Individual Tax Preparation

Individual tax preparation means putting your year on a federal Form 1040 and the matching state return, with every schedule, credit and election supported by your records. For a single W-2 and a standard deduction, that is quick. For a household with stock compensation, a rental, a side business, a move between states or income from abroad, it takes judgment, and mistakes tend to surface later as notices. This service covers both ends, for residents of Naperville, Aurora and the Chicago suburbs and for clients in every state.

What the service includes

• Preparation of Form 1040 or 1040-SR with the schedules your situation needs: Schedule A (itemized deductions), B (interest and dividends), C (self-employment), D and Form 8949 (capital gains), E (rental and pass-through income) and SE (self-employment tax).
• State and local returns. For Illinois residents this is Form IL-1040; if you worked or earned income in other states, we prepare the nonresident or part-year returns and the credit that avoids paying tax twice. See multi-state tax.
• Foreign account and asset reporting that rides with the return, such as Form 8938 and the foreign tax credit. Details are on our international tax page.
• Elections and extensions, including Form 4868.
• A written review before filing, and e-filing once you approve.

Who needs it

Anyone filing a return can use a preparer, but the service is most valuable when something is not routine:

• Employees with restricted stock units, stock options or an employee stock purchase plan. See stock options, ISOs, NSOs and RSUs.
• H-1B and other visa holders, students on OPT, and new green card holders, where residency status decides which form applies.
• People with rental property, a side business, cryptocurrency or large capital gains.
• Families with Indian bank accounts, property or investments. Our Indian CPA section covers those rules.
• Retirees managing Social Security, required distributions and Medicare premiums.
• Anyone with a prior-year notice, an unfiled year or an amended return to prepare.

How an engagement works

1. Consultation. A short conversation about your household, income and anything that changed since last year.
2. Written engagement agreement. We send an agreement that states the returns covered, the scope, what you need to provide and how fees are determined. No work begins until it is signed.
3. Document collection. You upload documents through a secure method. We send a checklist tailored to what you told us, and we follow up on anything missing.
4. Preparation. We prepare the federal and state returns and reconcile them to your documents. Items that need your decision, such as filing status or an election, are listed as questions.
5. Review and delivery. A second review of the return, then a walk-through with you. You sign the e-file authorization, and we file.
6. Follow-up. We give you a copy for your records, answer notice questions that relate to what we prepared, and plan estimated payments for the coming year.

What you provide

• Last year's federal and state returns, and photo identification.
• Forms W-2, 1099 (interest, dividends, brokerage, retirement, unemployment, nonemployee pay), 1098 (mortgage interest, tuition) and 1095-A if you had Marketplace insurance.
• For stock sales and equity pay, the cost basis, not just the sale amount. See capital gains and losses.
• Rental and business income and expense records.
• For foreign accounts, the highest balance during the year and the year-end balance, converted at the correct rate.

Common problems we fix

• Missing or wrong stock basis. Brokerages often report a restricted stock unit sale with a basis that leaves out income already taxed on the W-2, which can mean paying tax twice.
• Wrong residency status. The first and last years in the U.S. often require a dual-status or nonresident return. See residency rules.
• Unreported foreign accounts. An omitted FBAR or Form 8938 can be costly. See FBAR for Indian bank accounts.
• Estimated tax shortfalls for self-employed and investment income.
• Missed deductions and credits that a software program did not ask about.

Key dates

If the October 15, 2026 deadline passed without a filing, file as soon as you can, because late-filing penalties build each month the return is outstanding. See the failure-to-file penalty and unfiled tax returns.

How we can help

We prepare and review the return, explain the result, and tell you what to expect for next year. We meet in person with clients from Naperville, Aurora and the rest of Chicagoland, and work remotely with clients across the country. Refunds and balances depend on your facts and the law, and we do not guarantee either. To get started, contact us.

Frequently asked questions

General information only, not tax, legal or accounting advice for your situation. Rules, limits and deadlines change; confirm the current rules with the official source or a qualified professional before you act. Reading this page does not create a professional relationship with CPA Tax Payroll and Accounting Corp.