Midwest Accounting Services
At Midwest Accounting LLC, we are committed to delivering the service you deserve.At Midwest Accounting LLC, we are committed to delivering the service you deserve. Our team of accountants works one on one with clients in their place of business, bringing our professional services to you.
Whether it’s preparing monthly sales tax returns or annual business and individual tax returns, we will work with you when and where it is convenient for you.
For added conveinence, we offer a state-of-the-art, secure system for entry and sharing a variety of financial data. This is available to all our current clients 24 hours per day.
See how the professionals at Midwest Accounting can help you grow your small business, call us today for a free, personal consultation.
219.845.8615
Business Services
As a small business owner and part of Main Street, you have more important things to do than keep your own books. We take care of your record keeping for you, so you can focus on growing your small business!
Each month or quarter we'll do the following things for you...
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Reconcile your bank account
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Generate an income statement
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Generate a balance sheet
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Clean up your general ledger
- Provide unlimited consultations
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Bookeeping
Bank Reconciliation
Midwest Accounting will reconcile your bank account each month in order to keep your taxes up-to-date.
Letting us reconcile your account each month enables you to...
- Track checks, deposits, and other transactions.
- Avoid excess/unjustified bank charges
- Ensure transactions are posted correctly by your bank.
- Detect and prevent fraud from within your company.
- Understand how your small business is doing? To know all accounts need to be reconciled and properly accounted for on your financial statement.
- Manage your cash more effectively. Efficient management of cash not only saves money, it makes money.
- Protect your small business, by timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented and paid by your bank.
Income Statement
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to present a profit or loss for the period.
An income statement helps you...
- Identify revenues and expenses so that you can track the operating performance of your business.
- Track what areas of your small business are over-budget or under-budget.
- entify specific items that are over or under budget.
- rack increases in cost of goods sold as a percentage of sales.
- Determine your income tax liability.
Balance Sheet
A balance sheet gives you a snapshot of your small business' financial condition at a specific moment in time.
A balance sheet mainly helps you...
- Quickly visualize the financial condition of your small business.
- Identify and analyze trends. This is especially useful when examining accounts receivable and payable.
- Understand if your small business is in a position to expand, acquire, or be acquired.
- Determine if your small business can accommodate the normal ups and downs of revenues and expenses
- Identify if you need to take immediate steps to increase cash reserves?
Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant to your small business.
Keeping a Clean General Ledger
The general ledger is the basis of your company's financial records. The ledger constitutes the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger negatively effects your recordkeeping.
When Midwest Accounting LLC reviews your general ledger system each month, we proactively identify any discrepancies such as double billings or unrecorded payments. Then we'll fix the discrepancies so your books are always accurate.
Payroll
Paying employees has become extremely time consuming and complicated for small business owners on Main Street.
On average, small business owners spend 12 full days a year managing payroll on their own. That's valuable time lost that could instead be spent generating sales, prospecting new business opportunities, improving products or serving customers.
We offer payroll solutions across the Midwest that meet the small business' needs of Main Steet. Our service enables you to spend time doing what you do best--running your small business. This service features our unique secure, online portal for data entry, at your convenience. Click here to see a demonstration video.
Why Outsource Your Payroll?
It's Cost Effective
Use your staff more efficiently by letting us handle payroll and the associated tax reporting details.
It's a Time Saver
Our payroll service eliminates the burden of customizing, updating and maintaining your own payroll system--no more data entry, no more researching updates or new tax laws.
It Eliminates Worries
Eliminate the risks of calculating and filing your own payroll taxes. Federal, state and local payroll tax laws are frequently changing and becoming more complex.
We supply Comprehensive Reports
You get access to a wide variety of user-friendly and accurate payroll reports. We can also supply union reports, certified payroll, workers' compensation reports and much more.
Get the Payroll Solution Customized to Fit Your Needs
We know that when it comes to payroll service - no one size fits all. That's why we offer the following 3 custom payroll processing options.
Comprehensive Payroll Services
Our Comprehensive Payroll Service takes care of all of the payroll processing for you. You'll receive:
Your payroll checks prepared and printed on-time, every-time (and online, if you'd like)
Payroll checks are laser printed on "blank" check stock to ensure maximum security and meet the standards as set forth by the Federal Reserve System.
- Free Direct Deposits
- Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
- User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms.
- Detailed reports on your employee's vacation, sick days, and personal days accruals.
- Creation and filing of the required new hire reports
After-the-Fact-Payroll Services
We will take your manually-prepared payroll records and other payroll information and post this information to our data files. You'll get:
- Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
- User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms.
- Detailed reports on your employee's vacation, sick days, and personal days accruals.
- Creation and filing of the required new hire reports
- Your payroll records maintained.
Online Payroll Processing
Entering your employee's hours and earnings securely online. With this service you'll get:
- The ability to instantly print payroll checks on your own printer.
- Free Direct Deposits
- Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
- User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms.
- Detailed reports on your employee's vacation, sick days, and personal days accruals.
- Creation and filing of the required new hire reports
To see a demonstration video of this service and our online, secure portal click here.
Special Payroll Reports Service
We can also prepare the following reports for you:
- Worker's Compensation Audits
- Unemployment Claims
- Social Security Audits
- Child Support Audits
- W-2 and W-3 processing
- 1099 and 1096 processing
- Preparation/assistance with Federal and State registration forms
How much does it all cost?
In order to give you an accurate price for our payroll services we need to know a little more about your business and what services you're interested in. Our prices are very affordable. Just give us a call or click here to contact us.
Cash Flow Management
Of course, as a small business on Main Street your goal is to make money and create wealth; everything is better when your revenue is greater than your expenses.
If you've been in a situation where your expenses exceed your revenues for an extended period, you understand how challenging it can be. Midwest Accounting LLC can help!
Our cash management service help your small business:
- Anticipate when, where, and how your cash needs will arise.
- Identify the best sources for meeting your additional cash needs.
- Prepare to meet these needs when they occur.
The starting point for avoiding a cash crunch is allowing us to develop a cash flow projection for you. We can help you develop both short-term (weekly, monthly) cash flow projections to help you manage daily cash, and long-term (annual, 3-5 year) cash flow projections to help you develop the necessary capital strategy to meet your small business needs.
We also prepare historical cash flow statements to help you gain an understanding about where your money was spent.
Creating an accurate cash flow projection is just one of the many cash management services we provide.
You also get...
- Help obtaining an appropriate line of credit
- Cash collection acceleration techniques
- Proven effective collection policies
- Proven effective payment policies
- Help obtaining the maximum rate of return on your idle cash
Start a New Business
Let's Start Your Business Together
There are several companies out there claiming to make incorporation easy and inexpensive. Generally, they only provide the first step in legally getting your small business started. What will you do about the various federal and state tax filings required? Who will handle setting up financial and accounting aspects of your new business? Midwest Accounting LLC has been providing these services for over 50 years! Let us be your business accountant partner, while you grow your company!
Midwest Accounting LLC is here to provide turnkey administrative support for business startups in all 50 states. are partners with Main Street. Whether you want to create a partnership, or incorporate, we make it easy and convenient.
Simply complete the basic information requirements in the following form and click the "submit" button. We will contact you shortly to discuss pricing and complete the application. Its that easy! Once complete, you will receive electronic and paper copies of all the documents necessary to get your business going.
Not sure what type of "entity" is best for you? Contact us and we will help you decide.
Once you've decided on your entity type, let us take care of the rest!
Strategic Business Plan
According to the Small Business Administration, less than 50% of all small business owners operate with a Strategic Business Plan. Without a strategic plan, how can you be sure that you have accurately identifed your strengths? How do you shore up weaknesses? What can be done to levage your resources and expose more opportunities? Do you know what the greatest threats to your small business are?
Midwest Accounting LLC can hlep you develop a strategic business plan for everyday.
Additionally, a strategic busness plan is certainly needed when:
- Starting a new venture, product or service
- Expanding a current organization, product or service
- Buying a new business, product or service
- Turning around a declining business
The Strategic Plan provides a blueprint, describing your company, its products, the competitive environment, management team, financial health, and business risks.
The plan enables you to:
- Identify and describe the target customer profile, features, advantages and benefits of your new venture, product or service.
- Justify that your plans are credible by fully researching the need being filled with your new venture.
- Develop marketing plans including full descriptions of targeted promotional campaigns with implementation timelines. You also get to examine market conditions, the nature of your customers, as well as your competitors, sales potential, and projected results of your promotional campaigns.
- Develop staffing plans including identifying the key players, skills, attitudes and expertise needed to build the venture.
- Develop management plans including full descriptions of management systems and timelines for implementation.
- Develop financial plans including projected startup costs, operating costs, revenue, profits, and break-even analysis for the first 3 to 5 years.
- Projected financial plans allow you to effectively predict upcoming problems, or prevent them. In other words, the perspective gained through your Strategic Business Plan can make a significant contribution to your company's success, and help you get the funding you require.
- Identify building and equipment needs including vendors and cost estimates.
- Formulate company milestones including timelines for upcoming products and services in development.
Internal Controls
Even small businesses on Main Street can benefit from internal control evaluation. With this service Midwest Accounting LLC evaluates your small business' operations to determine if the appropriate processes are in place. We also ensure proper handling of resources and help protect your small business from employee theft.
Midwest Accounting LLC assesses your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your small business become stronger and more profitable by correcting any inefficient or ineffective operating procedures.
What we do for you...
- Implement segregation of duties so that duties are divided among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.
- Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available.
- Ensure records are routinely reviewed and reconciled, by someone other than the preparer or transactor, to determine that transactions have been properly processed.
- Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.
- Document policies and procedures and making them accessible to employees. The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.
- Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.
Demo of Secure Portal
Video Demonstration of Our Secure Client Web Portal (Click Play)
Accounting Services
Midwest Accounting LLC has two Certified Public Accountants on staff. We are highly prepared to provide small businesses on Main Street with expert tax preparation and tax planning.
We take pride in partnering with small business to formulate legal tax reduction strategies. Additionally, our firm has the resources necessary to ensure that all your tax and reporting obligations are taken care of in an accurate and timely manner.
Tax Preparation
Today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional and/or CPA.
Midwest Accounting LLC takes the worry out of filing your tax return. We specialize in all areas of tax preparation. Whether you are an individual, sole proprietorship, corporation, partnership or LLC, we can provide the tax help you need. We prepare and electronically file your returns for you.
Our experienced accountants and CPA's will prepare your taxes in an accurate and timely manner. We help you minimize your tax liability, pay the lowest possible taxes and maximize your refund at the end of the year. We stand behind our work and are available year round for tax planning and to assist you in case of an IRS audit.
We process the following returns for you:
- Individual (1040)
- Sole Proprietorships (1040 Schedule C)
- Fiduciary (1041)
- C Corp (1120C)
- S Corp (1120S)
- Partnerships (1065)
- LLC's (1040 or 1120)
- Non Profit Organizations (990)
- Estate Tax (706)
- Gift Tax (709)
- IRS Back Taxes
Individual Tax Preparation – We offer full service tax preparation to individuals to assist you at tax time and thoughout the year. We help you minimize your tax liability, pay the lowest possible taxes and maximize your refund at the end of the year. We are also available year round for tax planning and to assist you in case of an IRS audit.
Small Business Tax Preparation - We offer income tax preparationfor corporations, partnerships, LLCs and non profit organization. We also offer Audit assistance and free review of prior year income tax returns. Tax forms includes 1120, 1120S, 1065, and 990. We will prepare your business taxes accurately and in a timely manner.
Self Employment/1099 Tax Preparation - The Self-Employment Tax is how an independent contractor pays Social Security and Medicare payroll taxes. We will prepare a schedule C along with your 1040 tax return so that your taxes are appropiately recorded and paid to the IRS.
Gift & Estate Taxes - The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not. The Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death. Will will prepare federal and state taxes that apply to your estate.
Here's what you get:
- Your small business or individul tax return will be checked and rechecked by our CPA's and computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
- Your tax return can be filed electronically so you will get a refund in a little as 8 days.
- We will show you how to adjust your payroll withholding to get more money back each week.
- We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.
Behind on Tax Preparation? No Problem!
If you own a small business or are an individual and haven't kept up on bookkeeping, don't worry. We can help you. We'll prepare your overdue bookkeeping, prepare a full Schedule C, 1120S, 1120C, 1065 or 990, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in order for years to come.
Tax Planning
Planning is the key to successfully and legally reducing your small business or personal tax liability. Midwest Accounting LLC goes beyond tax compliance and assertively recommends tax saving strategies to maximize your after-tax income.
We make it a priority to enhance our understanding of the current tax law, tax code, and new tax regulations by attending frequent tax seminars.
Small businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize taxes throughout the year.
We recommend Tax Saving Strategies that help you:
- Grow and preserve assets.
- Defer income
- Reduce taxes on your income.
- Reduce taxes on your estate.
- Reduce taxes on your gifts.
- Reduce taxes on your investments.
- Reduce taxes on your retirement distributions.
Here are examples of the legal Tax Saving Strategies we use:
- Splitting income among several family members or legal entities in order to get more of the income taxed in lower brackets.
- Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
- Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
- Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
- Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.
We work for you and your small business not the IRS. Clients often save many times our fee in reduced tax liability through careful planning and legitimate tax strategies.
Tax Resolution
Are you having problems with the IRS?
We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and of course, extremely discrete. The IRS problems will not just go away by themselves; they just keep getting worse with penalties and interest being added each day.
If you owe the IRS, you have a very serious problem. It may take the IRS several years to catch up to you, but they're relentless and have no mercy in collecting all the money that is owed. When the collection process starts, they'll make your life miserable and literally ruin all aspects of your life.
Please take a look through our complete IRS problem resolution services by clicking on the links below.
IRS Problems
- Have you received an IRS audit notification? See IRS Audit Representation.
- Haven't filed your tax returns for years? See non-filed Tax Returns.
- Do you owe Back Taxes?
- Do you have Payroll Tax Problems?
- Has the IRS placed tax liens on your home? See Liens.
- Is the IRS threatening to seize your bank account and take your money out of the bank. See Levies.
- Is the IRS threatening to take your paycheck, 401(k), and other retirement accounts? See Wage Garnishments.
- Is the IRS threatening to seize your personal property? See IRS seizures.
IRS Solutions
- Owe the IRS a lot of money? - Settle for pennies on the dollar! See Offers In Compromise.
- Need more time to pay. See Payment Plan.
- Like to get out of a tax debt caused by misdeeds committed by your spouse? See Innocent Spouse Relief.
- Like to see what the IRS has on you. See Your IRS File.
IRS Representation
Very little is as unnerving than receiving an IRS Audit letter in the mail. Audits take significant time away from your small business and family. They require that you gather lots of records substantiating each and every item reported on your tax return and develop a comprehensive understanding of tax law.
The IRS is unwavering in its mission to determine the accuracy of your tax return. If you don't comply with the Auditors' wishes, the IRS will recalculate your tax and give you a new (higher) tax bill.
Many taxpayers decide to handle a tax audit themselves, and discover that's it much more difficult than it seems. The taxpayer may avoid a representative's fee, but will typically receive a substantial bill for a significant tax deficiency.
IRS Auditors are trained to extract more information from you than you have a legal obligation to provide. IRS Auditors know that most taxpayers fear them and don't understand their rights. Midwest Accounting LLC is here to stand on your side!
Rarely do our clients even have to talk with the IRS. We handle it all for you so that you do not have to take time away from your small business or job to handle the bureaucracy and paperwork of the IRS. No lost wages or opportunity. You simply forward notification of an audit to us and we handle it from A to Z.
Non-Filed Tax Returns
The IRS is getting more sophisticated. If you haven't filed your small business or personal tax returns, t's just a matter of time before they catch up with you.
Failing to file your tax returnsis a criminal offense. If you do not file, you can be prosecuted and punished with potential jail time, one year for each year not filed. Why risk possibly losing your freedom for failing to file your tax returns!
Let Midwest Accounting LLC give your small business/you peace of mind. We will help you get in compliance with the law. If you voluntarily file your delinquent returns you'll likely avoid further problems beyond more than having to pay interest and penalties.
If you wait for the IRS to file your returns for you, they are filed in the best interest of the government, usually with little or none of the deductions you are entitled to.
Before anything can be done to help you with the situation, all the returns must be filed. In most cases, you will likely owe taxes, interest, and penalties after the returns are filed. Once we see how much is owed, we'll set a course of action to get you in good stead.
Back Taxes Owed
Did you file your small business or individual tax returns, but didn't have the money to pay what was owed? When will you pay the amount due? Later this year? Next year? In a couple years? Before you know it you'll find yourself several years in arrears. Eventually you'll receive a notice from the IRS, stating that you owe three or four times the original amount.
It's shocking how fast tax penalties and interest add up. You have a choice. You can write a big check and pay the full amount, including interest and penalties, or you can just keep ignoring them while the penalties and interest accrue.
Midwest Accounting LLC can help you find options when it comes to resolving unpaid taxes.
Payroll Tax Problems
The IRS views failing to pay payroll taxes as the worst kind of delinquency because a large portion of the payroll taxes are your employees' withholdings. Not paying your company's payroll taxes is like taking your employees' money in the eyes of the IRS.
As a result, penalties for failing to pay your payroll taxes and filing your payroll tax returns on time are much more severe than other types of penalties. These types of penalties can drastically multiply the amount you owe in a very short time.
If you are behind on paying payroll taxes for your company, Midwest Accounting LLC can help. The IRS however, is extremely aggressive in collecting this type of tax. They would rather seize your business assets, close you down, sell your assets at auction, and put you out of business than allow you to continue amassing additional payroll tax liabilities.
If you are behind on your payroll taxes, DO NOT meet with the IRS on your own. How you answer their initial questions can determine whether you stay in business. It is critical you hire a professional representative who knows how the IRS operates.
IRS Liens
Federal tax liens can really make your life challenging! When your taxes are not paid, the IRS establishes a lien against all of your assets (especially real estate). This gives the IRS the legal right to collect taxes from the sale of your assets, which includes just about anything you own.
The lien can be against you, your spouse, or your small business. A lien against your company would seize your accounts receivables. At that point everything you own is in jeopardy of becoming the property of the United States Government.
Liens filed against a debtor by the IRS also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home.
IRS Levies
Levies can really do a lot of damage to your quality of life. A levy is the IRS's way of getting your immediate attention. This course of action is the IRS's indiation that, they have tried to communicate with you but have been ignored. Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes checking accounts, auto's, stocks, bonds, boats, paychecks, and even Social Security checks!
Midwest Accounting LLC can help. If the IRS is unable to collect enough of your cash and assets to offset your debt, they'll claim your money until your tax liability is eliminated. Their sole objective is to collect the taxes owed.
Even worse is a wage levy (or wage garnishment). That's when most of your pay check goes to the IRS. They don't even leave you enough to pay the bills, and most of your check goes to the IRS each and every week until the debt is paid.
Another course of action taken by the IRS seizure of assets. The IRS will then sell your assets at auction; that includes everything you own; home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, anything of value.
We are often able to get levies released and help you get out of this terrible situation. Our goal is to help you return to good standing with the IRS, paying just what you can afford.
IRS Wage Garnishment
Imagine you received a notice of "intent to Levy" 30 days ago and you forgot or ignored it. Now it's Payday. Expecting a paycheck, you open the envelope and find that the IRS has taken most of your money. What's left is not enough to pay the rent, car payment, buy groceries, or pay the rest of the bills. This action will continue on every check due you, until the tax owed is paid in full.
Now you're in big financial trouble and Midwest Accounting LLC can help. No matter how hard you plead with your employer they can not give you your money. Because once a wage garnishment is filed with your employer, your employer is required by law to collect a large percentage of your paycheck.
We are regularly retained to negotiate the release of IRS wage garnishments by arranging a payment plan. The payment plan negotiated by us is always more favorable than any IRS wage garnishment. It allows you to receive your whole paycheck without fear of future wage garnishments.
IRS Seizures
Unlike the levy which involves intangible assets such as your bank account, a seizure is the taking of physical assets, such as your home or car. Seizures usually happen in aggravated cases when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.
A Seizure should not be taken lightly. The IRS will ultimately pursue seizure of your physical assets. Many a newspaper or television show has reported citizens being forced out of their homes after it was sold at an IRS auction, often for as little as half its value.
When the IRS seizes your assets they want to quickly sell them at auction. They often seize everything you own including your home, cars, boats, jewelry, motorcycles, insurance polices, and even your retirement funds.
Offers in Compromise
Did you know that you can settle your debt with the IRS for just pennies on the dollar with their Offer in Compromise program? The program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay.
The IRS Code states: "We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential..." (Internal Revenue Code section 7122).
Often it is possible to fully and completely eliminate the taxes you owe - including all penalties and interest - at a significant discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done adeptly.
If done correctly your debt may be settled for only 5-15% of what you presently owe. The key is to determine the least amount that the IRS will accept from you before you make the offer.
IRS Payment Plan
If you don't qualify for the IRS Offer In Compromise program, a Payment Plan may be the way to resolve your problem. Setting up a payment plan with the IRS gives you a little more time to pay off your tax debts.
Unfortunately, penalties and interest will continue to be charged on your outstanding balance as you pay the debt off. You are required by law to pay the interest on your tax debt.
The good news is that there's a chance we can get your tax penalties removed.
Bankruptcy
Your back taxes, interest and penalties can be wiped out by filing bankruptcy. If you qualify, bankruptcy can be the best solution to resolve your crushing tax problems.
Unfortunately, not everyone qualifies to wipe out their tax debt in bankruptcy. Certain rules have to be met first. If you file bankruptcy and don't meet the rules, the IRS will still be in hot pursuit after your bankruptcy is over. Proper pre-bankruptcy planning is key to determining if bankruptcy is or can be a viable solution.
Financial Planning
Building and preserving your personal wealth requires specialized attention. With Midwest Accounting LLC, you get one-on-one guidance and a comprehensive financial plan that helps manage risk, improve performance, and ensure the growth and longevity of your wealth.
We help you:
- Save enough for a comfortable retirement by identifying your retirement needs, analyzing your assets and sources of retirement income, reviewing estimated shortfalls, and identifying the best ways to save for retirement given your financial situation and risk tolerance.
- Pay for your child's college education by accurately estimating the amount of money you'll need, analyzing your assets, reviewing estimated shortfalls and considering general alternatives and strategies to help address these potential shortfalls, and developing an optimal savings plan given your financial situation and risk tolerance.
- Protect your family in case of you become disabled by ensuring you have enough money in your emergency fund and analyzing your life, disability, health, home, and auto insurance coverage. We also review your will and various powers of attorney designed to take care of your affairs in the event you are incapacitated and can't manage them yourself.
- Achieve your investment goals by identifying the steps needed to maximize your investment returns as well as the steps needed to help minimize your risk while building increased predictability of your investment returns.
- Maximize the value of your estate by saving tax dollars, professional fees, and court costs. We also minimize the costs of probate, creditors, lawyers, and estate taxes, which can negatively impact the value of your estate. Midwest Accounting LLC help you stay in control of your affairs by providing a road map for passing your estate on to your heirs.
Personal Financial Services
Building and preserving your personal wealth requires specialized attention. You get one-on-one guidance and a comprehensive financial plan that helps manage risk, improve performance, and ensure the growth and longevity of your wealth.
We help you...
Save enough for a comfortable retirement by identifying your retirement needs, analyzing your assets and sources of retirement income, reviewing estimated shortfalls, and identifying the best ways to save for retirement given your financial situation and risk tolerance.
Pay for your child's college education by accurately estimating the amount of money you'll need, analyzing your assets, reviewing estimated shortfalls and considering general alternatives and strategies to help address these potential shortfalls, and developing an optimal savings plan given your financial situation and risk tolerance.
Protect your family in case of you become disabled by ensuring you have enough money in your emergency fund and analyzing your life, disability, health, home, and auto insurance coverage. We also review your will and various powers of attorney designed to take care of your affairs in the event you are incapacitated and can't manage them yourself.
Achieve your investment goals by identifying the steps needed to maximize your investment returns as well as the steps needed to help minimize your risk while building increased predictability of your investment returns.
Leave a legacy for your heirs by maximizing the value of your estate by saving tax dollars, professional fees, and court costs. As well as minimizing the costs of probate, creditors, lawyers, and estate taxes, which can negatively impact the value of your estate. We also help you stay in control of your affairs by providing a road map for passing your estate on to your heirs.
A financial plan's true value comes with its implementation.
Estate Planning
Estate planning on your own can be complicated and costly. There is an endless list of things to consider: state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns, eligibility of heirs, life insurance, IRA's, 401K's, annuities, burial or cremation costs, and intent regarding death-postponing treatment. Being unaware of your legal and financial rights often ends up costing you more in the end.
Thoughts of estate planning often bring more questions than answers. Could an heir be too young to inherit? Should the inheritance be given at a certain age? Is the intended beneficiary in a shaky marriage with divorce as a possibility? Are there children from a previous marriage? Should inheritance be protected from potential creditors of the heir? Are there taxes that can be avoided? Are you able to avoid the probate court rules, delays, and costs?
Planning what happens to your estate when you're gone can seem frustrating and intimidating without qualified help.
You may feel that you're too young to care about estate planning. Or, perhaps the reminder of death makes you uncomfortable. You might be tempted to put the whole thing off, assuming that it will just take care of itself. In all cases, estate planning ends up saving your family lots of time, heartache and money.
And we can help.
Every estate planning situation is different. In order to help you, we want to know you, your unique situation, and the nature of your relationships. We offer discussion, recommendations and useful research tools to make your planning simple, efficient, and worry-free. We are available throughout the process for further discussion regarding questions, change of circumstances, and alternatives. At every step, we'll be there with you.
Midwest Accounting LLC will:
- Clearly define your estate planning goals.
- Organize and create your estate planning team (experts on law, finance, and taxes) if you need one.
- Evaluate and recommend estate planning options.
- Prepare, organize and review your estate planning documents including current wills, trusts, health care and power of attorney.
- Decrease the problems and expenses associated with probate.
- Lessen taxes at time of death.
- Arrange for management of your estate in the event you are incapacitated.
- Draft a working plan for conserving and effectively managing your estate after death.
- Transfer the assets of your estate to heirs the way you want.
- Organize fair and adequate liquidation of estate to cover taxes and other expenses.
- Amend your plan as needed.
Midwest Accounting LLC can also assist with:
- Living Wills and Trusts.
- Lifetime Family Wealth Transfers.
- Family partnerships and other business relationships.
- Leaving money to charities.
- Preparation for estate and trust tax problems.
The hassles and red tape associated with estate planning can be daunting, but you don't need to do it alone. Our team is waiting to assist you through every step of the process.
Senior Services
Midwest Accounting LLC offers senior services. With us you get the help of a caring, honest and knowledgeable professional. Someone on your team, looking out for you, your parents' or your grandparents' best interests.
Midwest Accounting LLC can help in all the following areas:
- Planning retirement account distributions and safeguard against improper disbursements.
- Organizing and reviewing personal, financial, and legal documents.
- Preparing an inventory of personal assets and investments.
- Identifying and planning their retirement income, needs, and goals.
- Determining current and long-term cash flow needs by analyzing income and expenses.
- Addressing questions about lifestyle, Social Security, pensions, Medicare, and long-term insurance.
- Monitoring investment portfolio and other assets in conjunction with their investment advisor.
- Preparing, planning and filing income, trust, gift and estate tax.
- Providing referrals to local services and agencies.
- Estate Planning & Medicaid Planning
Planning for the future is important, and the above services are crucial to help you or your elderly family members maintain their independence and financial freedom.
Retirement Planning
A little retirement planning now can make a huge difference later. But with daily responsibilities and competing financial priorities, it can be easy to put off.
Midwest Accounting LLC can help you develop a strategic retirement plan. We have the resources you need. Together, we can help you develop a solid retirement savings strategy that can help ensure you'll have enough income to live comfortably after you stop working.
QuickBooks Services
Midwest Accounting LLC has QuickBooks experts onhand to answer your questions. Although this program is designed for the layman to understand, the initial setup and installation must be done correctly in order for future information to be accurate.
All information necessary to setup manual accounting records is also necessary to setup and install QuickBooks on your desktop. This task is even more complicated if you switch from manual accounting operations to QuickBooks in the middle of the fiscal year.
Which accounting method will you use? What chart of accounts do you need for your business? How do you handle beginning balances?
An expert can easily answer all of these questions and complete the initial Setup and Installation in a timely manner. In addition, we can train your accounting employees on this accounting software to enhance their performance.
How much does it cost? We first want to find out a little more about your business and your accounting records before we quote an exact price. Rest assured that we work with many small business owners and our rates are designed to fit the budgets of our clients.
As with any accounting software program, installation and training take time - time taken away from managing your business.
Here's a short list of the services we provide during your QuickBooks setup:
- Study and evaluate your software and accounting needs.
- Recommend software and hardware requirements.
- Install software, design and set up chart of accounts and entire accounting package including payroll, accounts receivable, inventory, accounts payable, etc.
- Loading your chart of account and balances
- Entering your outstanding accounts receivable and accounts payable details as of your starting date
- Entering your ending statement bank balances and outstanding checks & deposits in transit as of your starting date
- Printing a trial balance as of your starting date and comparing it to your trial balance from your old system
- Entering your transactions since your starting date into QuickBooks
- Train client or client staff in use of software to meet their accounting, management and tax needs.
Ongoing Services:
- Follow up training to ensure the client is "on the right track".
- Monthly, quarterly or annual review of client QuickBooks data to assist in tax preparation and management reports
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7433 Indianapolis Blvd, Hammond, IN 46324 | 219.845.8615
We are committed to delivering the service you deserve. Our team of accountants works
one on one with clients in their place of business, bringing our professional services to you!