Accounting & Financial Management for High-Performing Professionals

As a 1099 contractor or freelancer, you're responsible for both income tax and self-employment tax (15.3% for Social Security and Medicare). Unlike W-2 employees, taxes aren't automatically withheld from your payments, so you'll need to make quarterly estimated tax payments to avoid penalties. At TFMA, we help freelancers and content creators set up proper tax systems, identify deductions, and ensure you're never surprised at tax time.

By default, a single-member LLC is taxed as a sole proprietorship (pass-through taxation), meaning profits flow to your personal tax return. Multi-member LLCs are taxed as partnerships. However, LLCs can elect to be taxed as an S-Corp, which can provide significant tax savings once your business reaches a certain income level. We help small business owners determine the optimal tax structure and handle all the compliance requirements.

Quarterly estimated tax payments are due four times per year: April 15th (Q1), June 15th (Q2), September 15th (Q3), and January 15th of the following year (Q4). If the due date falls on a weekend or holiday, the deadline moves to the next business day. Missing these deadlines can result in underpayment penalties. Our clients receive reminders and we help calculate the right amount to pay each quarter.

A general rule of thumb is to set aside 25-30% of your income for taxes. This covers federal income tax, self-employment tax, and state taxes (if applicable). However, this percentage varies based on your total income, deductions, filing status, and state. We recommend opening a separate savings account specifically for taxes. During onboarding, we calculate your personalized tax rate so you know exactly how much to save.

Common business deductions include home office expenses, business equipment and software, professional services, marketing and advertising, travel and meals (50% for meals), health insurance premiums, retirement contributions, vehicle expenses, and professional development. The key is that expenses must be "ordinary and necessary" for your business. We help our clients identify every legitimate deduction to minimize their tax liability legally.

A bookkeeper handles day-to-day financial record-keeping: categorizing transactions, reconciling accounts, and maintaining accurate books. An accountant analyzes financial data, prepares financial statements, and provides strategic advice. A CPA (Certified Public Accountant) is a licensed professional who has passed rigorous exams and can represent you before the IRS, sign tax returns, and perform audits. At TFMA, we provide bookkeeping and accounting services, and partner with CPAs for tax filing and specialized needs.

Yes, athletes and entertainers face unique financial situations that general accountants often miss. This includes multi-state tax filing requirements (you pay taxes in every state you perform or play), managing irregular income streams, maximizing industry-specific deductions (agents, training, equipment, travel), handling endorsement and royalty income, and planning for short career windows. TFMA specializes in working with athletes and entertainers who need someone who truly understands their world.

Content creators can deduct a wide range of business expenses including camera equipment, lighting, microphones, editing software and subscriptions, props and products featured in content, home studio or office space, internet and phone bills (business portion), travel for content creation, brand-related clothing and styling, professional services (editors, managers, accountants), and platform fees. Proper documentation is essential - we help creators set up systems to track everything.

Software like QuickBooks is a powerful tool, but it's only as accurate as the person using it. Common DIY mistakes include miscategorized transactions, missed reconciliations, incorrect chart of accounts setup, and not catching bank feed errors. A professional bookkeeper ensures your books are accurate, tax-ready, and provide meaningful insights. Think of it this way: QuickBooks is the tool, but you still need someone who knows how to use it properly and interpret the data.

We work with clients across the country through secure cloud-based systems. After an initial consultation, we connect to your bank accounts and accounting software through secure, read-only integrations. You'll have a dedicated point of contact, regular check-ins, and access to real-time financial dashboards. Everything is handled digitally - no paperwork to mail, no office visits required. Whether you're in Arizona or anywhere in the US, you get the same personalized, hands-on service.