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FAQs
Frequently Asked Questions
What services do you offer?
We offer comprehensive accounting services, including tax planning, tax preparation, payroll, financial reviews, CFO services, and more. Whether you need personal tax assistance or business financial advisory, we’ve got you covered.
How can I schedule an appointment?
You can book a consultation directly through our website, or you can give us a call. We offer both virtual and in-person appointments for your convenience.
Do I need an accountant if I’m self-employed in New York?
Yes, as a self-employed individual in New York, you’ll need to file taxes, manage deductions, and track income accurately. Our accountants can help navigate the complexities of estimated quarterly payments and tax deductions.
What are the tax deadlines in New York?
In New York, state income tax filings are generally due on April 15 each year, matching federal deadlines. However, for businesses, quarterly estimated tax payments are due in April, June, September, and January.
Do I need to file state taxes in New York if I live out of state?
If you live out of state but earn income in New York (e.g., rental income or business earnings), you may be required to file state income tax returns. Contact us to learn how this impacts your filing.
Can you help me reduce my taxes?
Yes! We specialize in tax avoidance and tax reduction strategies, including credits, deductions, and effective tax planning, ensuring you’re compliant while minimizing your tax burden.
What is the New York State tax rate?
New York State’s income tax rates range from 4% to 10.9%, depending on your income level. Additionally, New York City residents may pay additional city taxes.
What is an LLC and should I form one in New York?
A Limited Liability Company (LLC) offers personal liability protection for business owners. In New York, LLCs are subject to an annual filing fee based on income. We can help you decide if forming an LLC is right for your business.
What are the tax advantages of filing jointly?
Filing jointly may allow you to access a higher standard deduction, more favorable tax brackets, and other benefits. We can help you determine if this option works best for you.
How can you help with my business’s payroll?
We provide full-service payroll solutions for your business, ensuring tax compliance, correct withholdings, and timely filings. This includes managing New York State payroll taxes like the Metropolitan Commuter Transportation Mobility Tax (MCTMT).
What is the difference between tax planning and tax preparation?
Tax planning involves strategies to minimize your tax liabilities before year-end, while tax preparation is the process of filing your returns and ensuring compliance with the IRS and state tax authorities.
Can you assist with an IRS audit?
Yes, we offer audit support, including representing you in front of the IRS. New York residents should be especially mindful of both state and federal audits to avoid penalties.
Do I have to pay taxes if I work remotely from another state?
If you live outside of New York but work remotely for a New York-based employer, you may still need to pay New York State taxes on your income. We can help determine your residency status and tax obligations.
What should I do if I owe back taxes to New York State?
If you owe back taxes, it’s crucial to take action quickly. New York offers payment plans and options for resolving tax debt. Our firm can guide you through the process of negotiating with the state.
Do I need an accountant for my real estate investments?
Yes, especially in New York where there are complex property taxes and deductions. We can assist you with filing rental income, property depreciation, and taking advantage of property tax breaks.
What’s the best way to save on taxes as a business owner?
As a business owner in New York, you can take advantage of tax credits, deductions for business expenses, and structure your income in a tax-efficient way. Consult with us to design a personalized tax-saving strategy.
How do I apply for the New York State Earned Income Tax Credit (EITC)
The EITC can help low to moderate-income workers and their families receive a larger refund. We can ensure you qualify and help you apply for it when preparing your state tax return.
How do you handle New York State’s estate and inheritance tax?
New York imposes an estate tax for estates exceeding $6.11 million. We can assist in estate planning, structuring your assets to minimize inheritance taxes, and filing necessary tax forms.
What are the benefits of tax deductions for small businesses?
Small businesses in New York can deduct expenses like rent, utilities, employee wages, and health insurance. We’ll help you track deductions and ensure you’re claiming all eligible expenses.
What should I do if I haven’t filed my taxes in several years?
If you haven’t filed your taxes in years, it’s important to act promptly. We can help you prepare your back taxes, avoid penalties, and, if necessary, negotiate with the IRS and New York State for payment plans or settlements.
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