Frequently Asked Questions
General Questions
Whether you’re self-employed, a freelancer, or running a business, you need a CPA to handle your financial affairs, audits, and offer essential advisory services. CPAs are trained to manage accounting, tax planning and preparation, estate planning, and representation before government agencies. Our CPA firm provides these services to clients nationwide.
Adele Folk, our Managing Member, is a Certified Public Accountant licensed in multiple states, including New York, New Jersey, and Maryland. She holds a Bachelor of Science in Economics and Accounting from New York University’s Stern School of Business and an MBA in Finance. She also holds a Master of Arts in Judaic Studies from the Jewish Theological Seminary. Adele has worked with top firms like Arthur Anderson and KPMG, serving clients across various industries worldwide.
Our fees range from $500 to $10,000 depending on the complexity of the services. On average, tax return preparation costs between $500 and $800 for individuals, and $500 to $1,500 for small businesses. Please contact us for a personalized quote based on your needs.
We aim to make your accounting, audits, and tax issues as simple as possible. We ask that you come prepared with a clear understanding of your goals and any questions you may have. This helps us provide the most effective solutions for your financial and tax matters.
We aim to make your accounting, audits, and tax issues as simple as possible. We ask that you come prepared with a clear understanding of your goals and any questions you may have. This helps us provide the most effective solutions for your financial and tax matters.
Yes, as licensed CPAs in multiple states, we represent our clients in IRS matters, audits, and other government-related issues. Our expertise helps minimize audit risks, particularly for small businesses, freelancers, and self-employed individuals.
It’s best to contact us in December, January, or early February to start your tax preparation. We can work with you to gather the necessary documents, even if they aren’t ready when you first reach out.
We provide a wide range of services for individuals and businesses nationwide, including:
- Income tax preparation (individuals, freelancers, LLCs, S-corporations, etc.)
- Tax planning and preparation
- IRS representation
- Financial audits and reviews
- Sales tax and payroll returns
- Business structuring, entity formation, and wind-down services
- Expatriate tax returns
- Compromise agreements with tax authorities
- Clergy tax services and more.
Yes, we can help clients across the United States with tax filings and resolve issues with any state tax authorities. Contact us to discuss your specific needs.
We are licensed as Certified Public Accountants in New York, New Jersey, Maryland, and several other states. Our network of experts allows us to provide services nationwide.
We utilize advanced technology for efficiency and security, including:
- Proprietary tax software
- Electronic document storage
- Client portals for easy access to documents
- Online appointment booking
- Secure payment options
- Green initiatives to reduce our carbon footprint
- Rapid Anticipation Loans via Chase Bank for clients needing expedited refunds.
Yes, we assist clients with filing delinquent tax returns, even going back to the 1990s. We can help you get back on track with both federal and state returns.
Taxpayers typically have three years from the original due date of a return to claim a refund. If you miss this deadline, you lose the opportunity to claim your refund. We can help ensure you don’t miss this important window.
We offer flexible meeting options: in-person appointments, phone consultations, or email communication. We strive to accommodate your preferences and ensure we address your tax or financial concerns efficiently.
We begin by discussing your financial situation and goals. You’ll submit any necessary documents, and we’ll start preparing your tax returns. Once we complete a draft, we’ll send it for your review. After any revisions, we’ll file your return and provide final documents. Our goal is to make tax filing as smooth and accurate as possible.
You can use the worksheet provided with your W-4 form to calculate your exemptions, or you can contact us for assistance in determining the appropriate number of exemptions for your situation.
Yes, we can e-file your tax returns if they are eligible. E-filing is a secure and efficient way to submit your returns, and we handle the process for you.
Yes, you may be able to claim your parents as dependents if you are financially supporting them. You will need to provide evidence, such as proof of payment for their living expenses, to meet IRS requirements.
Yes, we offer audit support for clients facing IRS or state audits. We will assist with preparing your records, communicating with the IRS, and representing your interests to ensure a favorable outcome.
No, e-filing does not increase your likelihood of being audited. The IRS uses automated systems that analyze various factors, not the filing method. Whether you file electronically or on paper, the audit risk depends on other factors such as deductions, income discrepancies, etc.
You do not need to wait. We can help with tax questions or issues throughout the year. Contacting us early allows us to provide guidance and help you make tax-efficient decisions year-round.
Typically, you should keep tax-related records for at least seven years from the date of filing. This includes financial statements, receipts, and other supporting documents.
Yes, most tax authorities allow you to pay outstanding tax debt online. We can also assist in negotiating with tax agencies to resolve any tax liabilities.
Yes, e-filing typically results in faster refunds. The IRS processes electronic returns more quickly, and many refunds are deposited directly into your bank account for added convenience.
Instead of a traditional signature, we use a personal identification number (PIN) for e-filing. This ensures your return is filed securely and efficiently.
A 1099 is issued to independent contractors, and taxes are not withheld. You are responsible for reporting your income and deducting any relevant business expenses. We can help you track expenses and ensure accurate filing.
In addition to tax and accounting services, we offer financial planning, audit services, bookkeeping, payroll tax returns, and more. Contact us to learn how we can support your financial needs.
FAQ For Freelancers
No, taxes are based on when you receive the payment. Since you were paid in 2014, you must report that income in the year you received it, which means paying taxes for it in 2014.
To avoid a large tax bill at the end of the year, it’s recommended to pay more than the estimated amount due. To estimate your quarterly taxes, calculate your total tax liability for the year, then divide it by four (the number of quarterly payments). Make each payment to the IRS on time to stay on track.
If you miss a payment, make the payment as soon as you can to get back on track. If the next payment is close, you can make two payments at once. It’s better to pay late than not to pay at all. Remember, quarterly tax deadlines are April 15, June 15, September 15, and January 15.
Freelancers can claim various business-related deductions, including the home office deduction, which can cover a portion of utilities, mortgage, taxes, and interest payments. Other deductible expenses include new office equipment (computers, furniture), travel costs, office supplies, and other business-related purchases.
A 1099 form is used for independent contractors or subcontractors. If you earn over $600 from a single client, they are required to send you a 1099 form. However, even if you earn less than $600, you must still report the income on your tax return.
Freelancers can deduct any necessary business expenses, such as supplies, equipment, travel, and professional services. Be sure to keep receipts and itemize your expenses, especially if they’re mixed with personal purchases, to ensure accurate deductions at tax time.
A CPA helps you manage your finances, ensuring your books are balanced and your taxes are filed correctly. They can assist with quarterly tax payments and offer valuable tax planning advice. Hiring a CPA removes the stress of tax time and ensures you stay compliant throughout the year.
If you’ve overpaid social security taxes due to multiple employers, you can get a refund when you file your taxes. Be sure to include the total amount you paid in excess, and your CPA will help you claim a refund for the overpayment.
No, you should keep your tax returns and supporting documents for at least seven years. After that, you can dispose of them securely, preferably by shredding, to protect your personal information.
No, IRS agents cannot enter your home unless you invite them or they have a court order. If a field auditor visits to verify a deduction, you are not obligated to let them in. However, if they cannot verify your deduction, you may lose that claim.
Income Tax FAQ for Freelancers and Small Business Owners
A CPA is crucial for small business owners, freelancers, or anyone self-employed. They don’t just file and prepare taxes—they provide valuable financial advice, ensure compliance with both state and federal laws, and represent you in case of an audit.
A CPA with experience in state compliance can guide you through the nuances of each state’s tax laws, including local, state, and federal tax filings. They help ensure you meet all requirements, reduce your tax liability, and avoid penalties, regardless of where you operate.
Be ready to provide financial documents like income statements, business expenses, and other tax-related paperwork. It’s also helpful to discuss your financial goals, concerns, or questions, as this will help your CPA tailor the services to your needs and local tax laws.
It’s best to reach out early—typically by December or January. This allows plenty of time to assess your tax situation. You don’t need to have all your documents ready right away; we’ll help organize everything once you’ve made initial contact.
Yes, we can represent you in the event of an audit, whether from the IRS or state tax agencies. We’ll assist in preparing documents, corresponding with authorities, and guiding you through the process.
Absolutely. If your tax return is audited, we will guide you through the process, prepare necessary documentation, and communicate with the IRS or state tax authorities on your behalf.
We offer a wide range of services for individuals, freelancers, small businesses, and nonprofits, including:
- Income tax preparation for individuals, freelancers, LLCs, S-corporations, C-corporations, trusts, estates, and nonprofits
- Preparation of prior year returns for both federal and state taxes
- Personal financial planning
- Tax planning and consulting
- Financial audits, reviews, and compilations
- Sales tax return preparation
- Expatriate tax returns
- IRS and state tax negotiations and settlements
- Retirement and estate planning
Yes, we work with clients across the country and internationally. Our services extend to individuals and businesses anywhere, helping them comply with both federal and state income tax laws.
Yes, we offer e-filing for federal and most state returns. However, please note that some states or local jurisdictions may not accept e-filing for certain types of returns or businesses.
Yes, e-filing typically results in faster processing and refunds, especially if you opt for direct deposit to your bank account.
It’s recommended to keep your tax records for at least seven years. After that, you can safely dispose of them.
We start by discussing your financial situation and goals. After gathering necessary documents, we prepare your returns and provide you with a draft for review. Once finalized, we’ll e-file or paper-file your return and send you an invoice. You’ll also receive a copy of the final return and any required documents for your signature.
Yes, in addition to tax filing, we provide services like financial planning, investment advice, bookkeeping, payroll management, cost control, sales tax returns, and more.
Yes, we assist clients who haven’t filed taxes in previous years, including addressing delinquent returns and handling back taxes with both state and federal authorities.
We specialize in tax services for freelancers, small business owners, self-employed individuals, and nonprofit organizations. Our services are available to clients in any state.
Yes, we are licensed in multiple states and can help you file tax returns in any state where you have tax obligations, including federal filings and multi-state tax issues.
Yes, we have extensive experience preparing tax returns for LLCs, S-corporations, and other business structures. We ensure compliance and work to maximize tax advantages for your business.
Yes, we can offer advice on a variety of business and financial matters, including business formation, tax strategy, and financial planning, all while ensuring compliance with state laws.
No, you can contact us anytime with tax-related questions or concerns. Our office is open year-round, and we are available to assist with your tax planning, preparation, and other financial matters at any time.
Contact us to ask specific questions not listed here
- Contact us today at 762-218-2578 or visit us at 2779 Park Dr, Lake Worth, FL, 33462, to learn how we can support your business’s financial needs.