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.

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

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

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

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

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

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

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.

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

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

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

Top Mistake on Tax Returns in NYC

Mistakes happen in almost everything and taxes are no exception. People make mistakes when filing their tax returns. Tax time can be overwhelming to some and that allows room for mistakes. Even one mistake can alter the amount that you get back or you owe. Every line needs to be carefully filled out on a tax form and for some, it can be very confusing.

Because these forms can be confusing the say the least, you may want to hire a Manhattan CPA to file them for you. They know exactly what information goes where and you don’t have to try to figure out the meaning of the words. When finding a mistake on tax returns New York CPA is specially trained to fill out these forms correctly and they can help you out.

There are ways to prevent mistakes from happening. You need to allow yourself time to fill out these forms. If you fill out your own forms you will need to do the following:

Always double check and check your math again. The most common mistakes happen with math. You may put the wrong number in one line and that will change everything. You may also put a comma or a period in the wrong place.

Your status is also the place where people make the most mistakes. The status may be single, married filing separate, or married filing joint. Along with your status comes the line to put your social security numbers. If you don’t the right number you may another social security number belonging to someone else. Get your social security cards out and visually look at your number and then verify the number that you have on your form to make sure that they match. If you have a spouse on your tax return make sure that you verify their social security number as well.

You need to make sure that you file the right forms. Some of the most common mistakes happen when someone uses the wrong form to file their tax return. There is a reason for all of those specific forms and you need to make sure that you have the right one for you. When you need someone to look over your papers to check for a mistake on tax returns New York City CPAs know which forms you should be using..

If you file electronically on your own, you need to verify all your numbers before you click the “next” button. Even though you can go back and re-edit everything you want to avoid overlooking anything. Again, it is better if you can avoid a mistake on tax returns Manhattan CPA’s can help you file taxes correctly

Mistakes are going to happen occasionally and you can avoid your chances of making them if you find a quiet place to file your tax return. Make sure that you are not disturbed by others in your home. You want to read the question thoroughly before typing in your answer. Make sure that you have a good connection and you won’t be disconnected while you are working. Make sure that when you don’t understand something you email for help.

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

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

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

Tax Preparation in NYC and Role of a CPA

When it comes to tax season, you may tend to feel anxious in anticipation of what you can do with that money. Hopefully you will get a refund!

Most of your tax forms and W-2’s come in the mail from your employers. If you pay mortgage interest on your home or apartment then you will also get a form from the bank on how much interest you paid into your mortgage last year. When all the papers are in, you need to have your taxes prepared. You may wonder where you can get tax preparation NYC and the role of a CPA in tax preparation.

Tax preparation New York is no different than tax preparation in California. You can find large chains of tax preparation stores in every state or you can consider finding a CPA so you can get more personal attention. You can look through your local directory or you can ask around to find out where everyone is going to get their tax preparation in New York City or away from New York. When you find the right CPA for yourself, be sure to pass their name and number out to everyone you know who may be looking for a CPA to do their taxes.

There are several benefits to using a Certified Public Accountant running a small firm. As mentioned before, you get more personal service. This means a lot to some people because you want to be more then just a number waiting in line. You also want to know who you can contact when you have a problem during the year. When tax season rolls around you want to make sure that you get an appointment rather quickly instead of waiting for weeks to get in. You want to make sure that your tax preparation New York City or anywhere in New York is done correctly because one mistake can cost you a lot of money. It can also get you into trouble with the IRS if your figures do not add up.

A CPA who does tax preparation NY will give you advice throughout the year including offering additional services like business consulting, tax advice, entity structuring for your business if you run one. They can also offer you personal individual services throughout the year in case you have any questions about purchasing your first home, building a home, rental property, college expenses of a child, how to itemize your expenses to get more of a refund, and more.

Taxes are important and mandatory to pay so make sure that you don’t avoid the IRS each year and hire a CPA NY that can handle doing your taxes each year for many years to come. You don’t want to get a new tax preparer every single year. You want dependable service with a dependable individual. Don’t be a number, be yourself.

About us: MEDOWS CPA, PLLC is a boutique New York Certified Public Accountant firm in Manhattan in New York City 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

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

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

IRS and Delinquent Tax Returns NYC

Every tax payer in New York who has not had their taxes prepared already, dreads April 15^th. This is the deadline for taxes. However, if you are not going to make it by the deadline, there is hope. If you just need a little more time to get your tax information together, you can file for an extension. The IRS and NYS will grant extensions to those who need just a little more time.

It’s not a good idea to keep putting off filing or contacting the IRS. Even when you think that you don’t have anything to report, it’s good to contact a CPA in New York to find out for sure. You don’t want to have delinquent taxes Manhattan or wherever you may reside.

There are several reasons why people do not file taxes and the most common is fear. They are fearful they will have a tax liability. If you do have an outstanding balance the IRS will work with you to repay the money. Most of the time, you will be able to pay a minimal amount each and every month until you pay off your debt. The only problem with this is that you will also have to pay back penalties and interest that have accumulated over that period of time.

The penalty for delinquent tax returns New York City or any other area is determined by the amount that you owe, how delinquent they are, and if the IRS issued any action to get you to pay.

In some cases, if you are delinquent, the IRS will prepare an alternative return for you. This type of return is not to help you, but to help the government so you will end up owing far more then what you initially owed to begin with. You really need to avoid this step if at all possible. To do that you need to make sure that you file even if you think you will owe. To avoid delinquent taxes NYC CPAs can help you file the right forms.

If you want to get any type of tax relief, you are going to need to file all the back tax returns and get caught up. You may qualify for more then what you thought and owe the IRS less. You may want to avoid them but in the end, it will catch up with you. It has happened to famous people like Wesley Snipes and it can happen to you. To avoid delinquent tax returns New York City CPA’s can help you determine what you can do to get caught up.

About us: MEDOWS CPA, PLLC is a boutique New York City Certified Public Accountant firm (NYC CPA) 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

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

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

How a CPA Can Help You, Instead of Jackson Hewitt/National Tax Chain

When tax time rolls around you may wonder if the larger tax preparation agencies can offer you more services then the individual CPAs. When you compare the larger agencies to the services offered by a NY CPA you may be happier with the results that a CPA can offer.

A Certified Public Accountant New York City can offer you personal support. If you need tax advice throughout the year, you want to be able to call someone who will remember your name. You want to know that you can trust that person to prepare your taxes every year at tax season and get you back the money that is due to you. A CPA can schedule time to sit down with you and listen to your tax concerns and go over all the details associated with your return.

A CPA takes responsibility for his or her own work, unlike the big agencies that do not know who to blame. You work one-on-one with the person who does your taxes. That way you know who is doing it and if they are doing it right.

The National tax chains, like Jackson Hewitt caters to a large clientele. A Tax Preparation Manhattan CPA caters more to a smaller group of clients. This makes a difference in every way. You get more personal customer service, from a NYC CPA that has been in business for years, and more affordable.

The fees for a Manhattan CPA are affordable. You will be able to have all your tax preparations done by one person and will still owe less then if you went to the larger chains.

H&R Block and other large chains spend a lot in advertising and means that the fees that they charge must be higher in order to compensate for their expenses. Sometimes bigger is not better and when it comes to getting money back you want to make sure that someone is actually looking out for you so you get every dime that you can.

A income tax NY CPA has extensive training in tax preparation and accounts. If you run your own business, you can hire a CPA to handle all your business needs. They can help you file the right paperwork to get your business registered and then they can help you pay your taxes accordingly. For a fee, they can help you keep track of every thing that has to do with your business though out the year so you can file your taxes without worrying about owing the state or the government.

Every taxes NY CPA offers something different so you will need to consider what you need before you find the right CPA for you. Don’t wait until your taxes are overdue before you try to find the CPA that is right for you. Sometimes when you make decisions when you are rushed, you end up not making the right decision in the long run. A CPA in New York will be helping you keep your business together so make sure that you carefully consider your options.

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

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

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