ASIJA CPA PLLC

Our firm provides outstanding service to our clients because of our dedication to professionalism and quality.

Our firm provides outstanding service to our clients because of our dedication to three underlying principles: professionalism, responsiveness, and quality. Professionalism
We believe our high standards, service, and specialized staff make a difference and are dedicated to ensuring every client receives personal attention. We also know how important it is to stay informed about new developments in

tax law and other related topics. As such, we continually educate ourselves through professional organizations to improve our technical expertise and financial knowledge, as well as how to serve our clients better using state-of-the-art technologies. Responsiveness
We provide comprehensive financial services to individuals, small to medium-sized businesses, and other agencies. Dedicated to serving client needs throughout the year - not just at tax time - we strive to respond quickly to any concerns our clients have. To see a listing of our services, please take a moment and look at our services page. Quality
As trusted advisors, we are available to assist our clients at any time to provide insightful advice that enables them to make informed financial decisions. If you have any questions or want to learn more about how we can help you achieve your financial goals, don't hesitate to contact us today.

07/30/2026

Certain “small” businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Cash-basis businesses recognize income when received and deduct expenses when paid, providing greater flexibility in the timing of income and deductions. In contrast, accrual-basis businesses recognize income when earned and deduct expenses when incurred, regardless of the timing of cash receipts or payments. Even if you meet the eligibility requirements, the cash method isn’t right for every business. And switching methods adds administrative costs. Contact us at (847) 620-5200 to learn more about each option.

07/29/2026

As a small business owner, it’s easy to think of a succession plan as involving only two people: you and your successor. But a smooth transition may also require support from managers and other key employees. Communicating thoughtfully about your intentions and progress can help build confidence, reduce uncertainty and keep the business moving forward. Contact us at (847) 620-5200 for help addressing the tax, financial and strategic aspects of your plan.

07/28/2026

Will your Social Security benefits be taxable? A portion might be. How much depends on your provisional income, your overall income and IRS thresholds. Provisional income is your adjusted gross income with some additional calculations. You may have to report up to 85% of your Social Security benefits as taxable income if your provisional income is over $34,000 ($44,000 for joint filers). If you file separately from your spouse who lived with you at any time during the year, the threshold is $0. Smart tax planning can potentially reduce your liability. We can help project your provisional income and review your overall tax situation to identify strategies that make sense for you. Call us at (847) 620-5200.

07/27/2026

Are you paying yourself and family members who work in your business reasonable compensation? The IRS requires compensation (including salaries, bonuses and perks) to reflect services performed and be comparable to compensation for similar roles in similar organizations. This is especially important for owner-employees and related parties. Payments to relatives may be deductible, but only if they represent reasonable wages for bona fide services and are well documented. Excess compensation may be reclassified as nondeductible distributions of income, while underpaying may raise payroll tax issues. Regularly reviewing compensation practices can help reduce audit risk. Call us at (847) 620-5200 for guidance.

07/23/2026

What’s the right entity type for your new business? Two popular options for closely held businesses with multiple owners are LLCs taxed as partnerships and S corporations. Both offer pass-through taxation, meaning tax items pass through to the individual owners and are reported on their personal returns. But they differ in important ways, such as self-employment tax, loss deductions, ownership flexibility and eligibility requirements. Before making your decision, contact us at(847) 620-5200. Taxes play a pivotal role in this decision. We can work with you and your legal advisors to determine the optimal setup for your situation.

07/22/2026

Monthly financial statements are essential. But they often take weeks to prepare and may arrive after you’ve already made critical business decisions. Flash reports can help bridge that gap by providing real-time snapshots of critical metrics — such as cash balances, collections and payroll. These reports provide timely insight into financial performance, allowing you to identify emerging issues before they become major problems. Because flash reports are preliminary, you should use them as management tools, not formal financial statements. Call us at (847) 620-5200 to discuss how customized flash reports can help your business make faster, more informed financial decisions.

07/21/2026

Can taxpayers deduct alimony payments? It depends on when you signed your divorce or separation agreement. If it was made in 2019 or later, you can’t deduct alimony (and alimony’s not included in the recipient’s taxable income). But these payments are generally deductible (and taxable to the recipient) if they’re subject to an agreement made before 2019 — unless it was modified. As for child support payments, they aren’t deductible if you make them or considered taxable income if you receive them, regardless of when the agreement was signed. If you’re going through a divorce, consult us. We can work with your attorney to manage tax issues and minimize your tax burden. Call us at (847) 620-5200.

07/20/2026

You probably have retirement questions: How much should I save before I quit working? When should I start taking Social Security benefits? Can I retire before Medicare coverage kicks in? What about taxes in retirement? We can provide you with answers based on your individual financial circumstances and retirement goals. Contact us at (847) 620-5200.

07/16/2026

In the event of divorce, part or all of a married couple’s business will often be considered divisible marital property. If you’re in this situation, you likely can divide your business ownership interests without triggering federal income or gift taxes. The spouse receiving the interests assumes the existing tax basis (to determine future gain or loss) and holding period. Tax-free treatment generally applies to transfers made before, during or up to a year after the divorce. Transfer recipients will owe taxes on any gain if they later sell the ownership interests. Call us at (847) 620-5200 for more information on the tax implications of divorce.

07/15/2026

Accurate bookkeeping and timely accounting records provide the foundation for informed decisions throughout the year. When your books are current and reliable, it’s easier to manage cash flow, identify operational issues and jump on growth opportunities. Contact us at (847) 620-5200 for help streamlining your financial reporting processes and reducing year-end surprises.

Address

16 Executive Court Unit 2
South Barrington, IL
60010

Telephone

+18476205200

Website

https://www.asijacpa.com/

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