MWF TAX FAQ

Question 1

Why should I hire your firm instead of a cheap online tax app or DIY bookkeeping?

Accepted Answer

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.

Question 2

Can you help me separate personal and business finances properly?

Accepted Answer

Yes. We help you structure accounts, categorize expenses correctly, and create clean records—important for taxes, audits, and proving business legitimacy.

Question 3

Do you help business owners stay compliant year-round?

Accepted Answer

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.

Question 4

Can you help me start a business from scratch (LLC, S-Corp, C-Corp)?

Accepted Answer

Yes. We guide entity selection, EIN setup, basic tax registrations, bookkeeping and payroll setup, and a compliance roadmap so you start the right way.

Question 5

What’s the difference between an S-Corp and a C-Corp?

Accepted Answer

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.

Question 6

When does an S-Corp usually make sense?

Accepted Answer

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.

Question 7

What’s the difference between an LLC and an S-Corp?

Accepted Answer

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.

Question 8

Should I start a sole proprietorship or an LLC?

Accepted Answer

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.

Question 9

What is an EIN, and do I need one for my business?

Accepted Answer

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.

Question 10

Do you help with 1099s for contractors?

Accepted Answer

Yes. We help determine who should receive a 1099, gather the right information, and prepare filing support so you stay compliant.

Question 11

How do I choose a payroll schedule (weekly, biweekly, semi-monthly, monthly, quarterly, yearly)?

Accepted Answer

It depends on your industry, cash flow, and employee type. We help choose the best schedule and set your payroll process up correctly.

Question 12

Do you offer payroll services for small businesses?

Accepted Answer

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.

Question 13

What financial reports should I look at each month?

Accepted Answer

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.

Question 14

Can you set up QuickBooks or fix my current QuickBooks file?

Accepted Answer

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.

Question 15

What is bookkeeping cleanup or catch-up bookkeeping?

Accepted Answer

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.

Question 16

Do you provide monthly bookkeeping services?

Accepted Answer

Yes. We categorize transactions, reconcile bank accounts, and provide clean financial reports like Profit & Loss and Balance Sheet each month.

Question 17

What is bookkeeping, and why is it important for my business?

Accepted Answer

Bookkeeping is tracking income, expenses, and bank activity accurately. It’s essential for tax filing, payroll, loan readiness, and making confident business decisions.

Question 18

Can you help me file back taxes or fix unfiled tax returns?

Accepted Answer

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.

Question 19

Can you help if I received an IRS letter or tax notice?

Accepted Answer

Yes. We review the notice, explain what it means, and help you respond correctly and on time to reduce penalties and prevent escalation.

Question 20

How do quarterly estimated taxes work for self-employed and business owners?

Accepted Answer

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.

Question 21

Do you offer tax planning, not just filing?

Accepted Answer

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.

Question 22

Can you help me maximize deductions and reduce my tax bill legally?

Accepted Answer

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.

Question 23

What documents do I need to bring for tax preparation?

Accepted Answer

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.

Question 24

Do you prepare both individual and business tax returns?

Accepted Answer

Yes. We handle individual returns (W-2, 1099, self-employed, rentals, investments) and business returns for sole proprietors, LLCs, S-Corps, and C-Corps.

Question 25

What does a tax preparer do, and how can you help me?

Accepted Answer

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.

Question 26

Do you E-file Tax Returns?

Accepted Answer

Yes, we are able to e-file all tax returns we prepare.

Question 27

Do you give Free Estimates?

Accepted Answer

We provide free estimates within 24-48 hours of request.

Question 28

What areas does MWF TAX serve?

Accepted Answer

Mainly Chicagoland Area, but we are able to serve any U.S. Taxpayer and expats.

Accounting | Payroll | Tax

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Individual Tax Prep

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Business Tax Prep

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Bookkeeping Service

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Payroll Processing

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Business Start-Up

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Tax Planning Service

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Get your taxes done right.

About MWF TAX & ACCOUNTING

Pricing

👤Individual Tax Prep

Features

🏢Business Tax Prep

Features

📚Bookkeeping Service

Features

Disclaimer

💵Payroll Processing

Features

Disclaimer

🚀Business Start-Up

Features

Disclaimer

📈Tax Planning Service

Features

Testimonials

What Our Clients Are SayingCustomer Testimonials

Get your taxes done right.

👤
Individual Tax Prep

🏢
Business Tax Prep

📚
Bookkeeping Service

💵
Payroll Processing

🚀
Business Start-Up

📈
Tax Planning Service

What Our Clients Are Saying
Customer Testimonials