Patsavas & Patsavas, Ltd., CPAs is a full-service accounting firm serving clients throughout the greater Chicago area since 1980, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs. On this website, you will find information about Patsavas & Patsavas, Ltd., CPAs, including our list of services.
We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business, Patsavas & Patsavas, Ltd., CPAs has years of valuable experience assisting professionals with their accounting needs.
We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business, Patsavas & Patsavas, Ltd., CPAs has years of valuable experience assisting professionals with their accounting needs.
Services
Since 1980, Patsavas & Patsavas, Ltd., CPAs has been providing quality, personalized financial guidance to local individuals and businesses.
Patsavas & Patsavas, Ltd., CPAs's expertise ranges from basic tax management and accounting and payroll services to more in-depth services such as financial statements and financial planning.
Our firm partners are members of the American Institute of Certified Public Accountants.
As such, the firm must participate in the AICPA Peer Review program.
This program was designed to ensure that strict professional standards are followed by AICPA member organizations.
Patsavas & Patsavas, Ltd., CPAs's expertise ranges from basic tax management and accounting and payroll services to more in-depth services such as financial statements and financial planning.
Our firm partners are members of the American Institute of Certified Public Accountants.
As such, the firm must participate in the AICPA Peer Review program.
This program was designed to ensure that strict professional standards are followed by AICPA member organizations.
Patsavas & Patsavas, Ltd., CPAs provides a wide range of services to individuals and businesses in a variety of industries.
At Patsavas & Patsavas, Ltd., CPAs, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At Patsavas & Patsavas, Ltd., CPAs, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
At Patsavas & Patsavas, Ltd., CPAs, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At Patsavas & Patsavas, Ltd., CPAs, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
The Illinois Department of Human Rights (IDHR) was charged by Public Act 101-0221 (commonly referred to as the Workplace Transparency Act) to develop and release a model Sexual Harassment Prevention Training program for Illinois employers.
The release of IDHR's model sexual harassment prevention training is a major step in ensuring that every working person in Illinois understands the seriousness of sexual harassment.
I urge all Illinois employers - small businesses and major corporations alike - to use this resource.
The release of IDHR's model sexual harassment prevention training is a major step in ensuring that every working person in Illinois understands the seriousness of sexual harassment.
I urge all Illinois employers - small businesses and major corporations alike - to use this resource.
Below are answers to some basic questions about the new 20-percent deduction for pass-through businesses.
Also known as the section 199A deduction or the deduction for qualified business income, the deduction was created by the 2017 Tax Cuts and Jobs Act.
Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity.
The deduction has two components.
1. Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic business operated as a sole proprietorship or through a partnership, S corporation, trust or estate.
Also known as the section 199A deduction or the deduction for qualified business income, the deduction was created by the 2017 Tax Cuts and Jobs Act.
Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity.
The deduction has two components.
1. Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic business operated as a sole proprietorship or through a partnership, S corporation, trust or estate.
Have you just started a new business?
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
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