Business Details
Your Trusted Partner for Accounting & Tax Solutions
At FT Karall, we specialize in delivering personalized accounting and tax services tailored to artists, contractors, retailers, hospitality businesses, professionals, and real estate owners. With over three decades of experience, our team prioritizes deep expertise in tax law, including the Tax Cut Act of 2017, to help clients navigate complex regulations and identify savings opportunities. Our services extend beyond traditional accounting to include financial planning, POS system guidance, and bookkeeping, all designed to provide clarity and strategic value.We uphold rigorous professional standards, including 40+ hours of annual continuing education for our CPAs, ensuring compliance and ethical excellence. Our mission is to build lasting relationships by combining technical proficiency with accessible, client-focused service that prioritizes long-term financial health.
Services
Tax Preparation
Bookkeeping
Financial Planning
Tax Consultation
Business Entity Advice
Highlights and features
- We offer over 30 years of experience in accounting and tax services.
- Our team provides personalized guidance on the Tax Cut Act of 2017.
- We specialize in niche industries like arts, construction, and hospitality.
- Our CPAs complete 40+ hours of annual continuing education for compliance.
- We combine financial planning with tax expertise for holistic solutions.
Associations and certifications
- Certified Public Accountant (CPA)
Services
Tax Preparation
We prepare accurate tax returns for individuals and businesses, ensuring compliance with evolving laws like the Tax Cut Act of 2017. Our CPAs identify deductions and credits to minimize liabilities while avoiding penalties. Clients receive clear explanations of filing requirements and strategic tax-saving opportunities.
Bookkeeping
Our bookkeeping services maintain organized financial records, including income tracking, expense categorization, and balance sheet management. We ensure data accuracy for informed business decisions and simplify year-end tax reporting. Clients gain real-time insights into cash flow and profitability.
Financial Planning
We develop customized financial plans covering retirement, insurance, and investment strategies. By analyzing income, expenses, and long-term goals, we create actionable roadmaps for wealth growth. Our team integrates tax-efficient methods to enhance financial security for individuals and families.
Tax Consultation
We provide expert guidance on tax implications for business decisions, including entity selection, deductions, and compliance. Our consultations address complex scenarios like income splitting and retirement plans. Clients receive actionable strategies to reduce liabilities while adhering to IRS regulations.
Business Entity Advice
We advise on optimal business structures, comparing LLCs, S-corps, and C-corps for tax efficiency and liability protection. Our analysis includes Illinois franchise fees and income-splitting strategies. Clients receive tailored recommendations to align entity choice with profitability and growth objectives.
People
Frank Karall
Certified Public Accountant
Frank Karall is a CPA with over 30 years of public accounting experience. He specializes in tax law, financial planning, and insurance licensing. His approach combines technical expertise with a focus on client education and long-term financial health.
Questions
What services do you offer for small businesses?
We provide tax preparation, bookkeeping, financial planning, and entity structuring advice tailored to small businesses in niche industries like arts, construction, and hospitality.
How does the Tax Cut Act of 2017 affect my taxes?
The Tax Cut Act impacts deductions, rates, and entity structures. We analyze your situation to identify savings opportunities and ensure compliance with updated regulations.
Do you help with financial planning beyond taxes?
Yes, our financial planning services include retirement strategies, insurance coverage, and investment guidance to secure long-term financial goals for individuals and families.
What sets your firm apart from other accountants?
We combine 30+ years of experience, niche industry expertise, and personalized service. Our CPAs complete 40+ hours of annual education to maintain compliance and technical excellence.
Can you assist with business entity selection?
Yes, we compare LLCs, S-corps, and C-corps based on your profitability, liability needs, and growth plans, including Illinois-specific requirements like franchise fees.
How do you handle auto expense deductions?
We guide clients on documenting business miles versus commuting, maximizing deductions while ensuring IRS compliance through proper mileage records and expense tracking.
