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2010 New York Vehicle Depreciation

09.07.2010

category: Uncategorized
tags: CPA Estates and Trusts new york city, Estates and trusts cpa new york, income tax manhattan, income tax new york, income tax new york city, income tax nyc, Small business CPA Manhattan, small business cpa new york, small business cpa nyc, small business tax advice new york city, Tax Preparation Manhattan, tax preparation new york, TAX PREPARATION NYC, Taxes NYC

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.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

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

Got Burned in a Phony Investment Scheme? Some NYC Tax Relief

01.07.2010

category: Uncategorized
tags: income tax manhattan, income tax new york, income tax new york city, income tax nyc, llc new york, llc new york city, nyc tax, s-corp manhattan, s-corp new york, Small business CPA Manhattan, small business tax advice new york city, small business tax advice nyc, Tax NYC, Tax Preparation Manhattan, tax preparation new york, TAX PREPARATION NYC, Taxes NYC

The IRS recently released guidance addressing the tax treatment of losses for individuals, LLCs, S-corporations and other small business owners in New York affected by ponzi investment schemes. The IRS clarified that the guidance is not specifically for Madoff victims but for all individuals who have experienced losses from ponzi-type investment schemes. Because of the economic downturn, the IRS reports that dozens of schemes have surfaced and that thousands of investors have been burned. Many hardworking Manhattan taxpayers and New York City small business owners have been effected by these schemes.

A ponzi scheme for IRS purposes is considered a “specified fraudulent arrangement” that makes payments to investors from their own funds or funds paid by subsequent investors. Fictitious income is reported as there is no actual profit earned. Such schemes pay and offer high returns to keep money flowing in from investors. They are not just bad investments in which your broker picked the wrong stocks. If you were actually invested in securities, your losses are governed by separate NYC tax rules.

Ordinary theft loss
The guidance provides that investors in fraudulent investment arrangements are entitled to an ordinary theft loss under Code Sec. 165 rather than just a capital loss. As a result, not only is the loss not restricted to a maximum $3,000 offset against ordinary income, but it can offset any ordinary income, including wages, with no limit. The loss is not subject to the personal loss limitations; however, only those who itemize deductions on their New York income taxes may claim it. If an investment advisor made poor investment decisions (as opposed to never making any investments), the investor would only be entitled to a capital loss rather than a theft loss.

The amount of the theft loss deduction on their NYC taxes includes the amount invested in the scheme, less any amounts withdrawn, any reimbursements, and any claims as to which there is a reasonable prospect of recovery. The deductible amount also includes any fictitious income reported to the investor in any year prior to the discovery of the theft that the investor included in gross income and paid tax on for that year.

To the extent an investor’s theft loss deduction creates or increases a net operating loss in the year the loss is deducted, the investor normally may carry back up to three years and forward up to 20 years the portion of the net operating loss (NOL) attributable to the theft loss. If the loss is discovered in 2008, however, a special, more generous rule applies: the individual investor or proprietorship is treated as a small business that is eligible for the extended five-year NOL carryback period under the American Recovery and Reinvestment Tax Act .

Safe harbor treatment
Bilked investors of ponzi schemes also have been given a streamlined, safe-harbor route to take theft loss deductions on their New York City income tax returns. This safe-harbor route simplifies the investors burden in proving when the loss took place and it also expedites the process for the IRS’s handling of these thousands of cases. The safe-harbor, which the vast majority of investors are expected to use, provides a uniform approach for determining the year in which the loss occurred and a simplified method for calculating the loss amount.

The safe harbor allows the loss to be taken when a criminal complaint is issued against a promoter, rather than waiting until a conviction is handed down. Under the safe harbor, as much as 95 percent of the loss may be deducted, however, the loss amount cannot take into account the investor’s net investment plus any actual recovery in the year of discovery and the amount of any recovery expected from private or other insurance (including insurance under the Securities Investor Protection Corporation (SIPC). The 95 percent applies to investors suing the promoter of the scheme. For investors suing third parties (persons other than the promoter), the percentage is reduced to 75 percent.

To take advantage of the safe harbor, an investor must complete the safe harbor statement, “Appendix A.” An investor claiming the safe harbor recovery amount must claim the entire loss for the year of discovery. An investor who previously filed original or amended prior year returns to claim the investment losses may claim the safe harbor amount but must identify the inconsistent prior year returns.
If you would like additional information about how to deduct investment fraud losses as theft losses, and how this relates to your LLC or S-corporation NYC income taxes, please give us a call. We would be happy to schedule an appointment to discuss the issue further with you.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

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

Affordable Care Act Requirements for NYC Tanning Services

30.06.2010

category: Uncategorized
tags: 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 Tax Preparation, Small business CPA Manhattan, small business cpa new york, small business tax advice manhattan, small business tax advice new york city, Tax Preparation Manhattan, TAX PREPARATION NYC

Breaking news from our Manhattan income tax CPAs: Starting July 1, 2010, many mall businesses offering tanning services in New York must collect a 10 percent excise tax on the tanning services they provide. This excise tax requirement is part of the Affordable Care Act that was enacted in March 2010.

Here are nine tips on the tanning excise tax that providers must collect.
1.       Businesses providing ultraviolet tanning services must collect the 10 percent excise tax at the time the customer pays for the tanning services.
2.       If the customer fails to pay the excise tax, the tanning service provider is liable for the tax.
3.       The tax does not apply to phototherapy services performed by a licensed medical professional on his or her premises.
4.       The tax does not apply to spray-on tanning services.
5.       If a payment covers charges for tanning services along with other goods and services, the other goods and services may be excluded from the tax if they are separately stated and the charges do not exceed the fair market value for those other goods and services.
6.       If the customer purchases bundled services and the charges are not separately stated, the tax applies to the portion of the payment that can be reasonably attributed to the indoor tanning services.
7.       The tax does not have to be paid on membership fees for certain qualified physical fitness facilities that offer indoor tanning services as an incidental service to members without a separately identifiable fee.
8.       Tanning service providers must report and pay the excise tax on a quarterly basis.
9.       To pay the tax, businesses must file IRS Form 720, Quarterly Federal Excise Tax Return using an Employer Identification Number assigned by the IRS. Businesses that don’t already have one can apply for an EIN online at IRS.gov.

If you have any questions about this issue, or how it may affect your small business tax preparation in New York City, call one of our Manhattan income tax CPAs today.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

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

Flexible Spending Arrangements in New York

30.06.2010

category: Uncategorized
tags: Income Taxes Manhattan, income taxes new york, Income Taxes New York City, Income Taxes NYC, Manhattan CPA, Manhattan Tax Preparation, small business tax advice manhattan, small business tax advice new york city, Tax Preparation Manhattan, tax preparation new york, TAX PREPARATION NYC, Taxes NYC

Many medications are increasingly becoming available over-the-counter without a prescription. In recent years, individuals could use funds in their health Flexible Spending Arrangements (health FSAs) to pay for over-the-counter drugs, as well as prescription meds and other healthcare costs. However, the new health care reform package makes some important changes to health FSAs, including prohibiting health FSA dollars to be used for over-the-counter medications. Keep reading to discover how these changes will affect your small business and your NYC income taxes.

Health care costs. In New York City, health FSAs allow employees to be reimbursed for health care, dependent care or other expenses that are excludable from gross income if paid by an employer. Medical care includes amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease. Medicines and drugs are expenditures for medical care. In 2010, health FSAs may also reimburse employees for out-of-pocket expenses for over-the-counter drugs as well.

The health care reform package (the Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Reconciliation Act of 2010) modifies the definition of medical expenses for health FSAs to conform them to the definition used for the medical expense itemized deduction. This means that over-the-counter drugs are excluded unless prescribed by a health care professional. The new law makes an exception for insulin. This new treatment is effective for tax years beginning after December 31, 2010.

You should receive information from your employer or heath FSA administrator about this important change. If you are a Manhattan Small Business owner and are curious as to how this will effect your income taxes in New York, please contact our office.

“Use it or lose it rule.” FSAs have some important limitations. Amounts withdrawn from an FSA must be used to reimburse medical care expenses. Any excess cash in the account at the end of the year will be forfeited. This is known as the “use it or lose it” rule. However, the IRS has given small business owners and other employers permission to modify FSAs to extend the deadline for up to 2 1/2 months after the end of the plan year.

FSA funding. The FSA may be funded by employer contributions or by a salary reduction agreement with each employee as that employee so elects at the start of each year. The employer must take the initiative to establish the FSAs; the employee cannot start one on his or her own. The employer as the plan sponsor also shoulders the incidental administrative costs of running the FSAs.

The health care reform package places an important new limit on contributions to health FSAs. After 2012, contributions will be capped at $2,500 per year. The $2,500 amount is indexed for inflation after 2013.
Dependent care FSAs. Independent of a health FSA, small business owners may set up dependent care FSAs to cover costs of day care, summer day camp, and for the care of a physically or mentally incapacitated dependent of any age. If the employer offers a dependent care program or an FSA, the taxpayer may choose to (1) receive up to $5,000 in tax-free dependent care from the employer plan or convert a portion of his or her salary (up to $5,000) to a tax-free spending account, (2) take the child care credit at the end of the year or (3) use a combination of the two alternatives.

If you have any questions about health FSAs or dependent care FSAs as applied to your NYC small business income taxes, please contact our office.

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

15.06.2010

Payroll Taxes in NYC

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

When you first start filing NYC taxes for your Manhattan based small business, one of the many unfamiliar New York tax terms you may encounter is payroll taxes. Payroll taxes are federal and NYS state taxes that all employers are required to withhold and pay on behalf of their employees to go towards Social Security and Medicare (FICA taxes). You will end up paying the same amount of FICA taxes as your employee does, as well as New York state and federal unemployment tax (FUTA taxes).

The current FICA tax rate is 15.3%, with 12.4% going to Social Security and 2.9% going to Medicare. Thus, you must withhold 7.4% of NYC payroll taxes from your employee, and you will pay the remaining amount yourself. Taxes will be taken until the employee reaches the wage base for the year. The wage base for social security tax is $106,800 for the year 2010. As soon as the wage base is earned, neither the employee or the employer owes any more Social Security tax, though there is no wage base for Medicare tax, and both the employee and the employer will keep paying Medicare tax in Manhattan, no matter how much money is made.

The employer also must pay State and Federal Unemployment Taxes (SUTA and FUTA taxes). The current FUTA rate is 6.2 %, but you can get a credit of up to 5.4% for SUTA taxes that you pay. If you are eligible for the maximum credit your FUTA rate will be 0.8%. The wage base for FUTA is $7,000. You will stop paying FUTA for each employee once their wages have surpassed this amount. The New York SUTA tax rate for new employers was 4.1% in 2009. However, after the first year the rate can vary from 1.5% to 9.9% for each employer, depending on their past layoff and hiring history.

In order to comply with payroll taxes in New York City, you must have all of your employees complete IRS form W-4. This will be used to calculate the amount of federal income that you will withhold from the wages of the employee. You will also use this form to determine how much tax you will owe to New York State.
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

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

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

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