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Raising a family can be both challenging and rewarding. As a parent, you worry about your children receiving quality child care, paying medical expenses, or saving for college. You want to do what is right for your family, but there are so many factors to consider, including how your choices will impact your family’s overall New York income tax burden. Our Manhattan income tax CPAs can assist you in understanding your options and in taking full advantage of the credits and deductions that you are entitled to on your New York City income taxes as a parent.
For instance, you may be able to take a child and dependent care credit if your child is under the age of 13 at the end of the year.
However, not all expenses qualify, and some expenses may qualify for both the dependent care credit and the deduction for medical expense, depending on your circumstances. In addition, if your employer offers a flexible spending plan, you might consider whether or not participating in the plan saves you more money than claiming the credit on your Manhattan income taxes. If you are divorced, the issues can be more complicated. Who is entitled to an exemption for your child and how does claiming the exemption impact other tax benefits for a dependent? A New York CPA who specializes in income taxes in Manhattan can answer these tough questions for you.
Even if child care is not a concern of yours, these examples illustrate how complex family tax planning can be. There are many other Manhattan income tax considerations, such as the benefits and pitfalls of shifting income to minor children in light of the NYC kiddie tax; determining what expenses qualify for the education credits and deductions and who can claim them; the eligibility requirements for the earned income credit; or the impact of the alternative minimum tax. We can help you see the bigger picture and develop a plan that both meets your needs and saves you money on your income taxes in NYC. Please call our Manhattan office at your earliest convenience to make an appointment with one our CPAs for a full review of your New York income tax situation.
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