You may have come across the terms “direct” and “indirect” when preparing a cash flow statement. These are two different methods used for this purpose, and the main difference between the two is how accountants prepare cash flow statements from operating activities. Tax accounting professionals in Chicago, Odoni Partners, LLC, expound on using direct vs….

Outsourcing accounting has many benefits that can help business owners, such as providing competent help and lessening the workload. However, as with any outsourcing, understanding a few key details can help you choose the best accounting team for your needs. The accountants in Chicago, Illinois, from Odoni Partners LLC, can explain what you need to…

Filing taxes presents several challenges for anyone. However, self-employed people must consider additional tax liabilities, potential deductions, record-keeping, and more. If you feel lost on your self-employment taxes, don’t stress. Reach out for tax preparation service by Odoni Partners in Chicago today. In the meantime, brush up on important tax filing tips and tricks for…

Investment decisions require careful planning and a detailed investment strategy. While news reports and internet blogs constantly tout the hottest stocks to invest in quickly, seasoned investors know how careful you must be before diving headfirst into investment decisions. Professional accounting firms in Chicago, Illinois, offer financial advice to help new investors succeed. Warren Buffet…

Taxes are a necessary part of life. Sometimes, mistakes happen and things can be forgotten, leading to back taxes. Below are some ways that Chicago’s trusted tax accountants can help you. Set Up an IRS Payment Plan Setting up an IRS payment plan can alleviate the anxiety surrounding unpaid taxes. To set up an IRS…

If you’re a startup founder or executive, you have probably heard about venture capital. Raising venture capital can be a daunting process. Before exploring venture capital, it is critical to understand the accounting behind venture capital deals. Odoni Partners LLC, one of Chicago’s trusted tax preparation experts, gives us a primer on venture capital accounting….

The best tax accountants in Chicago from Odoni Partners understand the benefits of account reconciliation and instances where it is necessary. We use careful attention to detail while studying your financial statements in the reconciliation process. What Is Account Reconciliation? Account reconciliation occurs when someone compares their company or business’s internal financial records to their…

Tax season is rolling around again, and it can be overwhelming if you’re not working with an accountant. While working with a certified and experienced tax professional is always recommended, many people successfully file their tax returns themselves. In Naperville, accounting services by Odoni Partners will help you file on time and get your maximum…

Tax-free income is income you receive that is not subject to income tax, such as student loans, municipal bond interests, and some capital gains. If you are looking to learn about tax-free income sources, this article is for you. At Odoni Partners LLC, we’re the leading provider of professional accounting services in Naperville, IL. In…