We are one of the oldest small accounting firms in the area - but don't let that fool you. Edward Jacks began private practice over 75 years ago. The firm continues to flourish as son and partner, Jerrold P. Jacks, along with other professionals, provide quality accounting and related services to an ever-increasing group of excellent customers. Based in Lake Forest, Illinois, we are a family-oriented firm knowledgeable on the needs of a range of today's growing businesses.
We form a strong personal and professional bond with our clients because we learn their business needs and offer "hands-on" participation. Many of our clients have been with our firm since we began business, and together we have grown side by side. Take a few minutes to look over the many services we can provide your organization. While we offer all of the traditional services of a CPA firm, including accounting, auditing and tax preparation, we also offer a number of specialized services.
In response to changes taking place in business, finance and tax law, we have developed strength in a variety of management and financial services such as short and long term planning, systems, budgeting, forecasting, financial and tax planning.
We form a strong personal and professional bond with our clients because we learn their business needs and offer "hands-on" participation. Many of our clients have been with our firm since we began business, and together we have grown side by side. Take a few minutes to look over the many services we can provide your organization. While we offer all of the traditional services of a CPA firm, including accounting, auditing and tax preparation, we also offer a number of specialized services.
In response to changes taking place in business, finance and tax law, we have developed strength in a variety of management and financial services such as short and long term planning, systems, budgeting, forecasting, financial and tax planning.
Services
Edward Jacks & Company, LLC provides a wide range of services to individuals and businesses in a variety of industries.
At Edward Jacks & Company, LLC, 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 Edward Jacks & Company, LLC, 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 Edward Jacks & Company, LLC, 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 Edward Jacks & Company, LLC, 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.
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.
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
It's possible there could be additional extensions, so check with your tax advisor for the latest information.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
These calculators have been provided as a resource for you to help plan your financial matters.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, or supplement the advice of a professional advisor.
There is not and can not be a guarantee of their applicability or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative purposes.
You are encouraged to seek personalized advice from qualified professionals regarding all personal finance issues.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, or supplement the advice of a professional advisor.
There is not and can not be a guarantee of their applicability or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative purposes.
You are encouraged to seek personalized advice from qualified professionals regarding all personal finance issues.
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