Frequently Asked Questions

Tax Preparation

  • Submit an inquiry! Every Q3 Nicole assesses how much capacity she has and how many additional tax returns/clients she can take on. Her goal is to respond to every inquiry submission, whether the answer is yes or no.

    Be on the look out for an email from her. From there she will ask you some general questions to better understand your tax complexity. You’ll have the option to have a consultation if she’s able to support you. To solidify the working relationship, you’ll sign a proposal from FreshBooks accepting the minimum price for your tax return. We can’t know the complexity until the tax return has been completed.

  • Tax documents. This might sound obvious, but sometimes it’s not. Do you remember every high-yield savings accounts that you have? Do you know every investment company you work with? Keeping a list of all of the places that you receive tax documents can be extremely helpful.

    Some common forms are:

    • W-2

    • 1099-NEC or MISC if you do contract work

    • A Profit & Loss statement for your contract work

    • 1098 if you own a home

    • Invoices for green energy improvements to your home

    • 1098-E or T if you go to school

    Nicole has built a tax organizer that helps identify all of the most common tax documents you might have. It creates a checklist for you to work off of.

  • Breath & Taxes offers price matching for simple 1040 filings if the minimum cost is outside of your price range. This means that whatever the cost is to file with TurboTax or H&R Block, Breath & Taxes will match that price.

    Nicole believes that individual tax filing should be free for everyone and seeks to redirect tax service revenue to people committed to making the current structure equitable for all taxpayers.

  • Nicole is located in Portland, Oregon and has the most experience filing in Oregon and California. While she has experience filing in all 50 states, she is focusing on supporting people located on the West coast.

Bookkeeping Coaching Program & Bookkeeping Package

  • Bookkeeping Coaching Program - Ideal for new businesses. You’re learning the ins and outs of being a business owner and want to learn how to do the bookkeeping yourself. One-time rate of $400 for the program materials with quarterly check-ins.

    Bookkeeping Package - Ideal for businesses at least two years or older. You’ve done your own bookkeeping yourself, and you’re ready to pass the work off to someone else. Monthly fee of at least $125; annual fee of at least $1,500.

  • The program is expected to last approximately two weeks but is flexible based on your schedule and capacity.

    • Onboarding - Gain access to a FreshBooks and Notion account. You focus on understanding the softwares and navigating the modules. Nicole will structure your Chart of Accounts.

    • Six Modules - Each module breaks down different components of bookkeeping within FreshBooks. After each module you will better understand how to handle reporting revenue, categorizing expenses, tracking Owner’s Draws and Investments, reviewing a Profit & Loss, and saving for taxes.

    • Program Resources - Each module is broken down into chapters with written and video content to support you in your bookkeeping work.

    • 1:1 Meetings - At every point of the program, you will have the ability to meet with Nicole for 15 minutes. While there is no limit to the quantity of meetings, Nicole does expect you to utilize the available resources first.

    • Graduation Meeting - After you have completed the six modules, Nicole will review your FreshBooks account, consolidate any feedback, and create a recurring checklist in Notion that will help you complete your monthly bookkeeping. This is the time for you to provide feedback about the program, share things that clicked and dive into the things that didn’t click.

    This program is evolving based on each participants’ needs.

  • The annual fees range from $1,350-$1,600 and is broken down into the following:

    • Onboarding fee - $125 one-time fee

    • FreshBooks [Plus] annual subscription - $336.60 or $28.05/month

    • Bookkeeping Coaching Program fee - $400 one-time fee

    • Quarterly Tax Estimates - $125 or $175/quarter depending on your filing status [optional but highly recommended]

    • Coaching Feedback - $50/quarter if there are adjustments needed in your FreshBooks account

    This does not include tax preparation fees.

  • The following actions will happen depending on the complexity and current state of your books:

    • Onboarding - Gain access to a FreshBooks and Notion account. You focus on understanding the softwares and sharing access, and Nicole will request access to your bank accounts and structure your Chart of Accounts.

    • Catch-up bookkeeping - Getting your books up to speed to the current month.

    • Conversion from prior accounting software - FreshBooks has a conversion team that can help convert your books into FreshBooks for free. Nicole will help monitor the progress and begin bookkeeping once done.

    • Monthly Reviews - By the 15th of each month, Nicole will release a Monthly Review that goes over your financial statements, open items and updates via Loom (screen recording app). You’re responsible for addressing open items and updating uncategorized transactions in FreshBooks.

    • Quarterly Tax Estimates - You complete a form, and Nicole calculates a Federal and State(s) estimate. She provides a timeline for the calculations in order for you to pay by the due date. You’re responsible for making the payments yourself.

    • Ad-hoc Meetings - You’ll be able to schedule time with Nicole whenever you need as her schedule permits.

  • The annual fees range from $2,460-$3,300 and is broken down into the following:

    • Onboarding fee - $125 one-time fee

    • FreshBooks [Plus] subscription - $336.60 or $28.05/month

    • Monthly Reviews - $1,500 or $2,100/year depending on your tax entity type

    • Quarterly Tax Estimates - $125 or $175/quarter depending on your filing status

    This assumes that you joined in January of the calendar year.

    This does not factor bookkeeping fee adjustments that increase based on the average number of transactions per month and benefits you provide through payroll. If catch-up bookkeeping is needed, a fee will be calculated in your proposal.

    This does not include tax preparation fees.

Softwares

  • Here are the top reasons Nicole decided to pursue this partnership:

    • Top-20 Easiest to Use Accounting Softwares

    • 9/10 Quality of Support Rating

    • Specifically Tailored to Service-Based Businesses

    • Low Monthly Fees

    • Useful and Growing App Integrations

    • Mobile App for Easy Receipt Upload and Mileage Tracking

    • Commitment to Product Improvements Based on User Feedback

    QuickBooks is often is the accounting software that comes to mind. Intuit, the owner of TurboTax and Quickbooks, has spent millions of dollars lobbying the US government to continue making tax filing difficult for individuals. It has created its own demand with its corporate dollars and has even more recently been caught by the FTC in deceptive “free” filing campaign.

    Because we live in a capitalistic society, how and where we spend our money matters. Nicole takes an ethical stance in not supporting any Intuit companies.

    Learn more about FreshBooks here.

  • In Nicole’s words, Notion is whatever you want it to be! It a desktop and mobile application that allows you to organize information, track projects, store and share data, and many other functionalities. It’s often described as the coding application minus the software engineering skills.

    Nicole is a certified Notion user and will build a free shared page for you. In this page, you’ll be able to quickly find links to schedule meetings, store all of your important documents, easily access your financial reports (other than from FreshBooks mobile app), and any other accounting or tax services you’re engaged to receive.

    Data security is a top priority as we navigate a more technological world, and traditional document exchange portals are often not mobile friendly and confusing. Notion’s focus on security and privacy aligns with Breath & Taxes while still allowing its users to more easily share and access their data.

    Check out more on Notion here.

  • A payroll provider that is accessible and user-friendly for small businesses. It was voted #1 best software for small businesses in 2024. Nicole has the most experience with navigating Gusto. She prefers using this software but is not limited to using it.

    Regardless of payroll provider, you will need to share access to Nicole if you run payroll.

Personal & Business Offerings

  • Whether you own a business that generates self-employment tax or have large capital gains from sale of investments, you likely owe estimated taxes to the IRS and state if the amount is greater than $1,000.

    Quarterly tax estimates can be viewed like cash flow management for individuals. Instead of waiting until April to be surprised by a large tax bill, you can receive estimated taxes to financially plan for the future and save the funds needed.

    So many people have horror stories of owing thousands of dollars to the IRS, thinking they’ll likely go to prison for it. Avoidance is a natural reaction to something unpleasant and scary. Nicole believes that planning even a little bit for the future can go a long way in easing anxiety and financial burdens.

  • Numbers scare a lot of folks, and maybe you’re at a point to where you’re ready to face your fears. Nicole approaches financial coaching by first understanding the root cause of the anxiety. Is it lack of understanding? Is it trauma from a past experiences? Are you still experiencing the effects of those decisions now?

    Wherever you’re at Nicole provides resources, helps organize your systems, and provides action-oriented plans to alleviate frustration, confusion, and fear surrounding personal finances and taxes.

  • Having big life changes can be both exciting and difficult. Whether it be having a baby, buying a home, saving for retirement, or any other life change, Nicole can help you view that change from a financial and tax perspective.

  • You’re a small-business owner and need some perspective on a decision you need to make or venture you’d like to explore. Nicole can provide her tax perspective and research tax code and regulations to help you better understand the financial consequences of what you do in your business.

  • Literally meaning “Small Business Corporations”, S-Corporations are an exciting buzzword for small business owners. The IRS created this tax entity type to help address the burden of self-employment taxes.

    In Nicole’s experience, business owners are often misled or not fully informed of the hoops needed to be fully compliant when becoming an S-Corporation. Unclear compliance responsibilities can create huge headaches down the road. Companies often have financial incentives with payroll companies and legal firms to push small businesses towards S-Corporations even if it’s not in their best interest.

    Nicole provides two services for S-Corporations:

    1. S-Corp Analysis - We will review if this is the right move for you, detailing the tax savings, additional costs and the time needed to transition your business. You will have the option to meet with Nicole to discuss the findings. By the end of the analysis, you will understand if and when an S-Corp is right for you.

    2. S-Corporation Formation - You’re set on transitioning to an S-Corp. Nicole will help you file Form 2553 with the IRS, consult on legal setup (she is not a lawyer and cannot provide legal advice), register your company with the state for payroll taxes, set up an account with Gusto and guide you on how to manage your benefits. By the end of the process, you will have a functioning S-Corp with a reasonable salary set in your payroll provider.

Other FAQs

  • No, you don’t have to sign up for any bookkeeping services to have your taxes prepared. Breath & Taxes is focused on providing tax services to folks.

  • No! You can find a list of the IRS free file participants here. Your ability to file for free is based on your household income.

    Filing by yourself can feel confusing or scary sometimes. If you decide to connect with a tax accountant, it’s because you’re seeking guidance and support. You should know that filing taxes was made difficult on purpose.

    If price is an issue, you can mention this in your inquiry form.

  • No matter the financial circumstances, Nicole is looking for clients that embody the following characteristics:

    • You want to learn more about running your business and become a more educated business owner.

    • You want to learn about how income taxes work and become a more educated taxpayer.

    • You believe open communication and feedback is important to a working relationship.

    • You understand that deadlines are achieved through teamwork and consistent communication.

    Nicole is not accepting businesses or individuals with the following characteristics:

    • Selling goods/products

    • Have a brick-and-mortar store

    • Cryptocurrency-focused

    • Ownership in multiple, various businesses (greater than two)

    • Various state-filing requirements (greater than two)

    • Want an accountant to make decisions for them so they can be hands off of their business

    • Private practice therapists

    • Businesses in the general wellness field

    • Individuals with service-based contract work

    • Regular employed folks with or without dependents