Frequently Asked Questions
What does a tax preparer do, and how can you help me?
We prepare and file accurate tax returns, identify eligible deductions and credits, and help you avoid costly mistakes. We also guide you with year-round support so you’re not guessing when tax questions pop up.
Do you E-file Tax Returns?
Yes, we are able to e-file all tax returns we prepare.
Do you give Free Estimates?
We provide free estimates within 24-48 hours of request.
What areas does MWF TAX serve?
Mainly Chicagoland Area, but with the help of our sophisticated and secure system, we are able to serve any U.S. Taxpayer and expats.
Do you prepare both individual and business tax returns?
Yes. We handle individual returns (W-2, 1099, self-employed, rentals, investments) and business returns for sole proprietors, LLCs, S-Corps, and C-Corps.
What documents do I need to bring for tax preparation?
Typically: photo ID, prior-year tax return, W-2s/1099s, income statements, deduction/expense records, and any IRS letters. For businesses, bring bank statements, payroll reports, and bookkeeping files if available.
Why should I hire your firm instead of a cheap online tax app or DIY bookkeeping?
Because accuracy and strategy matter. We don’t just “file”—we help you stay compliant, understand your numbers, plan ahead, and avoid costly mistakes that often happen with DIY setups. Plus, we match even some of the DIY platforms preparation charges to provide you the greatest value in tax related products to encourage working with the professional rather than risking an audit on your own.
Can you help me separate personal and business finances properly?
Yes. We help you structure accounts, categorize expenses correctly, and create clean records—important for taxes, audits, and proving business legitimacy.
Do you help business owners stay compliant year-round?
Do you help business owners stay compliant year-round?
Yes. We support bookkeeping, payroll, estimated taxes, tax filing deadlines, and ongoing guidance so you don’t fall behind or get hit with avoidable penalties.
Can you help me start a business from scratch (LLC, S-Corp, C-Corp)?
Yes. We guide entity selection, EIN setup, basic tax registrations, bookkeeping and payroll setup, and a compliance roadmap so you start the right way.
What’s the difference between an S-Corp and a C-Corp?
S-Corps generally pass income through to the owner’s personal taxes. C-Corps pay corporate tax and may also tax dividends. We help choose the best structure for your taxes and growth plans.
When does an S-Corp usually make sense?
Often when your business has consistent profit beyond a reasonable owner salary and can support payroll and compliance costs. We review your numbers to see if it’s worth it.
What’s the difference between an LLC and an S-Corp?
An LLC is a legal structure. An S-Corp is a tax election that can reduce self-employment taxes for some businesses by combining reasonable salary with distributions—when done correctly.
Should I start a sole proprietorship or an LLC?
Sole proprietorships are simple, but LLCs can offer liability protection and credibility. We help you choose based on your goals, risk, and expected income. We can also help with restructuring your current company to the best possible tax treatment for your business for maximum tax savings.
What is an EIN, and do I need one for my business?
An EIN is a federal tax ID used for business banking, payroll, and tax filings. Most businesses need one—especially LLCs with employees, S-Corps, and C-Corps.
Do you help with 1099s for contractors?
Yes. We help determine who should receive a 1099, gather the right information, and prepare filing support so you stay compliant.
How do I choose a payroll schedule (weekly, biweekly, semi-monthly, monthly, quarterly, yearly)?
It depends on your industry, cash flow, and employee type. We help choose the best schedule and set your payroll process up correctly.
Do you offer payroll services for small businesses?
Yes. Our Payroll Services are powered by ADP, the industry leader in payroll processing and related services. We help run payroll, set up employees properly, support payroll compliance, and coordinate reporting needs so you stay consistent and avoid penalties.
What financial reports should I look at each month?
At minimum: Profit & Loss, Balance Sheet, and cash flow insights. These reports tell you if you’re profitable, what you owe, and how much cash you actually have.
Can you set up QuickBooks or fix my current QuickBooks file?
Yes. We can set up your chart of accounts, bank feeds, rules, and workflows—or repair miscategorized and unreconciled QuickBooks files so your numbers make sense.
What is bookkeeping cleanup or catch-up bookkeeping?
Cleanup means correcting errors and organizing messy books. Catch-up means bringing your bookkeeping up to date if it’s behind—so your reports and taxes are accurate.
Do you provide monthly bookkeeping services?
Yes. We categorize transactions, reconcile bank accounts, and provide clean financial reports like Profit & Loss and Balance Sheet each month.
What is bookkeeping, and why is it important for my business?
Bookkeeping is tracking income, expenses, and bank activity accurately. It’s essential for tax filing, payroll, loan readiness, and making confident business decisions.
Can you help me file back taxes or fix unfiled tax returns?
Yes. We can help you catch up on prior-year returns, organize missing information, and create a plan to get compliant while minimizing unnecessary penalties where possible.
Can you help if I received an IRS letter or tax notice?
Yes. We review the notice, explain what it means, and help you respond correctly and on time to reduce penalties and prevent escalation.
How do quarterly estimated taxes work for self-employed and business owners?
If you don’t have enough tax withheld, you may need quarterly payments to avoid penalties. We help calculate estimates based on real income and update them as your business changes.
Do you offer tax planning, not just filing?
Yes. Tax planning helps you make smarter moves during the year (estimated taxes, payroll strategy, deductions timing) so you don’t get surprised at filing time.
Can you help me maximize deductions and reduce my tax bill legally?
Yes. We focus on legitimate, documented tax strategies—proper expense tracking, entity selection, retirement options, and year-round planning—to lower taxes while staying compliant.