TAXFLO

TAXFLO is an accounting firm located in Des Plaines, IL, catering to small businesses and individuals throughout the Chicagoland area and nationwide. Founded in 2006, we provide services such as tax preparation, bookkeeping, payroll, and business consulting, combining the personalized service of a boutique firm with the expertise of a larger organization. Our Approach. Tax laws are continuously changing, and advancements in technology have transformed the accounting landscape. We prioritize staying ahead by offering customized solutions for individual taxpayers and small business owners, avoiding generic packages. Whether you are a sole proprietor, a growing LLC, an S-corp, or a partnership, our team meets you at your current stage. Core Services. Tax Preparation — We handle federal and multi-state returns for individuals (1040), S-corporations (1120-S), partnerships (1065), C-corporations (1120), and trusts (1041), including complex scenarios like multi-state filings, expatriate returns, real estate professional classifications, §1031 exchanges, installment sales, and Illinois PTE elections. Bookkeeping — We offer monthly bookkeeping services using QuickBooks Desktop and QuickBooks Online, which includes bank reconciliation, transaction categorization, financial statement preparation, and clean-up engagements. Payroll — We manage payroll setup, ongoing administration, W-2 and 1099 preparation, and quarterly tax filings through ADP. Business Consulting — Our services extend to entity formation, timing for S-election, tax planning, retirement plan structuring, and year-round advisory for owners dealing with growth and transitions. Industry Focus. Although we assist a variety of small businesses, we have specialized expertise in restaurant and hospitality accounting, which includes Toast POS reconciliation, Illinois ST-1 sales tax, marketplace facilitator management, tip reporting, and optimization of the §45B FICA Tip Credit (Form 8846).