Common Questions About Our Services
We primarily work with QuickBooks Online and QuickBooks Desktop. However, we understand that businesses have different accounting needs and can work with clients using other accounting software. We can help determine an approach that supports accurate financial records and efficient reporting.
The documents needed depend on your individual or business tax situation. Common items include prior-year tax returns, W-2s, Forms 1099 and K-1, mortgage interest statements, records of deductible expenses and information about investments or other income.
Business clients may also need to provide profit and loss statements, balance sheets, payroll records, asset purchase information and other financial documentation.
We will help identify the documents required for your particular return and provide a secure method for submitting sensitive financial information.
The information we need depends on the accounting services being provided. Typically, we request bank and credit card statements, invoices, receipts, payroll records, and other documents supporting your business transactions.
We may also need access to your accounting software, point-of-sale system or financial reports. We will work with you to establish an efficient process for exchanging information and maintaining accurate records, using secure and appropriately authorized access where needed.
Generally, the IRS recommends keeping documents supporting a federal income tax return for at least three years after filing. However, certain circumstances require longer retention periods.
For example, some substantial income underreporting situations require six years, certain bad debt or worthless securities claims require seven years, and employment tax records generally must be retained for at least four years.
Records related to property purchases, improvements and other significant assets may need to be maintained for longer periods. We recommend keeping copies of filed tax returns and reviewing your specific recordkeeping requirements before discarding important documents.
Yes. We help entrepreneurs and small business owners understand the accounting and tax considerations involved in starting a business.
Our services include guidance on business entity selection, tax registration requirements, accounting system setup, bookkeeping, payroll and ongoing tax compliance. We can also assist with financial planning and establishing accounting processes that support your business as it grows.
When legal matters arise, we can recommend coordinating with an attorney or other appropriate professional.
We can arrange secure electronic document sharing or accept documents by mail or office drop-off at our Palatine location:
LGD CPA, PLLC
1278 W. Northwest Hwy.
Palatine, IL 60067
Please contact our office before sending sensitive financial information so we can provide appropriate submission instructions. For your security, do not send Social Security numbers, tax returns, banking credentials or other confidential financial records through ordinary email or the website contact form.
For most small businesses, we recommend monthly bookkeeping and accounting services. Regular financial reporting helps maintain accurate records, identify potential issues early, monitor cash flow and make more informed business decisions.
Depending on your transaction volume and reporting needs, weekly support or quarterly financial reviews may also be appropriate.
We can help determine a practical service schedule based on your business operations, goals and budget.
Our billing structure depends on the type and scope of services provided.
Ongoing bookkeeping and accounting services are generally offered for a fixed monthly fee based on your business needs. Business advisory, consulting and special projects may be billed hourly or at an agreed fixed fee.
Individual tax preparation starts at $450, and business tax preparation starts at $950. Actual fees depend on the complexity of the return, additional schedules, state filing requirements and the condition of financial records.
We review your requirements and provide a fee quote before beginning work so you understand the expected cost.
Let’s Discuss Your Accounting and Tax Needs.
Get practical, personalized guidance from an experienced CPA who understands your goals.