tags: accountant new york city, self employed ca new york, Self Employed CPa Manhattan, self employed cpa new york city, self employed cpa nyc, small business cpa, small business tax advice manhattan, small business tax advice new york, small business tax advice new york city, small business tax advice nyc
How Can New York Certified Public Accountant Help Self Employed Save Tax?
Being self employed has its benefits but at tax time, if you are not careful, it can be a pain. A New York Certified Public Accountant can help you file the right taxes so you can save money. You shouldn’t be penalized for being self employed but along with the responsibility of running your own business come the responsibility of doing your own taxes. The most common rule is to keep all receipts and all records on anything and everything you do in your business. Remember that everything can be a deduction if it is used for your business. For example, your cell phone bill can be used as a deduction if it is strictly used for your business. Your internet service provider payments may also be a deduction if you do a majority of your business online. If you travel around, you need to use your mileage, maintenance of your vehicle, and gas expenses as part of your business expenses.
To get your taxes done correctly at the end of the year you need to make an appointment with a certified public accountant, or CPA. Since you will have a lot of questions on being in business for yourself, you want to find a CPA that you can work with for years to come. You will be calling them throughout the year to ask questions or inquire about particular deductions and you want to know who you are talking to and who will be handling your paperwork.
You need a simple solution to your receipts and paperwork. It’s important to keep as organized as you possibly can so you need to make sure that you have the right system to help you do that. You may want to ask your CPA for ideas on how to keep up with the paperwork all year long. Don’t find a system that is too difficult or you won’t keep up with it throughout the year. It could be as simple as keeping an envelope in your briefcase, your purse, or your laptop case where you can drop receipts in as you get them.
You are also going to need to keep records for your household expenses for two reasons. One, you want the CPA that is doing your business taxes to do your personal taxes as well. They are familiar with you and your situation and they probably know you on a more personal basis. Second, if you run your business from your home you will be able to use a lot of your personal tax expenses for your business tax expense. For example, if you run your business from a home office, you need to have one room dedicated to your business only. Then you can deduct a portion of your utility bills, office supplies, and any other business expenses you incurred during the year.
If you buy a new laptop for your business makes sure to turn that in as an expense. If you bought a new cell phone, accessories, and a plan for your business you can use that as a deduction. But it is important to remember that whatever you claim as a deduction should also have a receipt to prove it.
A New York CPA can help the self employed save taxes by hiring them to keep up with your business throughout the year. They can give you helpful advice and help you learn more about ways that you can succeed in your business.
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
A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses