Frequently Asked Questions (FAQs)

Self-employment taxes can be a hassle, especially for small business owners and freelancers. Here are some ways by which you can reduce your self-employment tax liability:

• Business Deductions: Reduce your taxable income by deducting eligible business expenses. These include home office costs, vehicle use for business, and office supplies.
• Retirement Contributions: Contributing to a SEP-IRA, SIMPLE IRA, or a solo 401(k) plan can lower your taxable income and reduce the amount of self-employment tax you owe.
• Health Insurance Premiums: Self-employed individuals can deduct the cost of health insurance premiums for themselves, their spouses, and dependents.
• Income Splitting: If you are married and your spouse works for your business, income-splitting strategies can help lower your overall tax liability.

We can help you identify opportunities to minimize your self-employment tax. Contact us for a consultation!

Our fees vary depending on the complexity of the services you need. Our pricing is specially tailored according to the needs of small businesses and individuals. We always aim to offer transparent, competitive and value-based pricing for our services.

Our Common Fee Structure is as follows:

• Book-keeping Services: Fees are based on the size of your business and the volume of transactions.
• Tax Preparation: Fees depend on whether we’re preparing personal or business returns and the complexity of your situation.
• Payroll Services: Priced according to the number of employees and payroll frequency.
• CFO and Advisory Services: Typically based on the level of ongoing financial support and strategic guidance you require.

For a personalized fee quote, please contact us at [add email / phone number]. We are happy to assist you provide a custom proposal.

As a business owner, it’s important to know what expenses you can deduct to reduce your taxable income. Common deductible expenses include:

• Operating Costs: Office supplies, equipment, rent, and utilities.
• Employee Wages and Benefits: Salaries, health insurance, retirement contributions, and bonuses paid to employees.
• Marketing and Advertising: The costs associated with promoting your business, including online ads, website design, and business cards.
• Vehicle Expenses: in case you use a vehicle for business purposes, you can deduct either actual expenses (maintenance, gas, etc.) or take the standard mileage rate deduction.
• Travel and Meals: Business travel costs, including lodging, airfare, and 50% of business-related meals, can be typically deduced.
• Professional Services: Fees paid to accountants, lawyers, and consultants are fully deductible.

Our services are here to ensure that you’re maximizing your deductions and keeping accurate records for tax season.

In ideal conditions we aim to complete personal and business tax returns within 10-14 business days after receiving all required information. However, the time it takes to complete your tax returns depends heavily on the complexity of your financial situation and how quickly you provide us with the necessary documents. More complex returns, or peak tax season, may cause us a little longer to complete your tax returns. However, we prioritize efficiency and will always keep you informed regarding any changes in the timeline. 

We offer various bookkeeping services to simplify your financial processes and keep your business on track. Our services include:

• Income and Expense Management: We accurately track and categorize all your transactions, giving you real-time visibility into your business's cash flow.
• Bank and Credit Card Reconciliation: We make sure that your records align perfectly with your bank statements and credit card transactions, eliminating discrepancies and errors.
• Preparation of Financial Statements: We provide key financial reports, including Profit & Loss statements, Balance Sheets, and Cash Flow Statements, so you can make the right business decisions.
• Budgeting and Financial Forecasting: We help you establish financial goals, monitor progress, and project future growth to ensure your business is financially healthy.

With these services, you can stay focused on growing your business while we handle the time-consuming task of maintaining accurate financial records.

Our tax preparation services are made to reduce stress and ensure full compliance with tax regulations. We help you:

• Maximize Deductions and Credits: We meticulously review your financial records to identify every possible tax deduction and credit applicable to your business.
• Accurate Filing: Our team will prepare and file your federal, state, and local tax forms on time, ensuring no details are overlooked.
• Quarterly Estimated Tax Support: If necessary, we'll assist you in calculating and paying quarterly estimated taxes to avoid underpayment penalties.
• Audit Support: Should you face an audit, we'll provide guidance and representation, ensuring that your records are in order and you're prepared.

We aim to help you minimize your tax liability while staying compliant with all tax laws.

Our part-time CFO services provide strategic financial oversight and guidance without needing a full-time hire. With our CFO service, you can:

• Develop Long-Term Financial Strategies: We work with you to build financial roadmaps that support your business's growth.
• Cash Flow Management: We make sure that your business maintains healthy cash flow, reducing the risk of shortages and improving profitability.
• Budgeting and Performance Monitoring: We help you create detailed budgets and analyze performance to keep your financial goals on track.
• Financial Forecasting: By projecting future trends, we provide insights to help you make proactive business decisions.

This service is perfect for businesses in growth phases or those needing advanced financial leadership without the overhead of hiring a full-time CFO.

Yes, we guide entrepreneurs through the entire process of forming a new business. Our services include:

• Business Structure Selection: We help you choose the most appropriate legal structure for your business (LLC, S-Corp, C-Corp, etc.) based on your goals and tax implications.
• Incorporation Paperwork: We file all the necessary documents with the appropriate state agencies.
• EIN Acquisition: We assist you in obtaining an Employer Identification Number (EIN) from the IRS, a crucial step for opening business accounts and filing taxes.
• Compliance Support: We ensure your business meets all regulatory requirements, including compliance with Beneficial Ownership Information (BOI).

With our help, you can confidently launch your business with the proper legal foundation.

BOI compliance is required for certain entities under federal regulations to ensure transparency in business ownership. This involves reporting the identities of individuals who own or control your business, helping to prevent illegal financial activities like money laundering.

We help businesses identify whether they are subject to BOI filing requirements and handle the entire compliance process, ensuring that your filings are accurate and timely.

If your business operates without income tax withholding (e.g., self-employed professionals or business owners), you may need to make quarterly estimated tax payments. This prevents large tax bills or penalties at year-end.

We assist by calculating your quarterly payments, ensuring they are accurate and timely, and helping you set up a tax payment schedule that keeps your business compliant throughout the year.

Do you have more questions or need personalized support? Contact us today at +1 229-231-4030 or (Insert Contact Form) to learn how we can help your business thrive.