policy helps protect against risks associated with property damage, bodily injury, and personal and advertising injury. However, different kinds of coverage may be warranted for businesses exposed to special risks that may not be included in a standard policy.

Professional liability insurance (or errors and omissions coverage) could help with legal costs and damages related to wrongful practices by professional service providers such as doctors, lawyers, and various types of consultants. Typically, it is necessary to obtain coverage that is specific to the company or industry.

Product liability insurance could help protect against financial loss resulting from a defective product that causes injury or harm. Companies that manufacture, distribute, or sell such products could potentially be held responsible for their safety.

Internet liability insurance could help protect firms that conduct business on the Web from risks related to computer hacking, spam, viruses, and other online perils.

Employee benefits liability endorsements could help pay costs that result from negligence related to the administration of employee benefits, even if they are managed by an outside professional benefits administrator.

As your business grows, you could encounter new risks and may want to expand coverage based on the size of your staff or the value of equipment and other assets. Reviewing your liability insurance on a regular basis could help protect you from the possibility of a lawsuit that could stifle your business or harm your personal financial situation.

1) U.S. Chamber Institute for Legal Reform, 2010

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent Naperville Insurance advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.

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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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Tax-Efficient Investments for the Tax-Averse

Raising taxes is one of many ideas that have been proposed to help reduce mounting federal budget deficits. Yet some taxpayers are already facing the prospect of higher taxes as a result of health-reform legislation passed in 2009.

In 2013, single filers with modified adjusted gross incomes exceeding $200,000 ($250,000 for joint filers) will be subject to a 3.8% Medicare unearned income tax on net investment income. The Medicare payroll tax will increase by 0.9% on wages exceeding these thresholds.

If you are concerned about higher taxes in the future, it may be a good time to consider the tax advantages associated with municipal bonds and tax-exempt mutual funds.

Investing in Infrastructure

State and local governments sell bonds to finance public-works projects such as roads, sewers, schools, and stadiums. Because government entities have the power to raise taxes and fees to pay the interest, municipal bonds are generally considered higher-quality assets. However, they typically pay less interest than taxable debt.

On the plus side, municipal bond income is generally exempt from federal taxes and may not trigger the Medicare tax mentioned earlier. The interest on a bond issued outside the state in which you reside could be subject to state and local taxes, and some municipal bond interest could be subject to the federal alternative minimum tax.

Tax-Free Fund Options

Tax-exempt mutual funds earn interest from their underlying state and local bonds, so they share the same federal income tax exemption. However, if you sell a municipal bond or tax-exempt fund at a profit, you could incur capital gains taxes.

The tax benefits associated with these lower-yielding mutual funds may also make them more suitable for taxable accounts, as opposed to qualified retirement plans and IRAs that allow for tax-deferred growth until the assets are withdrawn. Withdrawals from tax-deferred plans prior to age 59½ may be subject to a 10% federal income tax penalty.

The return and principal value of bonds and mutual fund shares fluctuate with changes in market conditions. When redeemed, they may be worth more or less than their original cost. Bond funds are subject to the same inflation, interest-rate, and credit risks associated with their underlying bonds. As interest rates rise, bond prices typically fall, which can adversely affect a bond fund’s performance.

High Earners May Net More

Investors in the top tax brackets may find that the lower tax-free yields from muni bonds and tax-exempt funds are worth more to them than the after-tax yield from taxable bond investments. For example, a 3% tax-free yield is equivalent to a 4.62% taxable yield for an investor in the 35% federal income tax bracket.

Municipal bonds and tax-exempt funds can be a key component of the portfolios of investors with high incomes and/or a relatively low tolerance for risk. If you fall into these categories, you may want to learn more about tax-efficient investment opportunities that could be appropriate for your personal situation.

Mutual funds are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information about the investment company, can be obtained from your financial professional. Be sure to read the prospectus carefully before deciding whether to invest.

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from a Naperville financial planner. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.

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Naperville Tax Services: More Than Meets the Eye

When it comes to Naperville Tax Services, some folks only think about tax return preparations. With so much stress and anxiety surrounding tax season, there are people who would just as soon forget about their taxes for the rest of the year. But it's important for everyone, regardless of their income, to be aware of the wide variety of tax services that can help to ease the pain before tax preparation time even arrives.

Here are some of the Naperville Tax Services that some folks we talk to have never considered, which can help to make tax season a bit less stressful:

-    Bookkeeping. For businesses, keeping the books current and staying on top of income and expenditures is vital. Unfortunately, some companies simply can't have a full time accountant on the payroll. For companies, like these, professional tax help is still available, as we can still come advise and help with any bookkeeping tasks that need to be done to get finances organized and ready for tax season.

-    Business planning. If you plan on growing your business, it takes more than just a great idea. There are financial concerns that simply have to be addressed as part of any reasonable business plan. We always advise anyone who is planning on starting or growing a business to get financial guidance from a trusted Naperville accounting firm. While business planning may not be a direct tax concern, preparing ahead of time for tax concerns can make the difference between success and failure.

We always advise people to remember that taxes aren't something that only needs to be considered in April. To avoid penalties, audits and anything less than the best tax preparation, it's essential to know which types of financial services your business needs, and to get that help from the Naperville tax experts at Lewis CPA.

New Opportunity Under the Federal Gift Tax

The 2010 Tax Relief Act, which was noteworthy for some of the most favorable estate tax provisions in decades, opened up an opportunity to give more than ever to friends, family, and favored causes while avoiding the federal gift tax.

To make the most of tax-free gift transfers, a good first step is understanding the two types of federal exclusions (or exemptions) that apply to gifts.

Annual Gift Tax Exemption

You can transfer up to $13,000 in cash or certain types of property to as many people as you wish each year without any gift tax liability. (The exclusion is indexed annually for inflation.) Together, you and your spouse can give up to $26,000 annually. Your gift could be cash or income-producing assets such as stocks and bonds that have the potential to appreciate in value.

Some gifts may not be subject to the annual limit, including gifts to your spouse (as long as he or she is a U.S. citizen), donations to qualifying charitable or political organizations, and payments of tuition or medical expenses on behalf of another person that are paid directly to the educational or medical institution.

Lifetime Gift Tax Exemption

The 2010 tax law reunified the federal estate and gift tax exemption, increasing it to $5 million in 2011 and 2012 (the gift tax exemption was only $1 million in 2010). There are two caveats associated with this change:

 The amount you apply to your lifetime gift tax exemption may reduce your estate tax exemption. For example, if you used $2 million of the gift tax exemption during your lifetime, your $5 million estate tax exemption would be reduced by this amount.

The $5 million estate and gift tax exemption applies only to gifts made in 2011 and 2012. In 2013, unless lawmakers take further action, the federal gift and estate tax exemption will revert to $1 million.

Because of the temporary nature of estate and gift tax laws, you may want to consult with Naperville Wealth Management advisor before you take any specific action.

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.

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Naperville Tax Return Preparation Tips

We can probably all agree that it would be wonderful if technology was to a point where our tax returns would simply prepare themselves. But we need to get real, that's just not going to happen. So that means when the time comes for you to file your Naperville Tax Return, you'll need to have done a little bit of pre-planning. Here are some tips to help with your Naperville Tax Return Preparation.

-    Checklist. Have a basic checklist on hand, so that you know you're prepared when you take your information to your accountant. On that checklist, include things like – last year's paperwork, W-2s, pay stubs and all the usual financial papers. By having a checklist of what you need, you won't feel like you're in a mad rush to get everything together.

-    Get Help. Did you know that it's been estimated that 80% of people end up either paying too much on their taxes or not getting a big enough return? And that happens to people who have the best intentions of being thorough, but simply don't have an in depth understanding of the latest tax laws. It's always smart to at least have an accountant look over your returns; just to make sure that you're not leaving any money on the table.

To get your checklist together and the help you need, you can set up an appointment to talk to the accountants at Lewis CPA. We're known for being the go-to Naperville tax return preparation experts. And by taking the time to prepare and get the professional tax help that you need, you'll be less likely to overpay or get underpaid when tax season is over and done with for another year.

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ETFs for the Conservative Investor

Investment in exchange-traded funds (ETFs) has grown substantially since the first ETF was introduced in 1993. Total ETF assets exceeded $1 trillion in March 2011, up more than $200 million over the previous year.1

Until recently, conservative investors may have felt left out of the ETF marketplace because the available options were largely based on stocks. That is changing. There are now 140 bond-based ETFs with assets representing about 14% of the total ETF market.2 Bond ETFs generally track major fixed-income indexes that might focus on short-term, intermediate-term, or long-term bonds. They offer some appealing opportunities for the risk-averse.

Mutual Funds Meet Stocks

Like mutual funds, ETFs comprise a portfolio of securities assembled by an investment company. They typically track an index, market sector, or other group of securities and offer investors flexibility in structuring their portfolios to meet specific goals and risk tolerances, as well as a level of diversification that would be cost-prohibitive if the underlying securities were purchased separately. This is especially true of bonds, which typically carry face values of $1,000. Diversification does not guarantee against loss; it is a method used to help manage investment risk.

Unlike mutual funds, whose shares are generally bought from and sold back to the mutual fund and priced once a day at the close of business, shares of ETFs trade like stocks throughout the day. Supply and demand for the shares may cause them to trade at a premium or a discount relative to the value of the underlying shares.

The principal value of ETFs and mutual funds will fluctuate with changes in market conditions. Shares, when sold, may be worth more or less than their original cost. Bond ETFs are subject to the same inflation, interest-rate, and credit risks associated with their underlying bonds. As interest rates rise, bond prices typically fall, which can adversely affect the performance of a bond ETF.

The attraction of ETFs over mutual funds comes from their trading flexibility, generally lower expense ratios, and greater tax efficiency. Be mindful, however, that you must pay a brokerage commission to purchase ETF shares. Given the growing availability of ETFs, there may be several to choose from that could be appropriate for your risk profile.

Exchange-traded funds and mutual funds are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information about the investment company, can be obtained from your Naperville Investment Advisor. Be sure to read the prospectus carefully before deciding whether to invest.

1–2) Investment Company Institute, 2011

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.

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Why Businesses Rely on Corporate Tax Accountants

Staying on top of a company's finances is a big job. Whether we're talking about a small businesses, or the largest corporations, all of these businesses need to have an experienced professional to take care of tax concerns. The most sought after financial professional for these types of business roles would be a Naperville Corporate Tax Accountant.

What are the duties of these financial professionals?

For starters, it's important to realize that a Naperville Corporate Tax Accountant does a whole lot more than simply taking care of the business' books. Yes, book keeping is a big part of corporate tax work, but it's not the be-all-end-all that businesses hire the best corporate accountants for.

Analyzing & Reporting

Every year businesses strive to do better on their taxes than they did the year before. That means that they need someone who can perform high level tax analysis and reporting. Let's face it, every company knows that next year's budget depends on the analysis from the previous year. So many corporate tax accountants lend their expertise toward taking care of doing the right kind of tax analysis to help plan for the next year's budget.

Some companies have large financial departments and even have accountants on staff. While others may not have any financial professionals on the payroll. Both types of businesses, however, can benefit from bringing in a professional. The experts know how to not only help with business bookkeeping, but how to analyze a company's finances and tax data to minimize taxation and avoid painful tax audits. To get the best results when the time comes for a business to pay taxes, Naperville companies know that they can depend on the corporate tax experts here at Lewis CPA.

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Ways to Save More

About two out of three American workers are saving for retirement, but less than half are confident that they will have enough money to live comfortably throughout their retirement years.1 However, even those who are confident may not have realistic expectations.

Consider that a $250,000 account earning a 5% annual return could provide an income of about $1,000 per month (without dipping into principal). Yet only 10% of workers have savings of $250,000 or more.2

Saving for retirement might seem daunting, but you may be able to increase the amount you are saving without making huge sacrifices. Taking some small steps today might make a big difference when you are ready to retire.

Save an extra 1% of your salary each year. Raising your retirement contribution in small increments may not have much effect on your take-home pay, but the long-term results could be significant. The IRS sets annual contribution limits for retirement plans, but the amount you can actually contribute will depend on your plan’s rules.

Give your retirement a raise. The next time you receive a pay increase, try to divert part or all of it toward your long-term financial goals. Recall the last time you received a raise and how quickly the extra money was absorbed by your spending. You might find it easier to save a raise if you don’t allow yourself to spend the extra money.

Make payments to yourself. When you pay off a debt, such as a car loan or a credit-card balance, consider pretending that you still owe the monthly payment — to yourself. Because the payment is already built into your budget, this could be a simple way to make additional progress toward your long-term goals.

Avoid credit-card debt. Some forms of debt, such as mortgages and auto loans, may be necessary for your basic lifestyle. The same usually cannot be said of credit-card debt. Before you put a major purchase on your credit card — one that you may not be able to repay in full when you receive the n

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ext statement — consider that the expense is likely to increase the amount of time it could take to reach your retirement goals.

Cut out a small expense. Life’s little pleasures — coffee drinks, bottled water, eating in restaurants — are important, but you might be surprised by their true cost. For example, saving $5 per day would equal $150 per month. If this amount were contributed to an account earning an 8% annual return, the balance could reach more than $140,000 after 25 years.

These hypothetical examples are used for illustrative purposes only and do not represent the performance of any specific investment. Fees, expenses, and taxes are not considered and would reduce the performance described if they were included. Actual results will vary.

If you don’t have a lot of money to devote to your long-term financial goals, you may have an equally important asset: time for your savings to grow. Finding small ways to save more today could help you enjoy a more comfortable lifestyle in retirement.

1–2) Employee Benefit Research Institute, 2011

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.

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Navigating Tax Laws

If you're not an expert on tax laws, trying to make heads or tails of all the legal jargon and financial speak can be almost impossible. Even folks who know a thing or two about finances, often defer to Naperville tax advisors when they need help figuring out how the latest tax laws apply to their own financial picture.

Avoiding Potential Legal Problems

As you know, making mistakes on your tax filings can lead to serious problems. For some folks, serious tax mishaps can even lead to jail time. Obviously, these are the worst case scenarios that lead to someone actually going to prison. But with the stakes being so potentially high, it's certainly easy to see why people who avoid tax troubles opt to get the help of the expert Naperville tax advisors .

A Tax Law Expert in your Corner

Remember, a tax advisor is someone who has advanced training and experience about tax laws. Our advisors do their best to not only help you to avoid potential tax legal problems, but also to help you minimize taxation. After all, none of us wants to pay any more taxes than we have to, but it takes an expert advisor to help you minimize your yearly taxation rates.

Preparing for Yearly Tax Law Changes

And since the federal and state tax laws change every year, it's essential to have a professional that you can trust to work on your yearly tax return. Who knows, you may even end up with a healthy return instead of paying a tax bill, when you have a trustworthy advisor to prepare this year's taxes for you.

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Will Federal Reserve Tactics Help the Ailing U.S. Economy?

After the Federal Open Market Committee (FOMC) met on August 9, the Federal Reserve announced that it anticipated the federal funds rate to remain “exceptionally” low until mid-2013, citing a slower-than-expected recovery, high unemployment, and increasing downside risks to the economy.1 Initially, stocks dropped in reaction to the Fed’s dismal outlook, but by the end of the day the Dow Jones Industrial Average rose nearly 4%, seemingly in response to anticipated future actions. Investor demand also pushed up bond prices, and yields on treasury bonds dropped before moving back up slightly.2

On September 21, the Federal Reserve decided to act further to help support the economic recovery by attempting to lower long-term interest rates. In a program dubbed “Operation Twist” by the media, the Committee plans to sell $400 billion in short-dated Treasuries (three years or less) and to purchase an equal amount of Treasuries with remaining maturities of six to 30 years.3 Immediately after the Fed’s announcement, the price of long-term Treasury securities increased and the 10-year Treasury yield fell to a record low.4 Stocks, however, did not react favorably.

Here’s a look at how the Fed’s policy decisions could affect the U.S. economy and financial markets, and some possible implications of a longer-term, low-interest-rate environment for investors, savers, and retirees.

Powerful Words

The federal funds target rate, which is the central bank’s primary means of manipulating short-term interest rates, has been kept near zero since 2008. Signalling that interest rates would remain low for at least two more years was probably intended to help hold down longer-term rates, which could prompt households and businesses to increase spending and investment.5

For example, low interest rates on cash alternatives could spark businesses and investors to find more productive uses for their money. Lower borrowing costs might make large investments in factories, heavy equipment, and other expansion projects more affordable. The same incentive may apply to consumers, some of whom could benefit from lower borrowing costs for major purchases.
Voices of Dissent

Setting a specific, longer-term timeline for maintaining low rates was unprecedented. In fact, three committee members disagreed with both the August and September statements, suggesting some dissent.6

Critics believe the Fed’s action could actually provide an incentive for households to wait to borrow or spend if they are counting on rates to remain low for a long time. Cautious consumers seem reluctant to spend and are more concerned with paying down debt and strengthening their own financial positions.7

A weak housing market indicates that few people have been willing or able to take advantage of already low mortgage rates. Tight lending standards often make it more difficult for potential buyers to qualify for financing.8

Another concern is that long periods of loose monetary policy and low interest rates could weaken the dollar and lead to higher inflation.

An Expected Twist

Prior to the September meeting, there was already an expectation that the central bank would try “Operation Twist” in an attempt to flatten the yield curve, lower long-term interest rates, and stimulate the economy.9

There is often a great amount of speculation on the part of businesses, investors, and the media prior to any official FOMC announcement. To some degree, the odds of an expected action may already be “priced into” the financial markets before any decisions are made. Surprises, however, tend to have a more dramatic effect on stock and bond prices.
Prolonged Suffering for Savers

The prospect of low interest rates for several more years could continue to make it difficult for retirees and others who rely on fixed-income investments. Returns on interest-bearing accounts and other guaranteed or lower-risk investment vehicles are unlikely to keep pace with inflation, and some investors may decide to assume more risk in pursuit of higher yields.

The central bank’s assertion that interest rates would remain low for two more years was based on its economic forecast and is not necessarily a firm promise. The Fed could tighten its policy stance if inflation rises or there is a noticeable improvement in economic conditions.

All investments are subject to market fluctuation, risk, and loss of principal. When sold, investments may be worth more or less than their original cost. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The performance of an unmanaged index is not indicative of the performance of any specific security. Individuals cannot invest directly in an index.

1) CNNMoney, August 9, 2011
2) The Wall Street Journal, August 10, 2011
3) Federal Reserve, 2011
4) CNNMoney, September 21, 2011
5) Los Angeles Times, August 10, 2011
6) The Washington Post, August 9, 2011
7–8) The New York Times, August 14, 2011
9) Reuters, September 7, 2011

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2011 Emerald Connect, Inc.

Starting an Investment Plan

With the ups and downs of the stock market in recent years, many folks have been asking whether or not this is a smart time to get involved with investing. Truth be told, there's not a bad time to consider investing. Of course, there are times to be cautious, and having a Naperville Tax Accountant is the smart way to prepare for investing for the future.

Image by septuagesima via Flickr

Why a Tax Accountant?

If you think that you only need the services of a Naperville Tax Accountant during tax time, and not when you're preparing your investment plans, you may want to reconsider. You see, any type of investment plan, whether it's a 401K or a mutual fund, is going to have tax benefits or consequences to consider. And since most folks simply aren't up to date on all of the latest tax laws, as they apply to investment plans, it only makes sense to have a knowledgeable, skilled tax and investment professional on your side.

At Lewis CPA, we specialize in all things related to taxes and finances. We help people take the smart, safe approach to investing, while covering all the bases where tax breaks or penalties are involved. Of course, no accountant or financial professional can guarantee that you'll create the perfect investment portfolio, starting your planning off, with the advice of a seasoned accounting pro certainly beats jumping into your planning for your financial future on your own.

And even though there have been some turbulent financial times in recent years, it's still possible to build a solid financial future for you and your family. You can contact us to get the professional financial advice and services you need to get your planning underway.

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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.

Professional Tax Services Make a Difference

How do you feel when it gets close to tax day? Do you, like many others, feel anxious or even nervous about filing your own tax return? If you've had enough of dealing with that yearly anxiety, it may be time to give some serious consideration to using the Naperville Tax Services provided by Susan S. Lewis Ltd. We are recognized in the Naperville area as the most reliable, and knowledgeable tax professionals. And since we do personal tax returns, small business tax returns and corporate tax returns, you can be sure that we know the ever-changing tax laws better than any accountant office in Naperville.

Business Owners Rejoice

Things can get very complex when it comes to filing business taxes. Of course, if you've been running a business of your own for any length of time, this isn't news to you. And since business tax laws change a lot every year, it can be tough for even the most financially minded business owners to stay on top of all the complicated changes. Again, this is where the Naperville Tax Services you get from our office come into play. We are known for helping local businesses take care of their taxes and keeping business on track financially. You can even hire our accounting company to take care of your business bookkeeping to help keep the company's finances organized and ready for audits.

Whether you need a personal filing or a business tax filing, you now know the area's most trusted source for reliable, accurate and trustworthy Naperville Tax Services – Susan S. Lewis Ltd. So get prepared for tax time early this year, and set up a time to discuss how we can help you with all of your tax needs.

Naperville Tax Return Preparation

You can almost set your watch by it, or at least your calendar... As tax day comes around each year, people become frenzied. It's really something to see business people, home makers and all sorts of everyday folks going a bit wild with trying to get their tax preparations completed. Some of these people will choose a tax program to do the dirty work for them. Which is fine for some, but it's important to know that some of these programs can miss a lot of deductions and savings that you could have coming to you when you file your tax return. If you don't want to miss out on those deductions, you owe it to yourself to work with the Naperville Tax Return Preparation experts at Susan S. Lewis Ltd.

Knowledgeable Staff

It's important to know that when you do get your Naperville Tax Return Preparation done by the experts at Susan S. Lewis Ltd, you are getting the assistance of real, financial professionals. There are lots of fly-by-night or seasonal tax preparation centers that pop up as we get closer to tax time. Unfortunately, though, many of the people preparing taxes for these centers simply don't have the professional knowledge and skills that you'll get when you get your taxes prepared by us.

Don't let tax preparation confusion cause you undue stress or anxiety this year. And – whatever you do – don't trust your taxes to someone who doesn't have a reputation and skills to get you the most favorable return possible. Instead count on the experts at Susan S. Lewis Ltd. You'll be amazed at how much easier it is to get through tax season when you have the pros on your side.

Taking Care of Business Taxes

When you own your own business, tax time can be one of the worst times of the year. There's just so much to keep up with. You have to get all of your financial records in order and then try to figure out all the forms that you need to submit. Of course, tax time doesn't have to be this difficult. If you have a company operating out of the Naperville area, you owe it to your business' success to work with a Naperville Corporate Tax Accountant from Susan S. Lewis Ltd. They are the area's most knowledgeable experts when it comes to helping businesses with their pressing tax filing needs.

When you are responsible for the taxes of a corporation things get really complicated. As you know the tax laws related to large businesses are always changing, which makes filing taxes difficult, if not impossible for most people. Fortunately, though, the Naperville Corporate Tax Accountant experts at Susan Lewis Ltd have the skill set to help organized all o
f your corporate tax records. They can also help your company to navigate the confusing corporate tax laws; potentially saving your company quite a bit of money.

It's best to plan ahead and anticipate the confusion and stress that accompany tax season. Instead of going it alone, or leaving your corporate tax filing to people who don't understand all the intricacies of the Naperville corporate tax laws, get the help of the best Naperville Corporate Tax Accountant professionals at Susan Lewis Ltd. With their help you can focus your attention on other, more pressing business concerns and leave the tax filing to the people who are recognized as the experts in corporate taxes.

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Where Do You Get Tax Assistance?

Let's face it – tax season is never a fun time for millions of people and businesses. If you have a good income, property and investments, filing your taxes can get downright hairy. And the unfortunate thing is lots of people never reach out for professional help from the areas top Naperville Tax Advisors here at Susan S. Lewis Ltd. Imagine being in a medical emergency and not getting professional medical advice and services. You'd never do that, right? So don't leave something as important as your tax preparations to anyone less than the best tax professionals in Naperville.

Image by agrilifetoday via Flickr

Today's tax laws are tough to deal with. And you can be sure that tax laws will continue to become more complicated in coming years. That means filing your own taxes can be stressful and time consuming. Plus, it's very easy to make complicated mistakes that could cost you quite a bit of money. Let us help you, you will get the assistance of certified public accountants who know all the ins and outs of the complicated tax laws in your area. That means you don't have to deal with the stress and that costly mistakes just won't happen.

When you have us working on your tax return, you can rest assured that your tax filing is in good hands. And you don't have to worry about staying on top of the latest, confusing tax laws any more. You'll have the area's best tax specialists to do that for you. Take it from me, getting professional tax assistance sure makes tax season a lot easier to deal with.

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Everyday Business Accounting Advice

 When you start your own business, you wind up being very protective of it. After all it takes a lot of hard work, money and sacrifice to get your business where it needs to be. Unfortunately, though, many Naperville business owners get a bit too protective and never seek out accounting or bookkeeping services from a Naperville Tax Accountant. And as your business continues to grow and change, it becomes more important than ever to have an accounting firm you can rely on.

Superior Organizational Skills

As you know, running a business means that you have to wear a lot of hats. If all of the different roles you are playing is leading to disorganized record keeping, it may be time to contact the Naperville Tax Accountant specialists at Susan S. Lewis Ltd. We are experts at keeping financial records organized. The more organized your financial records are, the better you'll be able to access crucial records when you need them most. And when the next tax payment comes due, you'll have all your records ready with less fuss and worry.

Your business is too important to leave financial bookkeeping tasks to chance. By taking time to let us pros get started on your bookkeeping now, you can concentrate on more pressing issues; all the while knowing that your financial record keeping is being performed by the area's most trusted accountants. With that kind of peace of mind, you'll be able to keep your business thriving and growing for years to come. And you'll never have to scramble again when tax time rolls around. Imagine what a relief that will be.

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