Tax & Accounting Services for Individuals

Tax Preparation

Freyman CPA brings a high level of expertise to your individual tax return preparation. We understand the complexities of our clients’ situations and are experienced in handling all levels of tax filings, from basic returns to multi-state, foreign, or self-employed filings. We streamline the tax preparation process to reduce the amount of time that you need to think about taxes, and we implement effective tax saving strategies to reduce your tax obligations. In addition, we will optimize tax payments by providing guidance relating to withholding and tax estimates; this will establish that no penalties are incurred and will reduce the likelihood of overpayment.

Freyman CPA can prepare and file all of your required tax forms. We prepare federal, state, and local tax returns, including the following forms and reports:

  • Individual Income Tax Return (Form 1040)
  • Estimated income taxes (Form 1040-ES)
  • Amended Individual Income Tax Return (Form 1040X)
  • US Gift and Generation-Skipping Transfer Tax Return (Form 709)

If you are married, we will always perform an analysis to determine whether it is beneficial to file jointly or separately.

Multi-State Filing

Many of our clients file tax returns in multiple states due to differing states of residence and work. We can assist with your multi-state exposure by:

  • Determining your filing requirements
  • Projecting your income taxes in each state
  • Preparing tax estimates
  • Modeling payroll to determine the optimal withholding for each state
  • Preparing tax return

High Net Worth Individuals

We are experienced with the preparation of tax returns for high net worth individuals who may have significant partnership holdings, capital transactions, and foreign investments. We can provide tailored tax strategies to reduce your tax liability.

Self-Employed Individuals

When you run your own business, there are a number of additional tasks that must be done in order to prepare your taxes. We can assist with all tax-related matters, including:

  • Preparing your books, including cleaning up the general ledger
  • Reconciling your bank accounts
  • Preparing financial statements, including a profit and loss statement and a balance sheet
  • Preparing a full schedule C
  • Preparing your income tax return
  • Providing general consultation related to your business’ tax and financial matters

International Exposure

We specialize in preparing tax returns for both foreign individuals living in the US and US citizens living or working abroad. We can provide guidance on international tax issues and obligations in addition to preparing your tax returns. Some of our international-related preparations include:

  • US tax returns for foreign individuals
  • US tax returns for US citizens with international business entities
  • US tax returns for US citizens working abroad
  • Calculation of matrimonial tax implications
  • Analysis of living and working abroad

Specialized Forms

We are well versed in many specialized circumstances that impact our clients’ taxes. We prepare and file specialized forms, reports, and elections including:

  • Statement of Specified Foreign Financial Assets (Form 8938)
  • US Individuals Working Abroad (Form 2555)
  • Foreign tax credits (Form 1116)
  • Section 83(b) elections
  • Household employee reporting (Schedule H)

Tax Planning and Projections

The best way to reduce your taxes is through effective planning. We can highlight the tax impact of transactions that you may engage in during the year; tax projections and calculation of quarterly estimates helps you plan for cash outlays and determine the impact that different events may have on your taxes. Our short- to medium-term planning strategies include:

  • Income tax projections
  • Multi-state planning
  • Estimated tax calculations
  • Withholding adjustments for payroll
  • Alternative minimum tax management

At year-end, and during strategic points throughout the year, we advise you on effective ways to reduce your taxes through deferral of income, adjusted timing of capital transactions, and implementation of other tax-saving strategies.

Strategic long-term tax planning will ensure that your needs are met, while reducing your tax obligations. We provide consulting in numerous areas related to individual tax matters, including:

  • Equity based compensation arrangements
  • Estate and gift tax planning
  • International tax planning
  • Retirement distribution design
  • Charitable and philanthropic strategies

Financial Planning

Freyman CPA also provides personalized financial planning, as part of a holistic approach to taxes and finances. Our services are tailored to fit your needs: we can simply review your investments, or we can develop a well-rounded financial plan.

The benefit of employing our financial planning services is that we understand the tax consequences of your financial investments and decisions. Our planning services can help maximize your after-tax wealth.

Some of the services that we offer include:

  • Personal financial statement preparation
  • Review of financial position
  • Review of retirement vehicles and investments, including portfolio analysis
  • Analysis of debt and financing
  • Retirement planning
  • Analysis of insurance needs
  • Projection and planning related to educational funding
  • Analysis of cash flows
  • Succession planning
  • Budgeting