Tax Services

When it comes to the world of taxes, preparation and planning go a LONG way. We have the tax services and professional know-how you’re looking for and can help you navigate your options.

Business Tax Return Preparation

We are fully equipped to ensure compliance on your business tax return.

Individual Tax Preparation

Stop missing out on potential deductions that could be saving you big money!

Accounting for Income Taxes under ASC 740

Eliminate the stress of ASC 740 reporting with defensible tax provision support.

Investment Tax Strategies

The way you think about investing should be shaped with tax efficiency, length, and risk assessment in mind.

Tax Planning

Real strategies and solutions to help you minimize your IRS liability.

Should Your Chicago Business Make an LLC to S Corp Conversion This Tax Year?

Quick Answer: An LLC to S Corp conversion is an IRS tax status election that becomes financially beneficial once your business achieves $60,000 to $100,000+ in annual net profit. By preserving your legal LLC structure while splitting income into a reasonable W-2...

Succession Planning Best Practices to Maximize Your Chicago Business’s Final Valuation

Quick Answer: The core business succession planning best practices come down to three things: giving yourself a 2-to-5-year runway, setting up your team to run the day-to-day without you, and cleaning up your financials. Before you sign any paperwork, you'll want...

How Do I Maximize My Chicago Small Business Tax Write-Offs in 2026?

Quick Answer: In 2026, small business owners can instantly write off the full cost of qualifying equipment, software, and vehicles by pairing the increased Section 179 deduction limit of $2,560,000 with the newly reinstated 100% Bonus Depreciation framework. To...

How to Check Your Chicago Small Business Profitability Midyear

Quick Answer: A midyear review of small business profitability is a strategic financial assessment that compares your year-to-date revenue and expenses against your initial annual goals. Doing this diagnostic check in June or July allows business owners to stop...

How Does Equipment Depreciation Work For Assets Chicago Business Owners Throw Away?

Quick Answer: When small business owners discard broken equipment without updating their fixed asset listing, they create "ghost assets." These paper-only items cause businesses to continuously overpay on local property taxes and miss out on lump-sum federal...

Godley Tax & Accounting, PC’s Playbook to Choosing the Right Entity Type For Business Success

Quick Answer: Selecting the optimal entity type for business success requires matching your corporate structure to the specific legal risks and tax rules of your industry. A mismatched framework can leave your personal savings vulnerable to sector-specific...

The Godley Tax & Accounting, PC Guide to Minimizing Credit Card Processing Fees For Small Business Owners

Quick Answer: Small business owners can minimize credit card processing fees by switching from a flat-rate provider to an interchange-plus plan, which passes the true wholesale cost of a swipe straight to you. You can trim costs even further by routing large...

How Does The Employer Credit For Family and Medical Leave Work for Chicago Small Businesses?

Quick Answer: The employer credit for family and medical leave provides small businesses a federal tax credit worth 12.5% to 25% of qualified leave costs. In 2026, you can claim this credit on actual wages paid during FMLA leave or on commercial insurance...

How To Hire An Intern For The Summer For Your Chicago Business

Key TakeawaysPaid summer interns must be classified as W-2 temporary employees rather than 1099 independent contractors because they operate under your direct supervision. To legally hire an unpaid intern, your program must pass the strict DOL "Primary...

How To File A Tariff Refund Claim for Your Chicago Business

Key TakeawaysAs of April 20, 2026, the Consolidated Administration and Processing of Entries (CAPE) tool is the exclusive electronic system for reclaiming IEEPA tariff duty payments. Importers must have an active ACE Secure Data Portal account and an authorized...

How You're Missing Legal Tax Deductions

Here’s a certain truth: The State and Federal Government would love to have more of your hard-earned money in their accounts. Sure, even though it’s painful, none of us begrudge paying our legal and fair share of taxes.

But the problem is that regular taxpayers (like you) are missing out on legal and safe deductions to the tune of hundreds of millions of dollars in unclaimed refunds every year! Change that with our tax services.

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