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

Why Hire a NY CPA for Self Employment Tax Deductions

Have you just recently started your own self employed business? You might have not thought to far in advance about tax season and how everything would work out. There is so much more to figure out when you are self employed rather than working for a  company when filing out tax information. So why hire a NY CPA for self employment tax deductions?

Hiring a NY CPA is a great idea when filing for your taxes since they are aware of all the deductions for small businesses. Before you begin your business or shortly after starting it up, you want to look over all the different aspects in running a business so you can be successful and you will know what to expect. You won’t be caught off guard by a letter from the IRS auditing you. You also want to begin your search for a CPA that you feel the most comfortable with before you begin your business.

So why hire a Certified Public Accountant New York City, for self employment tax deductions and other tax files which need to be filled out? NY CPA’s are very knowledgeable when it comes to taxes. They are aware of different deductions, investment opportunities, and tax relief that you may not be aware of.  When you hire a NY CPA it will make your life much easier and you will feel at ease knowing that it is being handled with care by someone who understands all the ins and outs of tax documents.

You also can save a large amount of money and time when hiring a CPA for freelancers New York. By having someone who knows what to look for you can prevent drawing attention to yourself when it comes to the IRS. You do not want to be hit by the IRS when it comes to tax information. If they notice a few errors or something else that looks suspicious, they will investigate all your information further. New York CPA’s are skilled professionals when it comes to taxes and will help save you a lot of money down the road.

An income tax Manhattan CPA would be able to assist you when it comes to information you may need at any time or even tips and tricks on how you can save at the end with tax season. There is nothing nicer than filing your taxes and realizing you may not owe anything or even just a little to the government since your taxes were handled by a professional. They are there to help you save money and not waste it. They are able to make the tax season much easier on you and your wallet.

Make sure when you are in the market for a NY CPA that you ask for referrals from other businesses around the area. See who they use. Finding someone that several others trust makes it easier to trust them. Once you find a taxes CPA New York that you like, continue to give them your business throughout the year. They know your situation and they know how to help you if you are ever audited by the IRS.

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

Best CPA NY Strategies for Self Employed Tax Planning

If this is your first year being in business for yourself then tax season may be a bit difficult to understand. All tax payers are not equal when it comes to tax time. You need to look into the best CPA NY strategies for self employed tax planning tips when it comes time for tax season. The best method to use that will ensure that your taxes are the best they can be and nothing is missed is to consult your personal tax advisor to make sure that you are paying what you need to pay and keeping track of all your records.

There are a few different things that you may realize with self employed taxes. One is that you will need to pay your own FICA taxes and also take charge of your own retirement plan. Normally, your employer would be in charge of this but now that you are on your own you are in charge. There are a few different areas which you will need to understand when it comes to self employed tax information. Here are a few of the best CPA NY strategies for self employed tax planning methods to make it a bit easier to understand, especially if this is your first year having to do taxes for your company.

You want to make sure you understand how the federal taxes are calculated. The reason for this is because if you are self employed you will be funded for social security and Medicare benefits. You will need to pay a minimal amount to these funds but in the end it will be worth it. If you have to file a Schedule C or even a Schedule C-EZ, make sure you file it with your federal Form, 1040. When scheduling your SE you will need to calculate your self employment tax and also report to them the amount of tax you owe. You also want to make sure you are taking full advantage when it comes to business deductions to lower your taxable income. Things like rental office expenses, equipment, furniture, supplies, and utilities are all business deductions.

One of the best CPA NY strategies for self employed tax planning would be to estimate what you may rotationally owe to taxes to avoid any penalties when it comes time. If you were an employee you would most likely have income tax, social security tax, and Medicare tax already taken out of your pay check. Because you are self employed this would not be deducted so it is a great investment in the long run to deduct these amounts and save the extra money for when tax time is around and you will need to pay. You can also schedule regular payments to pay your business tax Manhattan through out the year so you don’t get stuck paying one lump sum once a year.

If your taxes in New York do not get paid in time you would be notified with penalties or even larger interests to compensate. If you are self employed in NY yet still have employees you will need to pay federal employment taxes in Manhattan and also report information which they request. One way that you can save on your taxes would be if you hired family or relatives for your business. Make sure everything is done correctly or you may be audited by the IRS about the payment to family members that does not look right.

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