WELCOME TO AAA TAX SOLUTIONS, INC.
📍25210 West Reed Street Suite B
Channahon, Illinois 60410
Office operating schedule:
Mon-Thurs: 10:00 AM - Close varies (call ahead)
Fri-Sat: By appointment only
Sun: Closed
Thank you to all our clients for a wonderful tax season
☀️ AAA Tax wishes you a magical summer ☀️
Notices
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Our office will be closed from May 24, 2024, reopening Tuesday, July 16, 2024, at 10:00am
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Please do not wait until the last minute to file your tax return, we cannot guarantee your business taxes will be completed in time if you wait until September 15, 2024. There are April and May appointments available now. There will be mid-July and August appointments
available. To our existing clients, you may email or drop off your documents at our office or our secure mailbox in front of the office.
Book an Appointment
You can easily book online, by phone or by email.
(existing clients only)
815-467-2399
TIME TO GET READY FOR TAX TIME
Gear up for tax season with these essential steps!
01
Maximize Your Tax Withholding: A Crucial Paystub Check-Up
It's a good time to check your paystub to make sure you are withholding enough federal taxes. You should be withholding a minimum of 10% of your gross income, of course depending on your income. The more you make the more you withhold. If you feel it's not enough withholding, beware you MAY have a tax liability or get less in a refund. Contact your employer to adjust your withholding for 2024. AAA Tax can help to find the proper amount to withhold.
02
Strategic Investment Review: Maximizing Gains and Minimizing Taxes
It's a good time to review your investment portfolio before the end of the year. If you will have a substantial gain for 2024, ask if you can withdraw the gain. Either way you will pay taxes on the gain. You can always reinvest the gain after you pay the taxes?
However, please talk to an expert before making a move.
03
Unlocking Electric Vehicle Tax Benefits: Key Forms for 2024 Buyers
If you purchased an electric vehicle in 2024, if the vehicle is federally approved, ask your car salesperson to give you two forms. one from the manufacturer "letter of certification" the second will be from the place you purchased the vehicle.
04
Energy credits are available even if you took them in the past.
The new list of energy upgrades will be on our website soon
Maximizing Energy Credits: Upgrades and Tax Documents for Your Benefit
05
Ensure a seamless and well-prepared tax season by scheduling your appointment promptly. Our team of seasoned professionals is committed to providing you with expert guidance and personalized assistance. Don't miss out on the opportunity to make the most of your financial situation. Contact us today
Don't wait to schedule your appointment
BUSINESS OWNERS
1. Start to gather all your receipts, bank statements, credit/debit card statements.
2. Document large purchases: purchase date, description, amount paid. Include renovations, repairs, upkeep of the business office.
3. To avoid accounting fees, enter the income and expenses, COGS (purchases that were purchased to sale or used for a customer) on a ledger, Quickbooks, Excel, etc.
4. AAA Tax has income and expense worksheets on the website for your convenience.
LIST OF IMPORTANT INCOME DOCUMENTS
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W2-wages from an employer.
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W2G-Gambling wins.
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1099NEC-independent contractor
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1099MISC-other income
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1099R-retirement account withdraws.
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1099DIV, INT-Interest and dividends from a bank account.
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1099B-sale of stock and securities
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1099G-unemployment
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1099OID-Original issue discount
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1099A or C-Cancelation of debt, Abandonment of secured property
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1099K-income from credit/debit card transaction. Third party pay.
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1099PATR-Federal funding to farmers.
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SSA-1099-Social Security income.
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Alimony income. Divorced before 2018.
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1098-Mortgage interest statement
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1098T-Tuition for higher education.
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1098-E-Interest paid on an education loan.
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Property tax paid in 2023/2024
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Daycare credit-Please provide the name, address, SSN/EIN, and the amount you paid.
ADDITIONAL DOCUMENTS
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Deductions can reduce the amount of your income before you calculate the tax you owe.
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Credits can reduce the amount of tax you owe or increase your tax refund.
RESIDENTIAL ENERGY CREDIT HAS BEEN EXPANDED
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2024 through 2032: 30%, up to a maximum of $1,200 (heat pumps, biomass stoves and boilers have a separate annual credit limit of $2,000), no lifetime limit.
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2022 to 2032: 30%, no annual maximum or lifetime limit.
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Exterior doors, windows, skylights and insulation materials
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Central air conditioners, water heaters, furnaces, boilers and heat pumps Solar panels, wind and geothermal power generation.
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Solar water heaters
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Fuel cells
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Battery storage (beginning in 2023)
All you need to do is print out the list, put a check mark and the amount next to each medical expense you had during the year.
Note: This isn't the complete list of every available expense, just the common ones. For the complete list, see IRS Publication 502.
Medical Expense Deductions Checklist
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Accupuncture
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Addiction treatment, including meals and lodging at a drug or alcohol addiction treatment center.
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Birth control pills prescribed by a doctor
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Braille books and periodicals used by a person who is visually impaired Breast pumps and pumping supplies
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Breast reconstruction surgery following a mastectomy for cancer
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Chiropractic services for medical care
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Contact lenses
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Cosmetic surgery, if necessary to improve a deformity related to a congenital abnormality, accident or disease
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Dental treatment for the prevention and alleviation of dental disease
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Diagnostic devices, such as blood sugar test kits
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Diet food, when prescribed by a doctor to alleviate a specific medical condition Doctor or physician expenses
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Exercise programs, when recommended by a doctor to treat a specific medical condition
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Eye exams
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Eye surgery, such as LASIK or a similar procedure
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Eyeglasses
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False teeth
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Fertility treatments, including in vitro fertilization, surgery and temporary storage of eggs or sperm
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Gender-affirming care such as hormone therapy and surgery for transgender individuals
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Guide dog or another service animal for a person with low vision or hearing Health, dental and vision insurance premiums
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Hearing aids
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Home improvements if their main purpose is medical care
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Hospital services while receiving medical care
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Household help for nursing care services
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Laboratory fees
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Lead-based paint removal when a child is diagnosed with lead poisoning
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Legal fees paid to authorize treatment for mental illness
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Lodging expenses while away from home to receive medical care in a hospital or medical facility
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Long-term care insurance and long-term care expenses
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Mattresses and boards bought specifically to alleviate an arthritic condition
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Medical conference admission costs and travel expenses for a person with a
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chronic illness to learn about new medical treatments
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Nursing care and nursing home expenses
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Operations (excluding cosmetic surgery)
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Organ transplants
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Oxygen and oxygen equipment to relieve breathing problems
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Physical exams and diagnostic tests
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Pregnancy test kits
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Prescription drugs
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Prosthetic limbs
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Psychiatric care
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Smoking cessation programs Special education
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Sterilization or vasectomy
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Telephone and special equipment for a person who is hearing impaired
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Travel and transportation costs for obtaining medical care
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Weight loss programs to treat a specific disease diagnosed by a physician Wheelchairs
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X-rays for medical reasons
2024 Filing Fees
Payment is due when services are rendered.
• Senior 1040...starting at $60.00 (retired, SSI)
• 1040 w/dependents, no schedules...$200.00
• 1040 w/dependent(s) EIC...$300.00
• 1040 w/o dependents, no schedules... $180.00
• 1040 w or w/o dependents, schedule A...$300.00
• 1040 ES for college students (not a dependent) ...$100.00
• 1040ES (1-W2) (non-student) single, w/o dependents, no schedule...$160.00 (check out the IRS
website for free filing)
• 1040X...$200.00 plus any schedules. (see additional schedules)
• Our clients’ dependent(s) are free.
PRACTICE
AREAS
With Over 20 Years of Experience, Our Team has the Knowledge & Expertise to Ensure
Professional, Accurate, High Quality Service.
PERSONAL TAX RETURNS
Let us help you get the most from your tax return. Our experience and knowledge with the ever changing tax code provides for the best opportunity to maximize your tax return.
BUSINESS TAX RETURNS
Help maximize your hard work throughout the year by making sure your business takes advantage of the various tax credits and deductions afforded to business owners
TAX RESOLUTIONS
Let us take a look at your previous tax returns to ensure you received every credit and deduction your entitled to.
QUICKBOOK SET-UP
Tracking your expenses and profit can be a time consuming and tedious necessity. Quickbooks allows you to quickly track and organize your finances in one easy to use application.
BUSINESS FORMATION
From Sole Proprietorship to S Corporations we can help you decide what business structure is best suited for your business and personal needs.
PAYROLL SERVICES
Making sure your employees are paid in a timely manner is crucial to the success of your business. Let us help guide you through setting up and running your payroll
TAX AUTHORITY MEDIATION
We can assist with any issues that may arise from the Federal and State Tax Authority ranging from general requests to audits.
BOOKKEEPING
As a business owner we understand you wear many hats. Let us help so you can focus on the things that matter most when it comes to running your business.
OUR MISSION
Our mission is to alleviate the stress that the word "taxes" can create for our clients. We will address any concerns, letters, or questions you may have in a timely manner. We understand the word "taxes" can cause anxiety and keep you up at night. We want our clients to know "we have your back"...we will not "drop the ball," and "we will not let you down."
Safe guarding our client's personal information is a priority in our day to day operation. Our office takes every precaution to secure our client's data, as well as hard copies of the client's information.
CONTACT
AAA TAX SOLUTIONS
OUR ADDRESS
For any general inquiries, please fill in the following contact form:
Payments
