Local Accounting Services in Chicago, Illinois
Get accounting, bookkeeping, and tax advisory services for your Chicago, IL business from America's leading virtual accounting service.
Local Tax Expertise
Ongoing Bookkeeping
Payroll Support
Year-Round Advisory
Local Tax Expertise
Ongoing Bookkeeping
Year-Round Advisory
Payroll Support
| Level | Rate |
|---|---|
| State Tax Rate | 6.25% |
| County Tax Rate | 2.75% |
| Municipal Tax Rate | 1.25% |
| Combined Sales Tax Rate | 10.25% |
| County | Sales Tax Rate |
|---|---|
Cook County (general merchandise) | 1.00% |
Cook County (qualifying food, drugs, and medical appliances*) | 1.25% |
Du Page, Kane, Lake, McHenry, and Will counties (general merchandise and qualifying food, drugs, and medical appliances*) | 0.75% |
| Licenses and Permits |
|---|
| Chicago requires a general business license. |
| Home based businesses must obtain a Regulated Business License for Home Occupation |
| Grants and Funding in Chicago | Grants and Funding Information |
|---|---|
| The Small Business Improvement Fund (SBIF) | The Small Business Improvement Fund (SBIF) provides grant funding for permanent building improvements and repairs across the city. Businesses can receive grants to cover between 30-90% of remodeling work up to $150,000 for commercial properties and $250,000 for industrial properties. |
What to Look for in Chicago, Illinois Accounting and Bookkeeping Services
Business Tax Preparation: Ensure your business is on solid financial footing by entrusting your tax preparation to our CPAs with deep expertise in industries across Chicago. With an average of 17 years in the field, our team can pinpoint opportunities to maximize savings and keep you fully compliant with Illinois' complex tax landscape.
Bookkeeping: Maintain a clear view of your finances and cash flow through meticulous, error-free bookkeeping tailored to your Chicago-based business. Our detailed reporting provides the insights you need to make informed decisions while keeping your CPA up-to-date for strategic tax planning.
Tax Advisory: Minimize your tax burden in the Windy City with year-round advisory services from a dedicated small business CPA. We'll ensure you remain compliant while strategically planning to reduce liabilities through proactive tax planning specific to your situation.
Payroll: Save valuable time and mitigate risk by handing over payroll administration, including payments and filings for Chicago's city taxes. Our comprehensive services free you to focus on driving your business forward.
Business Formation: Get started on the right foot by letting us handle the incorporation process for your new Illinois business. We'll take care of the paperwork so you can focus on core operations like setting up your business bank account and hiring employees.
- Set up a time for us to give you a call.
- Tell us what’s going on with your business.
- Get matched with an accountant who knows your industry & local regulations.
When choosing an accountant or bookkeeper for your Illinois small business, you should consider the following factors:
Certifications and State Compliance: Ensure the accountant or bookkeeper has the right title and certifications, such as working as a CPA. They should also be fluent in Illinois' specific tax regulations and compliance requirements.
Experience and Specialization: Search for professionals with experience in your specific industry. Specialized knowledge is crucial for managing industry-specific financial matters and for strategic long-term planning.
Understanding of Local Economic Conditions: Opt for a professional who understands the local economic environment in Illinois. This includes familiarity with the state's prominent industries, such as finance, manufacturing, and technology, as this knowledge can impact financial decision-making and tax planning.
Knowledge of State Tax Incentives: Illinois offers business-friendly tax incentives, including credits for job creation, capital investment, and specific industry advantages. A knowledgeable financial professional can help navigate these incentives and make recommendations to minimize your tax burden.