Generally, you should consider utilizing our firm if you, your spouse, or domestic partner:

• Are self-employed or have a business on the side;
• Possess real estate other than your personal residence;
• Hold significant investments;
• Are expecting to start a business or acquire real estate other than your personal residence; OR
• Were appointed the administrator of an estate of a person who just passed away

Call us to discuss your personal income taxes, and let’s figure out together if my firm is the right fit.

Tom possess over nineteen years of experience preparing more complicated individual tax returns and conducting planning meetings. He also earned a Masters in Science in Taxation from Northern Illinois University (4.0 out of 4.0 GPA). If you want something done both creatively but also lawfully, he is your tax professional! See About Us for additional information about Tom’s qualifications and philosophy.

Some examples of ways that Tom and his staff have helped individuals like you minimize tax bills after determining that the benefits exceeded the costs:

• Utilizing depreciation rules to minimize your income taxes;
• Performing “what if” projections including for AMT; and
• Helping your small business accelerate its deductions.

These are just some of the ways that we can help you meet your financial goals! Contact Us now to help!

Once cash flows have been stabilized, the next concern is income taxes. For a highly profitable business, income taxes could be your highest expense.

Minimizing income taxes requires an holistic approach, balancing the benefits of such planning against the costs of implementing and operating such planning.

Tom possess over twenty years of experience preparing closely held business tax returns and conducting planning meetings. He also earned a Masters in Science in Taxation from Northern Illinois University (4.0 out of 4.0 GPA). If you want something done both creatively AND lawfully, Tom is your tax professional! Be sure to see the About Us page for additional information about Tom’s qualifications and philosophy.

Some examples of ways that Tom and his staff have helped individuals like you minimize tax bills after determining that the benefits exceeded the costs:

• Adopting IRS-acceptable accounting methods that minimize revenue recognition and accelerate deductions.
• Recommending economic transactions that allow money to be put back into your pocket with a minimal amount of tax outlay through retirement plans, incorporating, filing a S election, and other means.
• Planning estate tax reductions and for ownership succession through life insurance funded buyouts, gifting, employee stock compensation plans with vesting requirements, trust creation and other techniques.
• Determining ways to handle out of state taxes. States are looking at out of state business to close their budget gaps since non-resident businesses do not vote in elections. I have assisted in minimizing exposure to these states. However, an assessment needs to be made to determine whether paying taxes in both states reduces the overall taxes! I can help in both of these functions.

These are just some of the ways that we can help you meet your financial goals! Contact Us now to help your business grow!

Despite being the backbone of our economy, small and mid-sized business owners like you face a litany of challenges from the large, well funded corporations, government regulations, and taxes. In addition, financing can be difficult to obtain. Success or failure is based upon planning and execution.

We can assist in both planning and execution. You can benefit from Tom Franklin’s twenty years of experience as a CPA consultant, banker and Chief Financial Officer (see About Us for additional information). We can assist you in making your business grow and succeed.

Day to day advice and services includes the following:

• Obtaining additional financing. Preparing or attesting financial statements when banks require such analysis. Determining alternative sources of financing when banks say no.
• Training staff on performing accounting functions.
• Maximizing deductions and minimizing income to minimize the income tax implications.
• Setting up internal controls so more work can be delegated to other employees.
• Compiling, reviewing or auditing your financial statements to obtain financing.
• Determining exit strategies. Have you contemplated plans for your business and loved ones if you become disabled, terminally sick, or pass away?

Some services for start-up business include advice on the following, based upon interviews of your goals. Advice may include, but is not limited to, the following:

• Entity structure. Which entity produces maximum tax benefits? Which entity is more conducive to obtaining outside equity? Which entity provides liability protection?
• Acquisition of a business. Do you need a due diligence examination performed? What are creative ways whereby the seller is assuming some risk for you to succeed?
• Business plan. Do you need someone to examine you budget? Do you need assistance in preparing the budget?

The list of your needs will be specific to your particular background, industry, and goals. Contact Us to help your business grow!

Tom’s experience includes extensive time in the following areas:

• Rental real estate—commercial and residential.
• Real estate construction
• Raw land development
• Property investments
• Homeowner Associations

Some examples of ways that we have helped real estate owners like you increase wealth include the following:

• Setting up management companies
• Accelerating deductions through cost segregation studies and other techniques
• Deferring gains through like kind exchanges
• Minimizing gains on debt workouts
• Reviewing leases to determine cost reimbursements from tenants
• Deferring income for real estate developers
• Allocating costs for real estate developers
• Assisting with cash flow budget projections
• Preparing financial statements for bank loans
• Establishing accounting systems

These are just some of the ways that we can help you manage the financial aspects of your real estate holdings! Contact Us now to discuss how we can help your particular situation!

As Tom has experienced personally, serving on a board of a homeowner association can be quite a thankless job. Your decisions may be second guessed by current and future association members, which is why you need a trusted group of advisors around you.

Here’s a sampling of how Tom has helped homeowner associations like yours:

• 1. Filing delinquent income tax returns for several homeowner associations, some of which were delinquent for over seven years.
• 2. Establishing a simplified accounting structure for small to medium size townhome associations whereby the association can download its banking activity into its accounting software.
• 3. Helping to produce a five year reserve budget.
• 4. Producing financial statements.

These are just some of the ways that we can help you meet your homeowner association’s financial goals! Contact Us now to discuss being a part of your board’s group of advisors!

The passing of a loved one already involves much grief without having to deal with taxes as well. Unfortunately, filing requirements often need to be honored based upon the trust instrument or will of the deceased. We will help you meet these needs in the most compassionate and thoughtful way possible.

Tom has been involved with estates and trusts for over ten years. He has reviewed and prepared the returns for the final year of the decedent, as well as the returns for the trusts or estates that result from the death of the loved one.

Because each situation is different dependent upon the estate and gift tax strategy, the portfolio of assets and liabilities, and the goals of the beneficiaries, listing all of our services available would be difficult. Some of our services available include the following:

• Working with the estate attorney so the attorney’s strategy is being implemented.
• Reviewing the trust instrument and will as well as the applicable state Principal and Income Act to determine the appropriate reporting of the income and expenses on the trust or estate’s books for purposes of distributions, distributions to beneficiaries, and proper reporting on the tax return.
• Recommending corrective distributions immediately if something comes to light when the yearend accounting is being performed.
• Determining the timing and amount of distributions. vGathering the necessary documents from the appropriate sources to file a correct return.
• Making the necessary tax elections to maximize benefits.
• Determining estimated tax payments

We can also assist in the preparation of the federal and state estate tax returns. Contact Us to help carry out the goals of the deceased.

The income, estate and gift tax laws were created for married, not unmarried, couples. Most preparers are unaware of the opportunities and risks surrounding unmarried couples. Situations in which to call us include the following:

• You and your life partner have disparate wealth and income, or
• You and/or your life partner are self employed.

Tom possess over twenty years of experience preparing “more complicated” individual tax returns and conducting planning meetings. He also earned a Masters in Science in Taxation from Northern Illinois University (4.0 out of 4.0 GPA). If you want something done both creatively and lawfully, Tom is your tax professional! Be sure to see the About Us page for additional information about Tom’s qualifications and philosophy.

Examples of ways that we have helped unmarried couples like you increase or protect their wealth:

• Selling loss stocks and year end and having the significant other acquired the same stock to generate capital loss offsets. Wash sale rules generally do not apply to unmarried couples.
• Implementing gifting and other economic arrangements that provide support to the significant other who has lesser economic means.
• Reporting proper gifting between domestic partners. Unmarried couples do not qualify for the martial exemption that married couples enjoy.
• Planning from a holistic approach by talking to both domestic partners.
• Assisting in establishing a system to pay bills to provide more flexibility as to whether a taxpayer is entitled to a deduction.

These are just some of the ways that we can help you meet your financial goals! Contact Us now to discuss becoming an advisor to your family!