Bookkeeping and tax questions, answered
These are the questions people ask Infinite Accounting Services, a bookkeeping and tax firm in Orland Park, Illinois, most often. They cover getting started, bookkeeping, tax returns, letters from the IRS and how we work. If your question is not here, call or text (708) 232-3003.
Serving clients in the southwest suburbs since 2018
How do I get started with Infinite Accounting?
Is the first consultation really free?
Yes. Your first consultation with Infinite Accounting Services is free and there is no obligation. We look at where your books and taxes stand, answer your questions and explain what we would handle before any work begins.
How do I book a consultation?
Call or text (708) 232-3003, email danielle@infiniteaccountingservices.com or send the form on this page. We reply to set a time.
What should I bring to my first meeting?
Bring what you have. That usually means last year's tax return, any tax forms you received this year, recent bank and credit card statements, and any letters from the IRS or the Illinois Department of Revenue. Disorganized records are fine. Sorting them out is part of our job.
What should I know about bookkeeping?
What is the difference between bookkeeping and accounting?
Bookkeeping is the day to day recording, sorting and reconciling of your transactions. Accounting builds on those records to produce reports, plan ahead and prepare tax returns. Good bookkeeping is the foundation for both.
Can you help if my books are months or years behind?
Yes. Catch-up bookkeeping is one of the most common reasons people call us. We work through your bank and card statements month by month, bring your records current and then help you keep them that way. See our bookkeeping services.
Do you work with QuickBooks?
Yes. We set up new QuickBooks files, clean up files that have become messy and train owners who want to handle some of the daily entries themselves. QuickBooks is accounting software made by Intuit that many small businesses use to track income and expenses.
How often will my books be updated?
Most ongoing clients choose monthly bookkeeping, so transactions are recorded and accounts reconciled every month. Businesses with fewer transactions sometimes choose a quarterly schedule.
What should I know about tax preparation?
Do you prepare both personal and business tax returns?
Yes. We prepare individual returns and business returns for sole proprietors, LLCs, partnerships and S corporations. Many owners like one firm to handle both because business income often flows onto the personal return. See our tax services.
Can you file returns for years I missed?
Yes. We help clients prepare and file returns for past years. We work out which years are needed and gather the income records for each one.
What is an S corporation?
An S corporation is a business that has chosen a tax status where profits pass through to the owners' personal returns. It files its own return and sends each owner a K-1 form.
What if I get a letter from the IRS or the state?
I received an IRS letter. What should I do first?
Do not ignore it, and try not to panic. Read every page, note the response date and compare the letter with your return. Then call or text us. Our article on what to do after an IRS notice has more.
Do you help with Illinois Department of Revenue letters too?
Yes. State letters follow the same careful steps. We help you understand the letter, gather documents and prepare a response before the deadline.
How does working with you work?
Is my financial information kept confidential?
Yes. Discretion is central to how we work. Your information is used only to provide the services you engage us for.
Do I have to come to the office?
No. Many clients like to meet at our Orland Park office. We also work with clients by phone, text and email. Tell us what suits you when you get in touch.
How much do your services cost?
Every client's work is different. A business with 1 bank account and 40 transactions a month needs far less time than one with 6 accounts and 600 transactions. We quote after a free consultation, and the fee is written in your engagement letter before any work begins.
Still have a question?
Send a few lines about your books or taxes and we will reply to set up your free consultation. If you would rather talk now, call or text (708) 232-3003.
Ready to get your books and taxes in order?
Your first consultation is free. Call, text or send a message, whichever is easiest for you.