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Chicago Accounting and Bookkeeping Services
Learn how America’s leading virtual accounting firm for small businesses will prepare your taxes, advise you, and maximize your tax savings in Illinois.
Our Accounting Services for Small Businesses in Chicago
Business Tax Preparation: Ensure your business is on solid financial footing by entrusting your tax preparation to our CPAs with deep expertise in industries across Chicago. With an average of 17 years in the field, our team can pinpoint opportunities to maximize savings and keep you fully compliant with Illinois' complex tax landscape.
Bookkeeping: Maintain a clear view of your finances and cash flow through meticulous, error-free bookkeeping tailored to your Chicago-based business. Our detailed reporting provides the insights you need to make informed decisions while keeping your CPA up-to-date for strategic tax planning.
Tax Advisory: Minimize your tax burden in the Windy City with year-round advisory services from a dedicated small business CPA. We'll ensure you remain compliant while strategically planning to reduce liabilities through proactive tax planning specific to your situation.
Payroll: Save valuable time and mitigate risk by handing over payroll administration, including payments and filings for Chicago's city taxes. Our comprehensive services free you to focus on driving your business forward.
Business Formation: Get started on the right foot by letting us handle the incorporation process for your new Illinois business. We'll take care of the paperwork so you can focus on core operations like setting up your business bank account and hiring employees.
| Level | Rate |
|---|---|
| State Tax Rate | 6.25% |
| County Tax Rate | 1.75% |
| Municipal Tax Rate | 1.25% |
| Combined Sales Tax Rate | 10.25% (includes Cook County Regional Transportation Authority sales tax) |
| County | Sales Tax Rate |
|---|---|
Cook County (general merchandise) | 1.00% |
Cook County (qualifying food, drugs, and medical appliances*) | 1.25% |
Du Page, Kane, Lake, McHenry, and Will counties (general merchandise and qualifying food, drugs, and medical appliances*) | 0.75% |
| Licenses and Permits |
|---|
| Chicago requires a general business license. |
| Home based businesses must obtain a Regulated Business License for Home Occupation |
| Grants and Funding in Chicago | Grants and Funding Information |
|---|---|
| The Small Business Improvement Fund (SBIF) | The Small Business Improvement Fund (SBIF) provides grant funding for permanent building improvements and repairs across the city. Businesses can receive grants to cover between 30-90% of remodeling work up to $150,000 for commercial properties and $250,000 for industrial properties. |
What You Should Look for In an Accounting and Bookkeeping Service in Chicago
When choosing an accountant or bookkeeper for your Illinois small business, you should consider the following factors:
Certifications and State Compliance: Ensure the accountant or bookkeeper has the right title and certifications, such as working as a CPA. They should also be fluent in Illinois' specific tax regulations and compliance requirements.
Experience and Specialization: Search for professionals with experience in your specific industry. Specialized knowledge is crucial for managing industry-specific financial matters and for strategic long-term planning.
Understanding of Local Economic Conditions: Opt for a professional who understands the local economic environment in Illinois. This includes familiarity with the state's prominent industries, such as finance, manufacturing, and technology, as this knowledge can impact financial decision-making and tax planning.
Knowledge of State Tax Incentives: Illinois offers business-friendly tax incentives, including credits for job creation, capital investment, and specific industry advantages. A knowledgeable financial professional can help navigate these incentives and make recommendations to minimize your tax burden.
Why Small Business Love The Windy City
Chicago, known as the "Windy City," is the largest city in Illinois in terms of population and typically ranks as one of the top cities in America, behind New York City and Los Angeles. Chicago is an economic engine helping to power the state and an important hub for commerce, attracting several Fortune 500 companies, entrepreneurs, and small business owners interested in serving its diverse population. Core industries contributing to Chicago's towering economy include transportation, manufacturing, and food processing. Find out how our tax professionals can help your Chicago-based business grow.
Why People Enjoy Living in Chicago
Full-time residents and families enjoy Chicago's unique history and diverse entertainment and activity options. It's also a distinct food town with many signature dishes, including hot dogs and pizza, carrying the "Chicago-style" label. In addition to its cuisine, Chicago has several fun ways to pass the time. It's a famous sports town home to Wrigley Field and the Chicago Bulls, as well as the world-renowned Art Institute of Chicago museum, the Buckingham Fountain, a cultural landmark, and the influential Second City sketch comedy group.
Talk to a business tax expert today for all your tax needs in Chicago
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*Based on a $12.2k average 2022 tax refund per client, which is 4x the cost of a full-service package. Source: first-party data.
*Includes average business tax preparation, form completion and submission, record keeping, and other misc admin time. Source.
*Historical first-party data.