PO BOX 512,
Plaistow 03865
+1 (978) 912-0797
At Freedom Financial LLC, we recognize that navigating bookkeeping, accounting, and tax preparation can be daunting. To help you, we’ve compiled a list of Frequently Asked Questions that address our clients' most common concerns. Whether you're a small business owner, an individual taxpayer, or part of a growing company, our aim is to provide clarity, transparency, and confidence in managing your financial needs.
Within this resource, you'll find answers to essential questions about our services, pricing, tax laws, and how we can assist you in achieving your financial objectives. If your specific question isn’t listed, please don’t hesitate to reach out to us directly. We're here to simplify your finances, allowing you to focus on what matters most.
Bookkeeping involves recording and organizing financial transactions, while accounting interprets, analyzes, and reports on those financial records to provide insights and prepare for taxes.
We collaborate with a diverse array of industries, including small businesses, nonprofits, retail, construction, professional services, real estate, and beyond. Our team customizes services to address the distinct needs of your specific sector.
We partner with individuals, small businesses, corporations, and nonprofits. Whether you require straightforward tax preparation or extensive financial management, we have the perfect solution for you.
Yes, we offer both in-person and virtual services, providing flexibility and convenience for our clients.
The frequency of bookkeeping depends on your business size and transaction volume. For small businesses, we generally recommend monthly bookkeeping, while larger operations may benefit from more frequent updates.
Absolutely! We specialize in meticulously reviewing and updating past records to ensure accuracy and relevance.
We utilize top accounting tools like QuickBooks Online, Xero, and other cloud-based platforms. Additionally, we can seamlessly integrate with any software you currently use.
Yes, all records belong to you, and we guarantee that you can easily access them at any time.
Certainly! We provide tailored services to enhance your efforts, including account reconciliation and report preparation, allowing you to focus on daily data entry.
Bookkeepers concentrate on daily financial transactions, whereas accountants offer comprehensive analysis, financial reporting, and tax planning. If you require both services, we can tailor a package to meet your needs.
Yes. We create comprehensive reports, including profit and loss statements, balance sheets, and cash flow statements, to provide valuable insights into your business's financial health.
Yes, we can. We collaborate with clients to develop budgets and provide forecasts, enabling them to make informed decisions for their business.
We prioritize data security by utilizing encryption, secure servers, and stringent access controls to safeguard your information.
Common documents include W-2s, 1099s, last year's tax return, receipts for deductions, and financial statements for business owners. We offer a detailed checklist to assist you.
Yes, we have considerable experience managing taxes for clients with income or business operations across multiple states.
The timeframe for processing your return depends on its complexity and the availability of your documents. Simple returns may be completed within a few days, whereas more complex cases could take longer.
Yes, we can offer audit support and represent you before the IRS for the tax returns we prepare, if necessary.
Absolutely! We assist both individuals and businesses in year-round tax planning to minimize liabilities and optimize deductions and credits. We collaborate with third-party professionals, such as financial planners, to provide a comprehensive approach to your tax strategy.
No, the temporary above-the-line deduction for charitable contributions (available in 2020-2021) has not been reinstated. Charitable contributions can only be deducted if you itemize.
Yes, the Section 179 expensing limit for business equipment and property has increased to $1.18 million, with a phase-out threshold of $2.35 million.
The American Opportunity Tax Credit (AOTC) remains at $2,500 per student, and the Lifetime Learning Credit (LLC) is up to $2,000 per taxpayer.
The estate tax exclusion amount has increased to $13.61 million per individual. The annual gift tax exclusion is $17,000 per recipient.
The penalty for late filing is 5% of unpaid taxes per month (capped at 25%). The late payment penalty is 0.5% per month on unpaid taxes.
If you were affected by Hurricanes Helene and Milton in 2024, the IRS has extended the deadline for both personal and business tax filings and payments. According to the IRS announcements, all taxpayers in Florida now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. This extension applies to: 2024 individual and business returns normally due during March and April 2025. 2023 individual and corporate returns with valid extensions. Quarterly estimated tax payments. Quarterly payroll and excise tax returns. This relief was granted due to the significant impact of these hurricanes on the state, covering all of Florida for both Helene and Milton.