Freeman Tax Service

Freeman Tax Service Friendly, Professional Service. We are a full service tax preparation office specializing in individual and small business filings.

We handle anything from personal tax returns and audits to IRS representation cases.

Here's an area of the tax code that surprises many with a larger tax bill.
09/22/2023

Here's an area of the tax code that surprises many with a larger tax bill.

Too many taxpayers using a home office or having rental property are surprised by their tax bill when they sell their property. A little understood area of the tax code called depreciation recapture is often the culprit.

How much should you pay yourself as a business owner? Here are some things to consider. Also find out why the IRS halted...
09/20/2023

How much should you pay yourself as a business owner? Here are some things to consider. Also find out why the IRS halted processing new Employee Retention Credit claims.

Deciding how much to pay yourself as a business owner can be challenging. You need a certain amount to be able to pay your monthly personal bills, but you may also want to leave as much money as you can in your business to help it grow. In this month’s newsletter, read about three ideas to hel...

Did you know that business meals are deductible but business entertainment isn't? Make sure you keep a detailed expense ...
09/15/2023

Did you know that business meals are deductible but business entertainment isn't? Make sure you keep a detailed expense log distinguishing the two.

If you own your own business, are self-employed or run a side business, can you deduct the cost of client meals? The answer is not so clear after the passage of the Tax Cuts and Jobs Act. Here are some tips to stay on the right side of the new rules.

Reminder: 3Q estimated taxes are due Friday, September 15. Here are some things to consider.
09/08/2023

Reminder: 3Q estimated taxes are due Friday, September 15. Here are some things to consider.

If you have not already done so, please plan to make your third quarter estimated tax payment. The due date is Friday, September 15th.

Understanding unearned income can be a great benefit in reducing your taxable income, but only if you understand what it...
09/01/2023

Understanding unearned income can be a great benefit in reducing your taxable income, but only if you understand what it is.

What's in a name? If it is defining different types of income, it can mean more income tax obligations. Here are some things to know.

Oops. You donated too much to your IRA. What do you do. Follow these tips.
08/25/2023

Oops. You donated too much to your IRA. What do you do. Follow these tips.

The IRS is beginning to tackle the problem of taxpayers contributing too much to their IRA accounts each year. Here is what you need to know.

Here's a tip to avoid unwanted tax penalties.
08/18/2023

Here's a tip to avoid unwanted tax penalties.

Here is a simple idea to avoid late payment penalties if you miss a quarterly estimated tax payment (form 1040 ES). While it might not apply to everyone, it could save you some money come tax time.

The Employee Retention Credits are now under the microscope at the IRS. Here is what is happening now.
08/16/2023

The Employee Retention Credits are now under the microscope at the IRS. Here is what is happening now.

The Employee Retention Credit was a valuable tool for millions of businesses to financially make it through the COVID-19 pandemic. But now it's being looked at under the microscope by the IRS. Learn what is being said by the IRS and understand now is the time to be prepared for a review. This month....

The only group happier than you when you a win a prize is the IRS. Most prizes are taxable. Make sure you fully understa...
08/11/2023

The only group happier than you when you a win a prize is the IRS. Most prizes are taxable. Make sure you fully understand the value of the prize and how it's taxed before you accept it.

Prizes received are to be recorded on your tax return as income. Unfortunately, there are many pitfalls. Here are some tips.

Be prepared. The moto of the boy scouts AND your motto when in comes to an IRS audit. Here's what to do.
08/04/2023

Be prepared. The moto of the boy scouts AND your motto when in comes to an IRS audit. Here's what to do.

Too often during the course of an audit, the auditor throws out valid deductions. Not because they did not occur, but soley because you did not provide adequate documentation. Here are tips to help solve this problem.

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1415 E Oak Street
Conway, AR
72032

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Monday 8am - 6pm
Tuesday 8am - 6pm
Wednesday 8am - 6pm
Thursday 8am - 6pm
Friday 8am - 7pm
Saturday 9am - 5pm

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