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Small Business Tax Guidance on Small-Employer Health Care Credit in NYC

28.07.2010

category: Uncategorized
tags: accountant new york city, Amend Tax Returns New York, Amended Tax Returns New York, Certified Public Accountant New York City, Delinquent Tax Returns Manhattan, income tax new york, income tax new york city, NYC CPA, small business cpa, Small business CPA Manhattan, small business cpa nyc, small business tax advice manhattan, small business tax advice new york, Tax Preparation Manhattan, tax preparation new york, TAX PREPARATION NYC

Dear Client:
Our Manhattan CPAs want yo make sure that you are aware of the following development in NYC small business taxes: The IRS has released guidance on computing the health insurance tax credit for eligible New York small businesses that make nonelective contributions toward their employee’s health insurance premiums.

The Patient Protection and Affordable Care Act added a provision that allows eligible New York City small businesses a tax credit for nonelective contributions that pay for at least one-half of the cost of health insurance premiums for the coverage of participating employees. The amount of the NYC small business tax credit is equal to 35 percent of the lesser of:
1. The total amount of the nonelective contributions the employer makes on behalf of its employees during the tax year under a contribution arrangement for the payment of premiums for qualified health insurance coverage of its employees, or
2. The total amount of nonelective contributions that would have been made during the tax year if each employee taken into account in item (1) had enrolled in a qualified health plan that had a premium equal to the amount that the Secretary of Health and Human Services determines is the average premium for the small group market in the state in which the employer is offering health insurance coverage (or the area within the state that is specified by the Secretary of Health and Human Services).

An employer determines its status as an eligible New York small business each tax year. An employer is an eligible small employer if the following conditions are met:
•   it has 25 or fewer full-time equivalent (FTE) employees;
•   the average annual wages of these employees are not greater than twice the applicable dollar amount for the tax year ($25,000 in tax years beginning in 2010 through 2013); and
•   the employer has a qualified health care arrangement in effect.
Certain employees are excluded from the determination of FTEs. Excluded employees are sole proprietors, partners in a partnership, shareholders owning more than 2 percent of an S corporation, and any owners of more than 5 percent of other businesses. Family members of these owners and partners are also not taken into account as employees.

The IRS guidance clarifies, among other things, how employers calculate the credit, the types of coverage that are eligible for the credit, and the interaction of the federal tax credit with New York small business tax credits. In addition, the IRS provides the average premium for the small group market in each state for the 2010 tax year for purposes of computing the amount of the credit.

The health insurance tax credit for NYC small businesses is one of many provisions of the Patient Protection and Affordable Care Act that encourages the shared responsibility for health insurance coverage of all Americans. If you have any questions regarding your eligibility or the calculation of the credit, please call our Manhattan small business CPAs at your earliest convenience.
Sincerely yours,

Jonathan Medows, CPA

MEDOWS CPA, PLLC

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

Arranging Child Care – Nanny Tax Breaks in NYC

26.07.2010

category: Uncategorized
tags: Amended Tax Returns New York, CPA LLC NYC, income tax manhattan, income tax new york, income tax new york city, income tax nyc, llc new york, Manhattan Tax Preparation, New York LLC CPA, small business cpa nyc, Tax Preparation Manhattan, tax preparation new york, TAX PREPARATION NYC

Although you cannot deduct per se what you pay for child care (whether in-home or at a child care center) on your NYC income taxes, these expenses can generate at least a partial Manhattan tax credit if incurred to enable gainful employment by a parent or other custodian of a child under 13 or other dependent or spouse incapable of self care. The amount of this NYC “nanny tax” credit generally depends upon the amount of qualifying expenses, the number of qualifying dependents and the income level of the taxpayer. Those in higher income levels can usually qualify for a maximum credit of $600 for one dependent and $1,200 for two or more. The maximum credit for lower-income taxpayers is $3,000 for one dependent and $3,000 for more than one. Another way to receive a tax break on child care is to participate in an employer-sponsored child care program or the allocate funds from a flexible spending plan. This brief letter gives you an overview of what is available.
Child-care credit. You are eligible for a New York City income tax credit if you pay someone to watch your under-age-13 dependent child or children so that you can be gainfully employed. You must be eligible to claim a dependency exemption for such children. (Caution: Do not confuse the child-care credit (also called the child and dependent-care credit) with the child tax credit. Parents eligible for the child-care credit are usually also eligible for the child tax credit, a $1,000 tax credit that is not dependent upon any child-care costs (except providing over half the child’s support)).

The amount of eligible employment related expenses on which you can claim the child-care tax credit is $3,000 each year for the care of one child under age 13; and $6,000 for the care of two or more eligible children. The credit that most of our clients take is 20 percent of that eligible amount (the 20 percent rate applies if your income is more than $43,000). That comes to a maximum credit of $600 for one child and $1,200 for two or more children. Unlike the child tax credit, which is phased out for taxpayers above certain income levels, the child-care credit remains at the $600/$1,200 level no matter how high your income goes.

For taxpayers with incomes of $15,000, or less, the applicable percentage is 35 percent. The percentage is reduced by 1 percent for each $2,000 of income over $15,000 until the percentage reaches the 20 percent level for income or more than $43,000. The 1 percentage point decrease applies even if the taxpayer’s income is just a fraction over the previous level. For example, if a taxpayer has an income of $15,002, the applicable percentage will be reduced to 34 percent.

Qualifying expenses can include the in-home related expenses of a housekeeper, babysitter or cook. Services performed by a dependent care center are allowed only if the center is certified and in compliance with all local laws. A portion of boarding-school expenses may qualify for the credit, but summer camp fees are specifically not allowed. The credit is allowed to enable part-time employment, too, but qualifying expenses must be directly related to the time needed for dependent care.
Employer-provided assistance. You may be fortunate enough to work for an employer that provides for tax-advantaged dependent care assistance:
•   Up to $5,000 of dependent-care assistance that you receive from an employer-paid nondiscriminatory child care program for employees is completely tax free (the figure is $2,500 for married filing separate income tax returns). The excludable assistance must be for the care of children for whom the child-care credit is available.
•   If your employer maintains a so-called cafeteria plan that lets employees choose between receiving fixed amounts of cash or qualified tax-free benefits, the amount you elect to receive for child-care assistance under the plan is tax-free if the benefit provided doesn’t exceed $5,000 ($2,500 for married filing separately).
•   Your employer may maintain a flexible spending account that essentially allows you to choose to reduce your salary by an amount that’s set aside in an account set up to pay for child-care expenses (up to $5,000 or $2,500). In effect, such a plan enables you to pay for part or all of your child-care expenses with pre-tax dollars.
If you are provided with some form of employer-provided assistance other than an outright cash payment of eligible expenses, you may need to consider whether to use the cafeteria plan or flexible spending account or pay for the care expenses with your own cash and claim a New York income tax credit. If you are in this position, a decision must be made well before the beginning of each year. Our CPAs are experienced in NYC nanny taxes and can tell you which choice will save you the most from a financial and a tax perspective in your circumstances. We can also fully explain any other New York income tax issues related to your choice of child care, including your payroll tax responsibilities if you decide to have someone help with a child in your home. Please give our Manhattan nanny tax CPAs a call.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

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

Acquisition Cost Analysis For NYC Small Businesses

23.07.2010

category: Uncategorized
tags: accountant new york city, Amended Tax Returns New York, Certified Public Accountant New York City, income tax manhattan, income tax new york city, income tax nyc, llc cpa manhattan, llc cpa nyc, Manhattan CPA, Manhattan Tax Preparation, new york certified public accountant, NYC LLC Manhattan LLC CPA, nyc small business cpa, Small business CPA Manhattan, small business cpa new york city, small business nyc, small business tax advice nyc, TAX PREPARATION NYC

Congratulations on your recent acquisition of your new small business in New York. Acquiring a small business is often an emotionally exhausting, confusing and exhilarating experience. Further, acquiring a business can put a strain on the new company’s cash flow. As Manhattan CPAs experienced in working with S-corps, C-corps and LLCs in NYC, we can advise you on ways to improve your cash flow.
One way to improve cash flow is to reduce the amount of New York income taxes your small business is currently paying. One possible way to reduce NYC income taxes is to accelerate the deduction of costs currently capitalized as acquisition related costs. Generally, professional fees and other costs associated with the purchase of a business are “capitalized” in the stock or assets that are purchased. For income tax purposes, deduction of these costs may be over 15 years, on sale of the business, or the costs may never be deducted. Because invoices often do not clearly allocate fees among all the services performed by professionals, or costs associated with travel and other miscellaneous expenses, costs that are not associated with the purchase can be capitalized as acquisition costs.

If costs unrelated to the acquisition have inadvertently been capitalized, then properly re-characterizing these costs can permit them to be deducted in the year they were incurred. Further, in certain instances, costs incurred to expand your business can be deducted over 5 years, rather than 15 years. A thorough analysis of capitalized acquisition costs often results in a significant New York tax refund and/or a decrease in the Manhattan income tax paid in the years immediately following the acquisition.

Our CPAs would like to talk to you about the potential for accelerating the deduction of some of the costs you currently have capitalized, to better help your New York City LLC, S-corp, C-corp or other small business. Please contact one of our NYC LLC CPAs at our office to arrange a convenient meeting time.

Sincerely yours,
Jonathan Medows, CPA

Jonathan Medows, CPA

MEDOWS CPA, PLLC

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

Foreign Bank Disclosure: Disclosure Date is Upon Us!

19.06.2010

category: Uncategorized
tags: Amended Tax Returns New York, Certified Public Accountant New York City, Delinquent Tax Returns Manhattan, income tax manhattan, income tax new york, income tax new york city, income tax nyc, Manhattan CPA, small business tax advice new york city, small business tax advice nyc, tax preparation new york, TAX PREPARATION NYC, Taxes, Taxes NYC

Urgent news concerning NYC income taxes: If you have a financial interest in, or signature or other authority over, any type of financial account in a foreign country, such as a bank account, you may be required to report this to the U.S. government. Taxpayers use Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (known as the “FBAR”) on their New York income taxes, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. The instructions are fairly straightforward, asking for account numbers, New York taxpayer identification number, country in which the account is held and the like. The FBAR is due June 30 (with some exceptions).

Some Manhattan taxpayers may be eligible for an extension beyond June 30 for 2008 FBARs. Taxpayers who reported and paid tax on all of their 2008 New York City taxable income but only learned shortly before the June 30, 2009 deadline of their responsibility to file a FBAR have until September 23, 2009 to file. Additionally, the IRS has extended the deadline for taxpayers with only signature authority over foreign accounts and taxpayers with foreign hedge funds or private equity accounts to June 30, 2010. The IRS will not impose a penalty. If you are uncertain about whether you need to file a FBAR on you New York income taxes, contact our office. The IRS also has a special FBAR hotline (800) 800-2877.

Failure to file the FBAR and disclose offshore accounts subjects the taxpayer to stiff penalties. In addition to penalties assessed on failing to report your Manhattan income for US tax purposes from these accounts, the IRS can assess penalties for simply failing to disclosure the existence of the accounts. Taxpayers failing to report foreign financial accounts on their New York City income tax returns risk a civil penalty of $10,000. If the failure is willful, the penalty jumps to $100,000 or 50 percent of the account.

To bring more offshore account holders into compliance, the IRS is offering a deal. Those whole file their Manhattan income taxes with unreported income in offshore accounts now have a temporary window to take advantage of a special IRS settlement initiative. In exchange for full disclosure by taxpayers not already under investigation, the IRS will agree not to criminally prosecute New York tax evaders. Taxpayers still must pay all back taxes plus interest and penalties (except the 75 percent fraud penalty, which the IRS will waive). The IRS initiative ends in September 2009.

If you own real property outside of the U.S., you may claim a deduction for property taxes paid to a foreign jurisdiction on Schedule A of Form 1040, the same as you would for domestic real property. If this property has been your principal residence for two of the past five years and you sell the property, you may exclude gain on the sale subject to the same rules as for a domestic residence (a maximum exclusion of $250,000, $500,000 for joint filers; a surviving spouse can continue to use the $500,000 exclusion if the jointly owned residence is sold within two years after the death of the individual’s spouse). Although an itemized deduction is generally available for New York taxes paid on personal property, this deduction is not available for taxes paid on personal property held outside the U.S. However, if this property is used in connection with a trade or business or for the production of income, a deduction for the taxes may be taken in connection with that income on the appropriate form or schedule.

If you have intangible assets in a foreign country, such as a patent, license, trademark or copyright, taxation of the income derived from the ownership or use of these assets may be subject to different rules in comparison with similar domestic income. Note also that the rules for taxation of foreign income as contained in the Internal Revenue Code may be altered by treaty. The U.S. has income tax treaties with many nations. Treaty provisions are treated as equal in weight to statutory law, and some provisions may be overridden by Tax Code provisions. The general rule is that the last in time is controlling. Tax treaties are subject to continuous renegotiation, so it is important to have current information, just as you would want with Tax Code provisions. Please consult our office regarding the applicability of tax treaty provisions with respect to foreign-sourced income to learn whether or not this will effect your income taxes in Manhattan.

Income from all sources must be reported in U.S. currency, regardless of how it is paid. However, if you have received income in a currency that is not convertible to U.S. currency because of that country’s laws, you have a choice in reporting. Income paid in “blocked” currency, as it is called, may either be reported in the tax year when earned according to the most accurate valuation means available and taxes paid from other funds, or you may delay the reporting of the income until the currency becomes unblocked.

Because tax rules for foreign-sourced income and on foreign-based assets may be different from domestic tax treatment, there are many additional layers of complexity. If you have additional questions regarding tax treatment of particular items, and would like to know how this effects your income tax preparation in New York, please do not hesitate to contact me.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

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

Planning for 2013:Get Ready for the 3.8% Medicare Tax on NYC Investment Income

07.06.2010

category: Uncategorized
tags: Amended Tax Returns New York, Amended Tax Returns New York City, Certified Public Accountant New York City, CPA, income tax manhattan, income tax new york, income tax new york city, income tax nyc, s corp cpa manhattan, S-corp CPA new york, S-corp CPA new york city, S-corp CPA nyc, Small business CPA Manhattan, small business tax advice new york city, Tax Preparation Manhattan, tax preparation new york, TAX PREPARATION NYC, Taxes NYC

Attention New York City taxpayers: The recently passed Reconciliation Act of 2010 imposes a new 3.8% Medicare contribution tax on the investment income of higher-income individuals. Although the tax does not take effect until 2013, it is not too soon to examine methods to lessen the impact of the tax for those of you who are preparing your small business taxes in Manhattan.

Net investment income. Net investment income, for purposes of the new 3.8 percent Medicare tax as applied to New York, includes interest, dividends, annuities, royalties and rents and other gross income attributable to a passive activity. Gains from the sale of property that is not used in an active business and income from the investment of working capital are treated as investment income as well. However, the tax does not apply to nontaxable income, such as tax-exempt interest or veterans’ benefits. Further, an individual’s capital gains income will be subject to the tax. This includes gain from the sale of a principal residence, unless the gain is excluded from income under Code Sec. 121, and gains from the sale of a vacation home. However, contemplated sales made before 2013 would avoid the tax.

The tax applies to estates and trusts, on the lesser of undistributed net income or the excess of the trust/estate adjusted gross income (AGI) over the threshold amount ($11,200) for the highest tax bracket for trusts and estates, and to investment income they distribute.
Deductions. Net investment income for purposes of the new 3.8 percent tax is gross income or net gain, reduced by deductions that are “properly allocable” to the income or gain. This is a key term that the Treasury Department expects to address in guidance, and which we will update you on developments. For passively-managed real property, allocable expenses will still include depreciation and operating expenses. Indirect expenses such as Manhattan tax preparation fees may also qualify.

For capital gain property, this formula puts a premium on keeping tabs on amounts that increase your New York property’s basis. It also puts the focus on investment expenses that may reduce net gains: interest on loans to purchase investments, investment counsel and advice, and fees to collect income. Other costs, such as brokers’ fees, may increase basis or reduce the amount realized from an investment. As such, you may want to consider avoiding installment sales with net capital gains (and interest) running past 2012.

Thresholds and impact. The tax applies to the lesser of net investment income or modified AGI above $200,000 for individuals and heads of household, $250,000 for joint filers and surviving spouses, and $125,000 for married filing separately. MAGI is AGI increased by foreign earned income otherwise excluded under Code Sec. 911; MAGI is the same as AGI for someone who does not work overseas.

Example. Jim, a single individual, has modified AGI of $220,000 and net investment income of $40,000. The tax applies to the lesser of (i) net investment income ($40,000) or (ii) modified AGI ($220,000) over the threshold amount for an individual ($200,000), or $20,000. The tax is 3.8 percent of $20,000, or $760. In this case, the tax is not applied to the entire $40,000 of investment income.

The tax can have a substantial impact if you have income above the specified thresholds. Also, don’t forget that, in addition to the tax on investment income, you may also face other tax increases proposed by the Obama administration that could take effect in 2011. The top two marginal NYC income tax rates on individuals would rise from 33 and 35 percent to 36 and 39.6 percent, respectively. The maximum tax rate on long-term capital gains would increase from 15 percent to 20 percent. Moreover, dividends, which are currently capped at the 15 percent long-term capital gain rate, would be taxed as ordinary income. Thus, the cumulative rate on capital gains would increase to 23.8 percent in 2013, and the rate on dividends would jump to as much as 43.4 percent. Moreover, the thresholds are not indexed for inflation, so a greater number of Manhattan taxpayers may be affected as time elapses.

Exceptions. Certain items and taxpayers are not subject to the 3.8 percent tax. A significant exception applies to distributions from qualified plans, 401(k) plans, tax-sheltered annuities, individual retirement accounts (IRAs), and eligible 457 plans. There is no exception for distributions from nonqualified deferred compensation plans subject to Code Sec. 409A.
The exception for distributions from retirement plans suggests that potentially taxed investors may want to shift wages and investments to retirement plans such as 401(k) plans, 403(b) annuities, and IRAs, or to 409A deferred compensation plans. Increasing contributions will reduce income and may help you stay below the applicable thresholds. Small business owners preparing their taxes in Manhattan may want to set up retirement plans, especially 401(k) plans, if they have not yet established a plan, and should consider increasing their contributions to existing plans.
Another exception covers income ordinarily derived from a trade or business that is not a passive activity under Code Sec. 469, such as a sole proprietorship. Investment income from an active trade or business is also excluded. However, SECA (Self-Employment Contributions Act) tax will still apply to proprietors and partners. Income from trading in financial instruments and commodities is also subject to the tax. The tax does not apply to income from the sale of an interest in a partnership or S corporation, to the extent that gain of the entity’s property would be from an active trade or business. The tax also does not apply to business entities (such as corporations and limited liability companies), nonresident aliens (NRAs), charitable trusts that are tax-exempt, and charitable remainder trusts that are nontaxable under Code Sec. 664.

Please contact our office if you would like to discuss the tax consequences to your investments of the new 3.8 percent Medicare tax on investment income. If you are a S-corp, C-corp, LLC or other form of small business in New York, we are the CPA firm for you. We have years experience dealing with small business tax preparation in NYC, and we will be able to assist you in all of your NYC tax needs.

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

Understanding the Self Employment Tax

03.06.2010

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

If you have recently started a small business, are a freelancer, independent contractor, or are otherwise self-employed in the US, then you will likely owe the government what is called self-employment tax (SE tax). The self-employment tax is a Social Security and Medicare related tax is that is very similar to the taxes that are withheld from the wages of employees.

The self-employment tax is currently 15.3%. When you are an employee at a company, normally this tax is divided between the company and you via the FICA tax, but when you are self-employed, you end up having to pay the 15.3% yourself.
Social Security accounts for 12.4% of the tax, and Medicare accounts for the remaining 2.9%.

If your net earnings for self-employment were more than $400, then you will have to pay the self-employment tax. Only the first $106,800 of your combined wages, tips, and net earnings in 2009 are subject to any combination of the 12.4% social security part of self-employment tax. However, all of your combined wages, tips, and net earnings in 2009 are subject to any combination of the 2.9% Medicare part of self-employment tax.

You can deduct half of your self-employment tax in figuring your adjusted gross income. This deduction only affects your income tax and it does not affect either your net earnings from self-employment or your self-employment tax.

If you are self-employed and are not sure about how to handle your self-employment taxes, the best bet would be to go to a CPA in Manhattan who specializes in dealing with the self-employed. MEDOWS CPA, PLLC is one such NYC based CPA firm. Don’t hesitate to call us with your self-employment tax concerns, as our first consultation is free.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

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

Why You Need a CPA for Your Income Taxes in New York City

01.06.2010

category: Uncategorized
tags: Amended Tax Returns New York, Certified Public Accountant New York City, CPA NYC, CPA NYC income taxes, income tax manhattan, income tax new york city, income tax nyc, Manhattan CPA, Manhattan Tax Preparation, new york certified public accountant, nyc tax, Small business CPA Manhattan, small business tax advice new york city, TAX PREPARATION NYC, Taxes NYC

If you are an individual or small business owner living in New York City, then you know that doing your income taxes can be complicated. There are various small details that a regular person may miss while filing their New York income taxes that a seasoned NYC Certified Public Accountant would catch.

An experienced CPA based in New York is familiar with all of the various ins and outs of NYS and NYC income tax laws and they will be able to advise you on various ways that you could possibly save money, or get a larger refund. When you file your income taxes in New York City, it is imperative that you go with a certified professional who you can trust will get the job done right the first time.

At MEDOWS CPA, PLLC, our Manhattan based certified public accountants will handle your income taxes effectively and promptly, as well as assist you in any other income tax matters or questions you may have. We specialize in dealing with small businesses, freelancers and individuals, and are well versed in the unique income tax positions of these groups. If you are doing your income taxes in New York, do not hesitate to call us, as our initial consultation is free.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

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

Manhattan Income Taxes: Why You Need A CPA

30.05.2010

category: Uncategorized
tags: Amended Tax Returns New York, CPA NYC, income tax manhattan, income tax new york, income tax new york city, income tax nyc, Income Taxes Manhattan, Income Taxes NYC, Manhattan CPA, manhattan income tax, new york certified public accountant, Small business CPA Manhattan, small business tax advice manhattan, small business tax advice nyc, Tax Preparation Manhattan, TAX PREPARATION NYC

If you live in Manhattan, it is only logical that you would want to file your income taxes with a tax professional who is nearby. However, you may not be aware that filing your Manhattan income taxes with anyone other than a Manhattan CPA could actually hurt your wallet.

There are some income tax issues that are unique to Manhattan that only a CPA based in the borough would know thoroughly, and if you went to a CPA or other tax professional outside of Manhattan, they may overlook these issues and you could end up paying more on your income taxes or possibly even missing out on an extension or refund opportunity. And of course you don’t want that to happen.

Nobody likes losing money, so it makes sense to trust your Manhattan income taxes to a veteran Manhattan Certified Public Accountant. At MEDOWS CPA, PLLC our Manhattan based CPAs will be able to take care of your income taxes and also offer you any additional advice or assistance you may need.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

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

Help for Starting a New Business

28.05.2010

category: Uncategorized
tags: accountant new york city, Amended Tax Returns New York, Delinquent Tax Returns Manhattan, income tax new york city, Manhattan CPA, new york certified public accountant, Small business CPA Manhattan, small business cpa nyc, small business tax advice manhattan, small business tax advice new york city, small business tax advice nyc, Tax Preparation Manhattan, tax preparation new york, TAX PREPARATION NYC

Besides assessing mission, goals, and market for yourself, you’ll also want to talk to a trustworthy, knowledgeable accountant about the financial aspects of your small business. What kind of entity structure best suits you: sole proprietorship, partnership, corporation, or LLC? What are the statutory insurance requirements, and what type of other insurances, if any, will you want? Most importantly, how do you set it up to be tax efficient and keep yourself out of trouble? How can the owners of the entity reduce taxes? What about New York City business taxes?

Manhattan CPA Jonathan Medows can help you sort through all of this and more. With experience advising on taxes, profitability, pricing, cash flow management, accounting records, bookkeeping, insurance, he’ll help implement plans to build your small business with a strong foundation so it can enjoy a nice healthy life.

When starting a small business, the ideas and questions are firing fast. The experienced staff at the office of Jonathan Medows know that when you want an answer, you want it immediately. Pick up the phone and give the office a call. They’ll get back to you in a day or less, and help get you started in the right direction. Taxes are a headaches, Jonathan Medows CPA has the tax aspirin.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

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