Freedman CPA, P.C.

If you want to claim parental tax breaks as soon as your child has been born, make sure to obtain a Social Security Number, an individual tax identification number, or an adoption tax identification number. The tax breaks you may be eligible for include the child tax credit and the tax credit for paying someone to take care of your child while you work. Want to learn more tax tips? Continue following our page or, better yet, contact us at (212) 509-6700.

Did you know that your customer management system can affect your business growth? Streamlining and automation can save you time and improve your customer relationships as well as better communicate with your target customer base. As your business develops and expands, finding new innovative ways to automatically track campaigns, leverage your customer data, and better manage your sales can lead to increased referrals and a boost in profits. For other small business tips, contact us today at (212) 509-6700.

Are you a business owner trying to navigate payroll taxes? This guide could be the answer to your questions about optimizing the process!

Optimizing Your Approach to Payroll Taxes | www.financialhotspot.com Navigating the complexities of payroll taxes can be a daunting task for any business owner. From understanding tax regulations to ensuring timely payments, managing payroll taxes effectively is crucial for maintaining compliance and avoiding penalties. This guide will help you optimize your approach...

If you have a new member of the family, it's important to check your withholding. Because you may be eligible for additional tax breaks, you may want to change your withholding depending on your needs. You can either increase what you receive on your paycheck or increase the tax returns you will receive later on. Give us a call at (212) 509-6700 so we can discuss your specific tax needs!

There's a lot to consider when you start planning for retirement. One of the best ways to begin is to write down all of your concerns. If you’re stuck, we’ve listed some commonly asked retirement questions below. If you need more personalized assistance, look no further. We'll work with you to plan a financially secure retirement. Call (212) 509-6700 to set up your appointment today!

In some states, putting your new home into a trust can protect your heirs from going through the probate process. Going through probate can incur extra costs, time, and hassle. Want to learn more about protecting your assets? Contact us at (212) 509-6700.

Navigating finances as an unmarried couple can be challenging so it is important to approach financial matters with open communication to establish a strategic plan to achieve your long-term goals. Remember, it is all about building a strong financial partnership!

Navigating Finances as an Unmarried Couple | www.financialhotspot.com When you're in a committed relationship, financial planning becomes a crucial aspect of your partnership. However, as an unmarried couple, navigating financial decisions can pose unique challenges. From budgeting to saving for long-term goals, it's essential to approach these matters with open commu...

Retirement income planning is when you examine your expected retirement income and the possible expenses to create a strong financial plan to fund your retirement. One of the first steps is to identify what will be funding your retirement and how much you will be receiving. We're happy to help get your retirement plan started. Contact us today at (212) 509-6700

One of the most common causes of stress is money worries. Most adults have likely dealt with a financial dilemma in their life. Take back control of your stress and try following the steps listed in this article on how to manage your finances as well as your feelings. If you're looking for any assistance with your finances, please schedule your initial consultation with us today at (212) 509-6700!

5 Ways to Calm Financial Stress - NerdWallet Recognizing that money tension is common can be the first step toward reducing it. Here are other ways to ease worries.

Some might think that doing your own taxes saves you more money. However, the reality is that if you miss a single detail or add in an incorrect item, it may affect your returns and cost you more in the long run. Yes, you can amend in the future, but will you be able to spot-check what needs to be changed when you're not a pro? Save time and let professionals like us handle it for you from the beginning! Contact us at (212) 509-6700.

If you receive an audit notice, don’t fret! It’s crucial to remain calm to approach the situation with clarity and strategically to avoid any rash decisions that may have negative effects on you and your experience.

What to Do When You Receive an Audit Notice | www.financialhotspot.com Receiving an audit notice can be an anxiety-inducing experience for anyone, whether it's from the IRS, a regulatory body, or an internal audit within your organization. However, it's crucial to remain calm and approach the situation methodically. In this guide, we'll outline steps you can take when....

A recent study from the National Institute on Retirement Security found that more than half of Americans don't believe they can achieve financial security in retirement. That's scary! If you share those concerns, we're here to help you get your retirement planning on track. Contact us today at (212) 509-6700 to schedule your first consultation.

Maintaining proper documentation, time management skills, and automating daily tasks can significantly help your organization and success as a business owner. Maintain accurate records of your business finances through recording every transaction into the proper accounts on a weekly basis. Keep copies of all your invoices, cash receipts and cash payments as well for tax purposes. Need other business tips? Contact us at (212) 509-6700 – we’d love to help!

Enrolled agents are tax advisors who hold federal authorization as tax practitioners, granted authority by the U.S. Department of Treasury. It's legal for enrolled agents to represent taxpayers and we make this a seamless process for you. Have questions? Get real answers and give us a call today at (212) 509-6700.

One of the fundamental parts of business strategy is market research. It includes the gathering and analyzing of information about a target market and all the industry trends and consumer preferences that are a part of it. This is vital for businesses to make informed decisions and stay competitive!

What Is Market Research, and Why is it Important? | www.financialhotspot.com Market research is a fundamental aspect of business strategy that involves gathering, analyzing, and interpreting information about a target market, industry trends, and consumer preferences. It plays a crucial role in helping businesses make informed decisions, identify opportunities, mitigate risk...

While self-employment can bring you a sense of fulfillment, it can also lead you to costly mistakes if you're not careful. Improve your strategies and learn about common financial mistakes made by other entrepreneurs by checking out the article below! Contact us today at (212) 509-6700 for personalized assistance with your financial goals.

5 Financial Mistakes to Avoid When You Are Self-Employed - NerdWallet Self-employment can be used as a vehicle to launch your dreams and build wealth. Avoiding these financial mistakes may increase your chances of success.

If you call the IRS about your account, be aware that you will have to verify your identity. Be cautious about accepting help with your account from anyone outside of the agency’s authentication process. Be wary of anyone asking for personal information - such as birthdates, addresses, Social Security numbers, photo identification, bank information, or credit and debit details – out of context. The IRS will never ask you for these.

Have you ever thought about setting up a private family foundation? Through philanthropy and effective management, this can help your family leave a significant impact on society and important causes that are close to your heart for years to come.

Cementing Your Legacy with a Private Family Foundation | www.financialhotspot.com Establishing a private family foundation is a powerful way to create a lasting legacy while making a positive impact on society. By leveraging philanthropy, strategic giving, and effective management, families can leave a meaningful imprint on causes they care about for generations to come. In this....

Set reminders for the important tax dates regarding payroll taxes, estimated quarterly taxes, and when you need to initiate payroll for each pay period. We'll help you make sense of cents, contact us at (212) 509-6700.

Have you ever wanted to open up your own business but are afraid that it might be a difficult process? Have no fear! These success tips are great places to start and keep at the forefront of your mind when building your startup company. Need assistance with getting your business finances in order? Call us at (212) 509-6700 – we can help!

5 Realistic Tips to Build a Successful Startup | Startup Grind Startup Grind is a startup community in 120 countries delivering education, connections, and opportunities to help startups and scaleups grow.

We can’t exercise once a quarter and expect to be in great shape. Just like fitness, effective bookkeeping requires our attention and energy on a regular basis. Ideally, you should log expenses and payments received as they occur. If not applicable for you, set aside 20-60 minutes once a week to record transactions and review financial statements. Books behind? Get caught up by contacting us at (212) 509-6700 to discuss how we can help you!

Bookkeeping and accounting – what’s the difference anyway? While often used interchangeably, they are actually pretty different and what makes them distinct from the other may surprise you!

Bookkeeping vs. Accounting: Understanding the Difference | www.financialhotspot.com In the world of finance and business, bookkeeping and accounting are sometimes used interchangeably, but they serve distinct purposes and involve different tasks. Understanding the difference between bookkeeping and accounting is essential for effective financial management and decision-making. In t...

An examination audit is what people are really scared of, but less than 1% of Americans are audited in a given tax year. A face-to-face examination can take place in your home, your workplace, your lawyer's office, or at an IRS office. When the audit is completed, the auditor will determine what's required to rectify the situation. If you disagree with their assessment, there's an appeals process. Contact us at (212) 509-6700 today.

When you work with us, we’ll offer year-round tax planning guidance to help you reduce the tax obligations of your business. Running a business is hard, but taxes shouldn't be. Let our professional enrolled agents help you navigate the tax maze! Contact us at (212) 509-6700 to get started.

International tax requirements can be incredibly difficult to navigate, especially if you are self-employed and conduct business worldwide. It is vital that one learns the tax compliance laws when handling business globally to ensure that no penalties are accrued.

Self-Employment and International Taxes | www.financialhotspot.com Navigating international tax obligations can be complex, especially for self-employed individuals who conduct business across borders. Understanding the tax implications of self-employment income earned abroad is crucial for compliance and avoiding costly penalties. In this blog post, we'll explore....

Maintain accurate documentation if you have a mortgage. Your house loan interest may assist in decreasing your taxable income. The tax deduction for mortgage interest is marketed as a means of lowering the cost of homeownership. By deducting the amount of mortgage interest paid from your taxable income, eligible homeowners pay less in federal income tax. For more personalized information, contact us at (212) 509-6700.

To grow your business, you must manage your finances effectively. Hiring an accountant or bookkeeper like us is a great way to ensure your success. Contact us at (212) 509-6700 for an initial consultation.

When starting your business, you'll have to choose one of two different accounting methods: cash or accrual. Cash-based accounting is typically used for small, first-time businesses where sales and expenses are recorded only at the time of payment. Accrual accounting is more complicated to cash-based accounting. Sales or expenses are recorded when they're incurred, even though the payments will begin at a later date. The accrual method encompasses a longer-term view of the business across multiple periods, and it’s the standard among larger companies and financial institutions. Take a moment to determine what you think will be fit your business, and if you need additional help with your businesses accounting - don't hesitate to call us today at (212) 509-6700!