WWW.MEDOWSCPA.COM Business & Tax Blog | A Blog for the Self-Employed & Small Business Owners

22.12.2009

Enhancements We are Planning to Have in Place for the Coming Tax Season

Here at Medows CPA we are making concerted efforts to leverage technology to better assist our NYC tax and other tax clients. We will be implementing the following in the beginning of January:

1) Proprietary tax software to better track each stage of a client’s tax return.

2) Electronic data storage for keeping client’s records and final return in electronic format.

3) A concerted effort to go green by reducing our carbon footstep by transitioning, whenever possible from paper documents for clients to electronic format. Inclusive of this is electronic filing of most business and personal tax returns and electronic copy of tax returns for clients.

4) A client portal to allow clients to download drafts and final returns.

5) Substantially reducing paper version of client copies by the use of client portal or cd version of the final tax return.

6) The ability to book appointments on-line.

7) The hosting of our website on our own servers for enhanced security.

8 ) The acceptance of payment via ACH Debit along with check and credit cards via Google checkout.

9) The offering of Rapid Anticipation Loans via Chase for those clients that need tax refunds on an accelerated basis (additional fees by Chase and our office will apply).

By making these changes we will be able to assist our clients with their New York tax preparation in an even more efficient and effective manner than before.

About MEDOWS CPA, PLLC: We are a boutique CPA firm located in New York City (Manhattan), dedicated to helping small business owners, freelancers and individuals. In addition, we also provide CPA services to people outside of the state and country.

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

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20.12.2009

Year End Tax Tips

category: Uncategorized
tags: 2010 tax tips, Amended Tax Returns New York, CPA Manhattan, CPA NYC, Incom tax NYC, income tax manhattan, nyc accountant, year end tax tips

Year End Tax Tips

As we come to the end of the calendar year many people ask myself and fellow New York City Certified Public Accountants whether year end planning is warranted to reduce NYC taxes and other tax obligations.

Here are some suggestions as to what should be done but we recommend you consult with us, NYC CPAs for NYC tax guidance:

Make sure estimated taxes have been paid. If you haven’t catch up before year end. If not, the IRS and state tax authorities may assess penalties for not paying sufficient NYC estimated taxes and estimated taxes to other authorities. For state and local taxes we recommend the payment be made before December 31, 2009 to insure these payments can be itemized on your 2009 taxes.
For sole-proprietorships, freelancers, general partnerships, single member LLC and multi-member LLC make sure your NYC Unincorporated Business estimated taxes have been paid.
For sole-proprietorships, freelancers, general partnerships, single member LLC and multi-member LLC make sure you pay the new Metropolitan Commuter Transportation Mobility tax before February 1, 2010.
For individuals who employed freelancers, make sure 1009-Misc forms are filed before January 30.
For single member LLC, multi member LLC, LP make sure your NYS LLC/LLP Filing Fee is paid and filed before February 1, 2010.
For individuals with employees, make sure the forth quarter payroll returns, annual FUTA and W-2s are completed before February 1, 2010.
Have a high profit? Prepay some of your 2010 bills prior to year end.
Consider selling securities by year end to lock in losses.
Consider a 2009 contribution to an IRA or an SEP IRA. However, this can be done prior to April 15, 2010 and we recommend holding off until you prepare your 2009 taxes as their contribution limits based on income.

Some planning prior to year end can really save you aggravation come tax filing time. Of course, please feel free to reach out to us if you need assistance.