Tax and Bookkeeping Help for Freelancers and Consultants
Working for yourself brings freedom, but it also makes you responsible for things an employer used to handle, like setting aside tax, tracking expenses and planning for retirement. Without a plan, tax season can bring an unwelcome bill.
Raymond G. Kenney, CPA works directly with freelancers, independent consultants, creatives and other self-employed professionals. Ray helps you keep simple, accurate records, stay current on estimated taxes and understand the deductions and choices available as your business grows.
Common Challenges and How Ray Helps
- Schedule C reporting. Ray prepares your Schedule C accurately and helps you identify ordinary and necessary business expenses, from software and equipment to travel and professional fees.
- Quarterly estimated taxes. With no withholding on your business income, you generally need to make quarterly estimated payments. Ray helps you set amounts that fit your income so you can avoid surprises and underpayment penalties.
- Home office. If you use part of your home regularly and exclusively for business, you may qualify for a home office deduction. Ray explains the simplified and regular methods and which fits you.
- Health insurance and retirement. Self-employed people may be able to deduct health insurance premiums and contribute to plans like a SEP-IRA or solo 401(k). Ray explains the tax side of these options in plain terms.
- S-corp timing. When profits grow, an S-corp election may reduce self-employment tax. Ray helps you decide whether and when it makes sense. See Should Your Business Be an S-Corp?.
- Bookkeeping. Ray can set up simple bookkeeping so income and expenses are organized all year, which makes filing and planning far easier.
Related Services
- Year-round tax planning: estimates, deductions and timing
- Individual tax preparation: including Schedule C
- Should your business be an S-corp?: an overview of the election
- S-corp and C-corp tax preparation: if you've incorporated
- Monthly bookkeeping: organized books every month
- Bookkeeping clean-up: when records have fallen behind
- QuickBooks setup and optimization: a simple, accurate file
- Frequently asked questions: quick answers about working with Ray
Why Work With Ray
Ray is a licensed New York CPA in practice since 2015 and a member of the AICPA and the NYSSCPA. You deal with him directly, from your first call through filing, and he’ll explain things in plain language.
Work With Ray From Anywhere
Prefer to work remotely? Ray works with clients locally and remotely across the U.S. by phone, video and email. Work with Ray from anywhere.
Frequently Asked Questions
Do freelancers have to pay quarterly estimated taxes?
Usually, if you expect to owe tax when you file. Federal estimates are generally due in mid-April, mid-June, mid-September and mid-January, and New York has its own estimated payments. Ray can help you set the right amounts.
Can I deduct my home office?
Possibly. Generally the space must be used regularly and exclusively for your business and be your principal place of business. You can choose the simplified method or the regular method based on actual expenses.
When should a freelancer become an S-corp?
There's no single profit level. It depends on your income, a reasonable salary for your work and the added costs of extra filings. Ray can compare both setups using your numbers.
Get Started
Have questions about your situation? Talk with Ray. Monday–Friday, 9–5.