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

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

Dear Client:

The IRS has released guidance on the Manhattan personal income tax treatment of health care coverage for children under age 27 that may be relied upon pending the issuance of amended regulations by the IRS and Treasury Department.

The Patient Protection and Affordable Care Act (PPAC Act), as amended by the Health Care and Education Reconciliation Act of 2010 (2010 Reconciliation Act), added several provisions that expanded the health care tax benefits that apply to various workplace and retiree health plans and their personal income taxes in NYC. The benefits also apply to self-employed individuals who qualify for the self-employed health insurance deduction on their federal and New York personal income tax return.

Exclusion for employer reimbursements. The PPAC Act expanded the exclusion from an employee’s gross income for employer-provided reimbursements for medical care to cover the employee’s child who has not attained age 27 as of the end of the tax year. This new age 27 standard replaces the lower age limits that applied under prior tax law, as well as the requirement that a child qualify as a dependent for New York City personal income tax purposes.

The guidance clarifies that an employee’s child includes a son, daughter, stepchild, adopted child or eligible foster child. When determining the child’s age at year end, the tax year considered is the employee’s tax year. For purposes of the gross income exclusion, an employer can assume that an employee’s tax year is the calendar year and may rely upon the employee’s representation as to the child’s date of birth. The new Manhattan personal income tax benefit is available beginning March 30, 2010 for children who meet the year-end age requirement and are already covered under the employer’s plan or are added to the employer’s plan at any time during the year.
It should be noted that the PPAC Act requires group health plans and health insurance issuers to extend coverage to an adult child until age 26 rather than age 27, and this requirement is effective only for plan years beginning on or after September 23, 2010.

Cafeteria plan, health FSAs, and HRAs. Under the PPAC, the exclusion of coverage and reimbursements from an employee’s gross income for an employee’s child who is under age 27 at year end applies to the definition of qualified benefits for cafeteria plans, including health flexible spending accounts (health FSAs) and health reimbursement arrangements (HRAs). The IRS intends to amend the cafeteria plan rules to include change-in-status events affecting nondependent children under age 27. As a result, as of March 30, 2010 employers may permit employees to make pre-tax salary reduction contributions for accident or health benefits under a cafeteria plan for children under age 27, even if the cafeteria plan has not yet been amended to cover these individuals and their personal income taxes in NYC.
Self-employed health insurance deduction. Insurance paid by a self-employed individual for any child who is not age 27 at year end qualifies for the self-employed health insurance deduction. However, this deduction is denied if the self-employed individual can participate in any subsidized plan, including that of an employer of a dependent or child under age 27 at year end.

The IRS guidance clarifies that these additional tax benefits are provided by the PPAC for adult children who have not attained age 27 at year end:
•    Exemption from FICA, FUTA, RRTA, or income tax withholding for health insurance coverage and employer reimbursements provided under a plan for employees and their dependents
•    Sickness and accident benefits under a Voluntary Employees’ Beneficiary Association (VEBA)
•    Sickness, accident, hospitalization, and medical expense benefits offered by a retired employee’s pension or annuity plan

These health care benefits provided to children under age 27 are meant to encourage the shared responsibility for health insurance coverage of all Americans. If you have any questions regarding this  New York personal income tax issue or any other provision of the health reform legislation, please call our Manhattan personal income tax CPAs at your earliest convenience.

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

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.

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

Although the computer age and modern telecommunications have reduced the need for in-person contact, it is still sometimes necessary for New York self-employed people to go out of town on business, or to entertain clients and customers. This also applies if you are an owner of an LLC or other small business in Manhattan and you send employees out on business related travel. How travel and entertainment expenses are handled can have an impact on your net income, your paperwork burden, and on the  New York income tax results for you and your Manhattan LLC employees.

If you require employees to substantiate travel or entertainment expenses that are bona-fide business deductions, partial or complete advances or reimbursements are not treated as compensation income to the employee, and the advance or reimbursement is not subject to social security taxes or to New York income tax withholding. However, only 50 percent of any business-related meal or entertainment expense is deductible by the company, including costs of meals consumed by employees while they are traveling. The same applies if you are a New York freelancer or are self-employed in NYC.

To ensure that the reimbursement is not subject to payroll and withholding taxes, the business must maintain a fairly detailed recordkeeping system. For travel, employees and self-employed persons must submit a written statement of the time, place, destination and business purpose of the trip and the amount of expenses incurred by category (e.g., travel, meals, lodging). For meals or entertainment, the employee must submit a written statement showing time, place and cost of the event, who was entertained, and the business purpose of the meal or entertainment (if the event follows or precedes a business discussion, additional recordkeeping is required). Finally, the NYC freelancer must keep and turn in to the employer documentary evidence such as receipts for all lodging expenses, and for other travel and entertainment expenses over $75.

Because the recordkeeping can be onerous, the law provides some shortcuts, depending on the type and frequency of the travel and entertainment expenses. For example, the paperwork burden and the cost of travel expenses can be decreased by giving NYC freelancers who travel for business purposes a flat daily allowance, a per diem, which varies by destination, to cover meals, lodging and incidental expenses. If the daily allowances do not exceed IRS-determined maximums, they are payroll and  New York income tax free with a minimum of paperwork; all that is required is a record of the time, place and business purpose of the travel. To-the-penny accounting of expenses and corroborating receipts is not necessary. As with the other examples, this applies equally to those who are self-employed in NYC, own a LLC or other small business in Manhattan, and to those who are freelancers in New York.

One simple way to cut out paperwork while boosting NYC small business tax deductions is to give employees a flat allowance for anticipated travel and entertainment, and not require these expenses to be substantiated. The allowance is fully deductible as compensation (assuming the employees’ compensation packages are reasonable), and there is minimal paperwork required. The allowance, however, is subject to payroll and income tax withholding, and the company may not be able to determine what their actual travel and entertainment expenses are for budgeting purposes. In addition, there are unfavorable tax consequences for the employee, even if the travel and entertainment expenses are deducted on their own returns.
Travel and entertainment expenses are particularly susceptible to challenge by the IRS. However, in some instances, businesses may fail to deduct qualifying travel and entertainment expenses, or may be deducting these expenses improperly. If you are a small business, freelancer, LLC, S-corp, or are other wise self-employed in New york, you need a CPA to help you with the tax burden. Our Manhattan small business and self-employed CPAs can perform a confidential review of your company’s travel and entertainment expenses to ensure compliance with the complex rules that govern these deductions. Please call our LLC and S-corp CPAs in NYC today to arrange an appointment at your earliest convenience.

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

Dear Client:
If you own a vehicle in NYC, you need to know about some recent tax changes that will affect your Manhattan income taxes. The IRS has issued the depreciation deduction limitations and lease inclusion amounts for auto mobiles, trucks and vans first purchased and used in 2010. Additionally, the IRS released the annual income inclusion amounts for vehicles first leased in 2010. The basic 2010 depreciation limits for passenger automobiles, trucks and vans are higher than the respective depreciation limits for 2009.

Passenger automobiles. The maximum depreciation limits for passenger automobiles first placed in service during the 2010 calendar year are:
•    – $3,060 for the first tax year;
•    – $4,900 for the second tax year;
•    – $2,950 for the third tax year; and
•    – $1,775 for each tax year thereafter.
Trucks and vans. The maximum depreciation limits for trucks and vans first placed in service during the 2010 calendar year are:
•    – $3,160 for the first tax year;
•    – $5,100 for the second tax year;
•    – $3,050 for the third tax year; and
•    – $1,875 for each tax year thereafter.

Leases. Lease payments for vehicles used for business or investment purposes are deductible in proportion to the vehicle’s business use. However, lessees must include a certain amount in income during the year the vehicle is leased to partially offset the amounts by which the lease payments exceed the luxury auto limits. The IRS has released tables that identify the income inclusion amounts for passenger automobiles, trucks and vans with lease terms beginning in 2010. These amounts can be found on the IRS’s website, www.irs.gov , and in Revenue Procedure 2010-18.

Please call our office of small business CPAs in manhattan at your earliest opportunity if you have questions about the 2010 vehicle depreciation dollar limits or other business vehicle expenses and how they may potentially affect your New York income taxes or Manhattan based S-corp, LLC or other type of NYC small business.

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

In recent years, many options have become available to self-employed individuals, LLCs, S-corps and small businesses owners in Manhattan to provide for their retirement. New York Tax planning for retirement can include deductible contributions to a Keogh plan, traditional or Roth IRA, SEP plan, SIMPLE plan or a one-person 401(k) plan. You may wish to consider implementing one of these plans for yourself and/or your employees to benefit from a current tax year deduction and accumulate tax-deferred retirement savings.

Each of these plans has advantages and disadvantages, and some may not be applicable to your situation. For example, a sole-owner 401(k) retirement plan allows a contribution for you as both an employer and as an employee. Therefore, a sole-owner 401(k) plan may provide for the largest deductible contribution. However, a sole-owner 401(k) is not available to the self-employed in New York with employees other than a spouse or relative. As an alternative, a Keogh plan provides more flexibility, but is more complicated to maintain than a SEP or SIMPLE plan and may have additional administrative costs. Which plan would work for you depends on your unique New York income tax situation.

Ultimately, the choice of savings vehicle will depend on factors related to your NYC small business and your retirement needs. Regardless of which plan you qualify for or what your retirement needs are, it is important to begin planning now for your retirement.

Please call our Manhattan office to arrange an appointment with one of our CPAs who are experienced in giving advice to self-employed individuals in your situation. We will be happy to discuss the various retirement plan options and how they might apply to your small business and New York income tax return.

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

To best be prepared for your Manhattan income taxes, now may be a good time to evaluate the expenses you incur as an employee in connection with your work. While your employer may be reimbursing you for some of these expenses, there may be others for which you are bearing the cost yet not utilizing the NYC income tax benefit. Through proper substantiation, it is possible that you may be able to obtain greater reimbursement from your employer. Alternatively, you may be entitled to deduct such expenses as miscellaneous itemized deductions on your income taxes in New York.

In order to be reimbursed and/or deducted, the trade or business expenses  on your New York City income taxes must be ordinary, necessary, and reasonable. They also must be properly substantiated. Examples of qualifying expenses include:

•    Travel, transportation, meal, or entertainment expenses
•    Safety equipment, small tools, or supplies
•    Uniforms required by your employer that are not suitable for everyday wear
•    Required protective clothing
•    Dues to professional organizations
•    Subscriptions to professional journals
•    Certain job hunting expenses
•    Certain expenses for the business use of your home
•    Computer costs
•    Work-related educational expenses

You may also benefit from a review of the business expenses related to the use of your home. If you qualify for the home office deduction on your New York  income tax return, you may be able to deduct part of your home’s normal operating expenses, such as utilities and insurance. The Manhattan tax saving opportunities available to you are dependent not only on the type of work you do at home, but where in your home you perform it.

The rules for deducting these expenses, as well as substantiating your deduction, vary according to the type of expense involved. To make your New York tax preparation go as smoothly as possible, it is important to retain all records and receipts that document the time, place, and business purpose of each expense. Don’t hesitate to call our firm of experienced NYC accountants to schedule a consultation.

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

If you are doing your small business taxes in NYC, there are some recent tax changes that you need to know about.  Even if you are doing your taxes outside of Manhattan, these changes will affect you.


Recently the Internal Revenue Service revised Form SS-4, the Application for Employer Identification Number, to clearly identify the applicant’s true owner. Effective January 2010, all mail, fax, phone, and electronic EIN applications must disclose the name and taxpayer identification number of the true “responsible party” for the entity requesting an EIN.


For an EIN applicant that is publically traded or is registered with the Securities and Exchange Commission, the “responsible party” is the principal officer, general partner, grantor, owner of a disregarded entity, owner, or trustor, depending on the business entity of the applicant. For all other entities, the “responsible party” is the person who can control, manage, or direct the entity and the disposition of the entity’s funds and assets.


A nominee is an entity with delegated authority to act in name only and can never be the “responsible party” for the Form SS-4 application. The IRS does not accept the use of nominees to obtain EINs. The SS-4 must be signed by an individual with the authority to legally bind the entity; therefore, it cannot be signed by a nominee.


Prior to the SS-4 revision, taxpayers in Manhattan obtained EINs using nominee individuals for the EIN application process. Entities that used nominees on their applications should consider updating the information shown on the original application.

Third party designees filing online applications must retain a complete copy of the paper Form SS-4, signed by the responsible party, and a signed authorization statement, for each EIN application filed with the IRS.
Using nominees in the EIN application process prevents the IRS from gathering appropriate information on entity ownership. It may also facilitate tax non-compliance by entities and their owners. Clearly identifying an entity’s true owner makes it difficult for taxpayers to conceal their income and assets. The IRS will pursue penalties, injunctions, or other enforcement action to prevent the misuse of EIN applications.


If you are doing your small business taxes in New York City, this very well may affect you. If you are at all unsure as to how to react to the SS-4 changes, it would be the safe bet to consult a CPA that is a veteran of New York Taxes.



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

If you and your spouse are contemplating starting a small business together, you are probably wondering what to do about your New York income taxes. First, you have to determine what kind of relationship you and your spouse will have in the relationship. Will you be partners, or will one of you be more of an employee? The answer determines how you’ll go about filing your income taxes in Manhattan.

According to the IRS, A spouse is considered an employee if the first spouse significantly controls the business in terms of management decisions and the second spouse is under the direction and control of the first spouse. If this is the relationship that you will have in your small business, then the second spouse is an employee subject to income tax and FICA (Social Security and Medicare) withholding.

If both spouses have an equal say in the business, provide equal services to the business, and contribute capital to the business, then your business is a partnership type of relationship and the business’s income should be reported on Form 1065, U.S. Return of Partnership Income.

However, there is also a third option for Husband and Wife income taxes in NYC. According to the  Small Business and Work Opportunity Tax Act of 2007, there is a qualified joint venture  option for businesses whose only members are a husband and wife filing a joint income tax  return not to be treated as a partnership for Federal tax purposes. A qualified joint venture is a joint venture involving the conduct of a trade or business, if (1) the only members of the joint venture are a husband and wife, (2) both spouses materially participate in the trade or business, and (3) both spouses elect to have the provision apply.

Under this law, a qualified joint venture conducted by a husband and wife who file a joint return is not treated as a partnership for Federal tax purposes. All items of income, gain, loss, deduction and credit are divided between the spouses in accordance with their respective interests in the venture. Each spouse takes into account his or her respective share of these items as a sole proprietor.
This being the case, it is anticipated that each spouse would account for his or her respective share on the appropriate form, such as Schedule C.  For purposes of determining net earnings from self-employment, each spouse’s share of income or loss from a qualified joint venture is taken into account just as it is for Federal income tax purposes under the provision (i.e., in accordance with their respective interests in the venture).
This generally doesn’t increase the total tax on the return, but it does give each spouse credit for social security earnings on which retirement benefits are based. However, this may not be true if either spouse exceeds the social security tax limitation. For more information on filing your husband and wife business income taxes in NYC, contact an experienced  manhattan CPA.

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

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.

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