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How Can New York Certified Public Accountant Help Self Employed Save Tax?

08.03.2010

category: Uncategorized
tags: accountant new york city, self employed ca new york, Self Employed CPa Manhattan, self employed cpa new york city, self employed cpa nyc, small business cpa, small business tax advice manhattan, small business tax advice new york, small business tax advice new york city, small business tax advice nyc

How Can New York Certified Public Accountant Help Self Employed Save Tax?

Being self employed has its benefits but at tax time, if you are not careful, it can be a pain. A New York Certified Public Accountant can help you file the right taxes so you can save money. You shouldn’t be penalized for being self employed but along with the responsibility of running your own business come the responsibility of doing your own taxes. The most common rule is to keep all receipts and all records on anything and everything you do in your business. Remember that everything can be a deduction if it is used for your business. For example, your cell phone bill can be used as a deduction if it is strictly used for your business. Your internet service provider payments may also be a deduction if you do a majority of your business online. If you travel around, you need to use your mileage, maintenance of your vehicle, and gas expenses as part of your business expenses.

To get your taxes done correctly at the end of the year you need to make an appointment with a certified public accountant, or CPA. Since you will have a lot of questions on being in business for yourself, you want to find a CPA that you can work with for years to come. You will be calling them throughout the year to ask questions or inquire about particular deductions and you want to know who you are talking to and who will be handling your paperwork.

You need a simple solution to your receipts and paperwork. It’s important to keep as organized as you possibly can so you need to make sure that you have the right system to help you do that. You may want to ask your CPA for ideas on how to keep up with the paperwork all year long. Don’t find a system that is too difficult or you won’t keep up with it throughout the year. It could be as simple as keeping an envelope in your briefcase, your purse, or your laptop case where you can drop receipts in as you get them.

You are also going to need to keep records for your household expenses for two reasons. One, you want the CPA that is doing your business taxes to do your personal taxes as well. They are familiar with you and your situation and they probably know you on a more personal basis. Second, if you run your business from your home you will be able to use a lot of your personal tax expenses for your business tax expense. For example, if you run your business from a home office, you need to have one room dedicated to your business only. Then you can deduct a portion of your utility bills, office supplies, and any other business expenses you incurred during the year.

If you buy a new laptop for your business makes sure to turn that in as an expense. If you bought a new cell phone, accessories, and a plan for your business you can use that as a deduction. But it is important to remember that whatever you claim as a deduction should also have a receipt to prove it.

A New York CPA can help the self employed save taxes by hiring them to keep up with your business throughout the year. They can give you helpful advice and help you learn more about ways that you can succeed in your business.

About us: MEDOWS CPA, PLLC is a boutique New York City Certified Public Accountant firm (NYC CPA) Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation. We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

Do You Require a New York Certified Public Accountant For Your Business Needs?

06.03.2010

category: Uncategorized
tags: new york certified public accountant, Small business CPA Manhattan, small business cpa new york, small business cpa new york city, small business cpa nyc, small business tax manhattan, small business tax new york, small business tax nw york city, small business tax nyc

Do You Require a New York Certified Public Accountant For Your Business Needs?

When it comes to tax season, you need to know how well you did the year before. You may have tried to keep accurate records but you still doubt your records. That is why it is important to hire someone to look through your records before the end of the years so you can be prepared for the tax season. This is where you need to hire a Certified Public Accountant, or CPA. Many people question why they should hire a CPA instead of another tax preparer. Here are some reasons.

If you are not very organized in keeping papers you may benefit from the services of a certified public accountant. You may also hire a certified public accountant to track your finances in your business just to make sure that you have accurate records. A CPA can take a lot of stress off of a business owner.

You can count on a New York certified public accountant to be trained in this particular profession so they are able to handle your business. In order to get a certification, a person interested in becoming a certified public accountant will need to take over one hundred hours in college in a specific CPA course. After the course is complete, they are required to go on and take a CPA examination. Once they pass this exam, they are able to practice certified public accounting.

A Certified Public Accountant in New York can be hired all year around for any type of business service, mainly to handle finances. They know how to take state and federal taxes out on time so you don’t need to worry about not paying any taxes or have penalties taken out during tax time. They are highly trained to handle bookkeeping for any business. They keep accurate records that help you during tax season.

When you run your own business, you are responsible for making sure that your paperwork is always kept current and all taxes are paid up to date. If you are running your business, this can be hard to concentrate on and that is why most people hire someone to keep their records. They keep track of their receipts and expenses during a certain time period and then they check in with their New York Certified Public Accountant and hand them all the information. The Certified Public Accountant will then enter the information and keep track of it all year long. Then during tax time, all the information is there already and the CPA can file your taxes for you.

People also hire a New York Certified Public Accountant because of the personalized service they receive. If you hire someone for bookkeeping services all year around, you want to be more then just a number. You want the attention that you need and deserve. A NY CPA can give that to you so you will be able to establish a trust with the one person that will be helping you keep the best records of your business. You have too many things to worry about, hire a New York Certified Public Accountant to worry about your taxes.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

Certified Public Accountant in New York Teaches How to Resolve Debt Issues

04.03.2010

category: Uncategorized
tags: accountant new york city, Certified Public Accountant New York City, New York City Debt Assistance, New York CPA, Resolve Debt CPA Manhattan, resolve debt manhattan, resolve dept nyc, Tax Preparation Manhattan, tax preparation new york

Certified Public Accountant in New York Teaches How to Resolve Debt Issues

Debt consumes many people and although it is very hard to get yourself out of debt, it is not impossible to do. The beginning of the year is the ideal time to start resolving debt issues but you can start anytime of the year, as long as you are ready to do it. If you are not committed to eliminating debt completely, you may not be as successful as you originally wanted to be. Here are some tips to help you resolve debt issues.

The first tip is to not get any deeper in debt. There is always going to be things that you want but you need to make sure that you know the different between your needs and you want. During the year, you will need to make the decision of what to buy and what to pass up. If you want something really bad, wait three days. If you go back after three days and you still want that item as bad as you did then figure out a way that you can work it into your budget. Leave your savings account alone. If you don’t have the cash in your hands then don’t get it. If it is something that you need, you have to buy it but before you do, find out if there is a less expensive necessity.

Make yourself a list of all the debt you owe and figure out how you can pay them down or off completely. Set yourself a time frame to get this all done. It’s best to give yourself one year to be out of debt completely.

Instead of taking care of all your debts at one time, break it down and do one or two to begin with and then once you get those taken care of, start on the next two. Go down the list until you successfully eliminate all your debt.

Don’t co-sign for anyone. When you are trying hard to get out of debt, you cannot back someone else up on a loan. If they fail to make their payments, you will be responsible for paying that loan if the person does not pay for it in time. If you do not make the payments, then it will count against your credit record. You assume all debt when you co-sign and someone does not keep up with the payments.

There will be some debt that will be impossible to clear especially when they have such high interest rates. You may want to hire a third party to step in and try to eliminate some of that interest rate.

If you run your own business, hire a certified public accountant that will keep track of your finances for you the entire year. This way you do not ruin your business due to poor record keeping. You can consult with a NYC CPA anytime of the year to find out what you can do to get back on track.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation. We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

New York – IRS: $88 Million in Unclaimed Tax Refunds Wait for New Yorkers

02.03.2010

category: Uncategorized
tags: Amended Tax Returns New York, Amended Tax Returns New York City, Certified Public Accountant New York City, CPA New York City, CPA NYC, income tax new york, income tax new york city, income tax nyc, Manhattan CPA, Manhattan Tax Preparation, New York Unclaimed refunds, TAX PREPARATION NYC

Courtesy of http://www.vosizneias.com/:

New York – Unclaimed refunds totaling more than $87 million are awaiting 76,700 New Yorkers who did not file a federal income tax return for 2006, the Internal Revenue Service announced Tuesday.

To collect the money, a return for 2006 must be filed no later than Thursday, April 15, 2010. The IRS estimates that the median unclaimed refund due New Yorkers for 2006 is $666.

The law requires that the return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund. Though back-year tax returns cannot be filed electronically, taxpayers can still speed up their refunds by choosing to have them deposited directly into a checking or savings account.

To obtain a 2006 refund, taxpayers must have filed tax returns for 2007 or 2008. And the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts such as student loans.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

5 Questions to Ask Before Hiring a Manhattan Certified Public Accountant

02.03.2010

category: Uncategorized
tags: accountant new york city, Amended Tax Returns New York City, CPA New York City, llc cpa new york city, llc cpa nyc, Manhattan Certified Public Accountant, new york certified public accountant

5 Questions to Ask Before Hiring a Manhattan Certified Public Accountant

Before you hire a Certified Public Accountant, you want to make sure that you hire the right one for you. Decide what you will need from your accountant. Will you need book keeping services or will you need someone to completely handle all your business tax needs? It’s important to your business to hire the right Manhattan certified public accountant. Here are 5 questions to ask before hiring a Manhattan Certified Public accountant.

Question 1: How long have they been in business?

If they have been in business for a while then they have the experience it takes to manage your paperwork effectively. You want to know that you can trust their decisions and they will make decisions that are based on the client’s best interest.

Question 2: How can they help you?

Just because they have worked with different companies or individuals through the years does not mean that a CPA can help you. Every business is different but rest assured, a CPA is trained to handle just about any business. Find out how many CPAs work in that one company and if you will be assigned to one particular CPA or if any NY CPA will be able to help you. If you are assigned a particular Manhattan CPA you want to make sure that you know what their experience is and if they have had any complaints regarding their work. You may also want to check with the Better Business Bureau to make sure that the company you go with is legitimate before you agree to work with them.

Question 3: Do they guarantee their work or back you up if you are audited?

Most will do that but you need to ask it so you can make sure. You want to make sure that if the tax auditor sends you out a letter stating that you are going to be audited, that you have the person who did your taxes with you to help you answer questions. Sometimes the IRS can be very intimidating and it makes people nervous.

Question 4: Are you expected to pay for everything up front?

Some Manhattan CPAs have a certain scale for a customer who needs their work during the year. If you will only use a NYC CPA at tax time, they probably have a set fee to charge. Ask what those charges are and when they are expected to be paid.

Question 5: Ask them how they can help your business.

You need to make sure that they can help you with your tax needs. If you run a business all year long, you want to make sure that you have someone doing your financial books so you don’t have anything to worry about at the end of the year. You need to make sure that you explain your business and what you expect out of a Manhattan CPA. Do you want them to handle the finances only or do you want them doing more book keeping services?

It’s important to make sure that you get an answer to all of your questions so you can feel better about trusting your Certified Public Accountant in Manhattan and hopefully establish a long relationship.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

How Can CPA Help You With Prior Year Tax Returns NYC?

28.02.2010

category: Uncategorized
tags: c copr cpa manhattan, c corp cpa new york, c corp cpa new york city, c corp cpa nyc, llc cpa manhattan, llc cpa new york city, llc cpa nyc, prior year tax returns manhattan, prior year tax returns new york, prior year tax returns new york city, prior year tax returns nyc, Prior Year Taxes NYC, S-corp CPA new york, S-corp CPA new york city, small business tax advice manhattan, small business tax advice new york, small business tax advice new york city, small business tax advice nyc

How Can CPA Help You With Prior Year Tax Returns NYC?

If you are considering getting your taxes prepared you may have realized that you did not file your prior year tax returns in New York last year. You may need to find someone who can do your tax preparations from last year and this year so you can be caught up. Sometimes, people do not get their taxes done for many reasons. The longer you dodge tax preparation, the more it is going to cost you in the long fun.

If you forgot to file prior year tax returns there are several ways to get back on track. You can visit a CPA in NYC to learn more about how to file your taxes and pay your penalties as well as file your current taxes. You are going to pay your interest charges as well as the expenses incurred for tax preparation but it will be worth it to know that you are all paid up and owe the IRS a small portion every month.

If you have avoided prior year tax returns New York City CPAs can help you feel courageous when filing for this year.

If you had a business last year and you were too far in debt to pay for your tax preparation and you knew that you owed the IRS you may have avoided paying your taxes. Does this sound like you? You intended to pay it by the April deadline but time got away from you. Your tax preparer in NY can help you get everything straightened out so you can pay what you owe and you can feel free. Your prior year taxes NYC should be on file and if not, the IRS does keep track of each dime.

New York CPAs know exactly what you need to do regarding prior year taxes New York City or wherever you worked. It does not matter as long as you are a resident of New York and you have your w-2. If you don’t have an income for the past year, your CPA will know which paperwork you need to file properly so you can get caught up on your taxes. This will give you a sense of freedom when you finally get things squared away.

Most people think that when you don’t pay, you will have a large amount to come up with in a short period of time. The truth is, you probably will have to pay some penalty and interest charges but the IRS will break it down into smaller monthly payments over a period of time.

So whether you need to file prior year taxes in California or prior year taxes New York City, you will be able to find a Manhattan CPA that can help you with all your tax needs. Don’t wait to contact a CPA for help in this matter. If you get a letter from the IRS you need to address it as soon as it comes in. Your response will reflect on how they work with you to set up payment arrangements on any outstanding balance.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

Know More about Amended Tax Returns NYC

26.02.2010

category: Uncategorized
tags: Amend Tax Returns New York, Amended Tax Returns Manhattan, Amended Tax Returns New York, Amended Tax Returns New York City, Amended Tax Returns NYC, Fix Tax Returns Manhattan, Fix Tax Returns New York City, llc cpa manhattan, llc cpa nyc, s corp cpa manhattan, S-corp CPA new york city, Small business CPA Manhattan, small business cpa new york, small business cpa new york city, small business cpa nyc

Know More about Amended Tax Returns NYC

First of all, what is an amended tax return? This is filed when you need to make any type of revisions on a return that you have already filed. The most common amendment that people make is their filing status. Most will change the status so they can claim more deductions that may have been missed when they originally filed.

When you need to make an amendment, you need Form 1040x. This will allow you to correct any information you need to when you filed your Form 1040 EZ, Form 1040A, or Form 1040.

If the amending tax returns request is due to some errors made on the calculations then you may not need to file an amendment because the electronic system used may correct these errors for you. The IRS uses a fool proof system to verify all the information on all returns before any checks are issued. If you notice a mistake in calculations you may want to contact your CPA to ask him or her, what you should do next.

If you need to file amended tax returns, you will have room to put your reason for filing this form. If it is due to a status change then you clearly want to state this. There are three different columns on Form 1040x. The first column or column A will allow you to place the information that was on your original form. The second column, or column B gives you room to explain why the change is needed. The third column, or column C gives you room to put the change needed to be made. When you fill out this form make sure that you place the year that you need amended at the top.

Make sure that you have the right documents that will verify your request to change your information before you send in the form. Because this can take weeks to get approved you don’t want to waste any time by not being prepared.

Before you send in the 1040x form you want to have a NYC CPA in Manhattan look over the information to verify the correction. The CPA in NYC can also help you mail it to the right IRS department. You cannot electronically submit this form, fax it, or call it in. You must mail this correction to the IRS.

You want to make sure that the information you provide is correct and then mail it out. If your change is significant the IRS may order an audit to look over your records further. If this is the case you will need the help of the CPA in New York you hired. Sometimes during an audit, the person being audited may feel intimidated by the IRS. A CPA knows the rules and the laws and can represent you during this audit. They can help you answer all the questions by the IRS and if necessary arrange to go over all your information to verify your tax returns.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NYC firm in downtown Manhattan serving the needs of Individuals & Small Businesses in New York City and throughout the nation. We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

Why do I Need a CPA to File Old Tax Returns in NYC?

24.02.2010

category: Uncategorized
tags: c corp cpa nyc, Delinquent Tax Returns Manhattan, Delinquent Tax Returns New York, LLC CPA new york, llc cpa new york city, Old Tax Returns Manhattan, Old Tax Returns New York, Old Tax Returns New York City, Old Tax Returns NYC, Old Taxes New York City, old taxes nyc, s corp cpa manhattan, S-corp CPA new york, small business cpa nyc, small business tax new york city

Why do I Need a CPA to File Old Tax Returns in NYC?

The mere thought of owing the IRS anything can scare anyone, this NYC CPA included! However, some people are so fearful that they actually do not file tax returns on time and have prior year returns outstanding.

Regardless of why you didn’t file old tax returns this New York City CPA may tell you that you need to take care of it this year.

When it comes to dealing with the IRS, most people are very intimidated by them, especially if you are late filing. Our staff of CPAs and CPAs in training can work with you first to get you back on track. Most of the time, the IRS will work with you to make payment arrangements. As long as you keep your arrangements there will not be any problems. If you owe the IRS money, they may place a lien on your property to hold as collateral until you satisfy your debt. You can make your payment directly to the IRS or you can make your payment through your CPA. You can make these arrangements during your visit.

Once you file your old, prior year return, you need to determine what caused you to get off track to begin with. You need a way to get better organized so this does not happen to you again. But before you can think ahead you need to clean up the path behind you and pay off the past due years. A CPA can help you file the right form and get your payments into the IRS quickly and easily. They can also help you get back on the right road so you can be ready for this year’s taxes.

Ask your CPA how you can better prepare and stay ahead of the tax season. If you need to make payments to the IRS make sure that you stay on track and don’t forget any. When possible, pay a little more one month when you know that you have it so you can hurry up and pay it off.

About us: MEDOWS CPA, PLLC is a boutique New York City Certified Public Accountant firm (CPA NYC) working with serving the needs of Individuals & Small Businesses in New York City and throughout the nation. We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

22.02.2010

We Fix Tax Returns

category: Uncategorized
tags: Amend Tax Returns New York, Amended Tax Returns New York, Amended Tax Returns New York City, Fix Tax Returns Manhattan, Fix Tax Returns New York, Fix Tax Returns New York City, Fix Tax Returns NYC, Manhattan Tax Preparation, s corp cpa manhattan, S-corp CPA new york, S-corp CPA nyc, Small business CPA Manhattan, small business cpa new york, small business cpa new york city, small business cpa nyc

We Fix Tax Returns

You filed your tax returns by the April 15 deadline. Now you can sit back and relax. Oh no! You just remembered that you put the wrong status on your tax return. Maybe you just got married at the end of the year or divorced and it just dawned on you that you put the wrong status on your form. Something as simple as your status can make a big difference in your return. So how do you change your information now? You can repair tax returns New York City or anywhere else by filing a 1040x form.

There are other reasons why you need to fix tax returns. It could be the total that you failed to report part of your income, credits that are due to you, deductions that you forgot to mention, or you miscounted the number of dependants that you can claim. If you think that you miscalculated something on your form you can actually relax because the IRS uses an electronic system that catches even the simplest mistakes and corrects them automatically. To be sure, you need to check with an accountant in New York City to make sure that you do not need to file. Don’t assume that the IRS will not notice the mistake. If it is noted, you could be audited and you may end up paying more in penalties as well as interest, depending on the mistake and how long it has been.

It doesn’t matter how you filed your tax papers the first time, you can still make changes to the form if it is incorrect. The IRS knows that sometimes mistakes can happen and it can affect the results of the return. Even though it is extra work for everyone, in the end, the change will be better then not saying anything at all. When you file your amendment, you will need to do it on paper and allow up to 12 weeks goes into effect. These changes need to be carefully corrected by an IRS agent personally.

You have up to three years to fix tax returns New York from the original date that you filed. Even if it is June when you realize the mistake, you need to report it immediately. Don’t wait until the next tax season to file the change. You may forget about it by then.

Filing an amendment is not free. You will need to pay extra for filing the form and any help you need from a CPA to file it correctly. However, it is worth the extra money to not have it to worry about anymore.

Filing the form is very simple and easy to do. You may feel better to have a CPA walk you through it or to verify everything that you put on the form to make sure that you filed it correctly. When you are in doubt as to whether you need to make any changes it is important to consult with a CPA.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses