FAQ for Taxes

 

Frequently Asked Questions

Personal Tax Filing

 
  • Youโ€™ll almost always want to do married filing jointly as this provides you with the most tax benefits. Your marital status for the year is whatever it was on 12/31 of the year being filed.

  • Yes. Assuming youโ€™re married filing jointly (most common), our tax packages include your joint tax return for federal and state (if applicable).

  • Most likely, yes. Please contact us, as we charge $75 per additional state return and want to make sure we have all of the necessary information.

  • We have a call-free process! All of our tax filing packages come with a detailed list of what we need uploaded to our secure portal and email support for any questions.

  • Safe harbor estimates allow taxpayers to avoid underpayment penalties by making quarterly payments based on either 100% of the previous year's tax liability or 90% of the current year's expected tax liability. These payments are made in equal installments throughout the year and can provide a reliable way for taxpayers to manage their tax obligations and avoid penalties.

    On the other hand, real-time estimates involve adjusting your estimated tax payments throughout the year based on your current income and tax situation. This approach requires more ongoing attention and monitoring, as taxpayers need to adjust their payments as their income and tax situation changes.

    While real-time estimates can provide more accurate tax payments, they require more effort and attention from the taxpayer. Safe harbor estimates provide a more simplified approach and can be a good option for those with more stable income or those who prefer a more predictable approach to tax payments.

    Overall, the choice between safe harbor estimates and real-time estimates depends on the taxpayer's individual circumstances and preferences. It's important to consult with a tax professional to determine the best approach for your specific situation.

 
 

Frequently Asked Questions

Annual Tax Filing for Single Membership and S-Corps

 
  • Yes, this includes personal returns and one business return for a sole proprietorship or single member LLC. If you have more than one business or your spouse also has a business, contact us for rates.

  • Youโ€™ll almost always want to do married filing jointly as this provides you with the most tax benefits. Your marital status for the year is whatever it was on 12/31 of the year being filed.

  • Yes. Assuming youโ€™re married filing jointly (most common), our tax packages include your joint tax return for federal and state (if applicable).

  • Most likely, yes. Please contact us, as we charge $75 per additional state return and want to make sure we have all of the necessary information.

  • We have a call-free process! All of our tax filing packages come with a detailed list of what we need uploaded to our secure portal and email support for any questions.

  • Safe harbor estimates allow taxpayers to avoid underpayment penalties by making quarterly payments based on either 100% of the previous year's tax liability or 90% of the current year's expected tax liability. These payments are made in equal installments throughout the year and can provide a reliable way for taxpayers to manage their tax obligations and avoid penalties.

    On the other hand, real-time estimates involve adjusting your estimated tax payments throughout the year based on your current income and tax situation. This approach requires more ongoing attention and monitoring, as taxpayers need to adjust their payments as their income and tax situation changes.

    While real-time estimates can provide more accurate tax payments, they require more effort and attention from the taxpayer. Safe harbor estimates provide a more simplified approach and can be a good option for those with more stable income or those who prefer a more predictable approach to tax payments.

    Overall, the choice between safe harbor estimates and real-time estimates depends on the taxpayer's individual circumstances and preferences. It's important to consult with a tax professional to determine the best approach for your specific situation.

 

What Our Clients Are Saying

 

โ€œKatelyn and the Freelance CFO team are irreplaceable in my business. Everyone on the team is incredibly warm and friendly as well as knowledgeable. I know that whenever I ask a question it will be answered efficiently and thoroughly. They help me strategize to meet goals, set various accounts and legal documents up to best serve my business, and are always willing to go the extra mile. โ€

โ€” Jenn Bays

โ€œWorking with TCFO has changed my life, changed my business, and continues to change my relationship with money and finances. I was somehow able to start working with you right before your business almost tripled in size, and I shouldn't have ever said that it couldn't get better because...it only gets better. I'm obsessed!โ€

โ€” Maia Lopes-Gilbert

โ€œKatelyn and her team are simply amazing! The finance side of my business is typically very overwhelming, so having them to help along the way with all of my bookkeeping takes that stress away. And speaking of helpfulโ€ฆEVERYONE on the team is helpful + knowledgeable. Just knowing that Katelyn truly cares about her team members and her clients makes my heart flutter. Alicia is the team member I interact with most, and I love her. If you hire The Freelance CFO for anything, I promise you wonโ€™t be disappointed!โ€

โ€” Colleen Posea

 

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