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Business Planning

 We’re there for you when your business needs a fresh set of eyes to uncover hidden potential or shed light on problem areas.

  • Tax preparation and planning
  • Department and company auditing
  • Payroll and Accounting
  • Financial Planning
  • Real Estate & Business Sales and Set up
  • Office Support
  • Promotional Products
  • Cleaning Services
  • Annual reporting

Professional Accounting Services Since 1984

1050 N. State Street Suite 301 Chicago IL 60610
Business Hours: Mon - Fri: 8am - 8pm | Sat - Sun: By Appointment
Free parking voucher upon your visit.

Consulting Tax Resolution


Call Checks & Balances (312) 329-9244 today!

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Tax Tip

Accounting/Tax Service

 Whether you need expert accounting services or a comprehensive audit of your business, we have trained professionals to tackle any situation.

6 Tax Tips for Startups:

  1. Pick a Business Structure (Sole Proprietorship, Partnership, an S or C corp) Each come with different tax rules and different filing requirements 
  2. Pick a Tax Year – How and When a business files its taxes is determined by its tax year, which can either match the calendar year, or be a fiscal year of any 12 consecutive months.
  3. Know your Business Taxes – Besides income tax, a business may be subject to self-employment tax, employment tax and/or excise tax, depending in large part on the business structure chosen.
  4. Pick an accounting method – Depending on the type of business - You will need to determine which set of rules to use for reporting income and expenses, which the IRS expects you to use consistently. The two most common methods are cash and accrual method
  5. Keep good records – You will need good records and books to identify income track deductible expenses, track basis in property; substantiate purchases, sales payroll and other transactions.
  6. Sign up for an EIN – Many businesses will need to apply for an Employer Identification Number, or Federal Tax ID Number, to identify themselves as a business entity in their interactions with the government. Those that have changed their ownership or structure often need to get new EIN, too.

You don’t have to figure it out alone. Checks and Balances (Chicago) can help you every step of the way. Call  312 329 9244 or email Kathy today!