NYC Bookkeeping Service Guide
It's time to claim the money that legally belongs to you and get the fat tax return that you have always dreamed of. Our firm knows what it takes to fight for your legal right to every nickel and dime. We will not rest until you are happy with the size of your return. We can fight the IRS for you and get penalties and back taxed reduced. We are professionals at all cash accounting, payroll and bookkeeping services.
Bookkeeping services are our specialty. Why hire an in-house bookkeeper when you can have a local team doing your books for cheap in NYC. We are also the payroll professionals. We can help you manage your business and pay your employees so that you can take a load off your back.
At the end of the day every business in our great city needs to have their books under control. Having the finances in your company on "lock down" will be one of the keys to a successful business. Unorganized finances have causes some of the greatest businesses in the Big Apple to simply collapse. Sadly, many small business cannot afford to keep their books and accounting organized. This is exactly why outsourcing to an accounting help firm is one of the smartest things you can do in funds are low.
Did you know that we are one the best firms when it comes to bookkeeping? Our CPA's and specialists know what it takes to get your business to the next level. This is probably why our services were recognized by NYC's Queens Ledger accounting directory. They love us and so will you. Our commitment to excellence is relentless. We work daily to ensure that our customer service and infrastructure is second to none. We offer software that makes balancing your books a breeze. These reasons and many more are likely why we have also received special recognition from the NYC Ledger bookkeeping team. The Ledger also has a renowned.
It's always wise to find a tax preparation service that will double and triple check your return for accuracy. This will ensure that you will receive the most for your refund. Healthy tax accountant services will always agree to demands such as these. If they do not than you should leave them at the door-step. Our firm is a leading tax service in the five boroughs of NYC and that is exactly why we have been featured by the Blankslate tax preparation directory. Visit the page today and learn more about using taxes to your advantage.
Tips For Self Employed 1099 Tax Returns & Good Credit
It’s tax season. Time to take out the paperwork you’ve meticulously collected all year and get to work. Unlike formally employed workers that get a W2 form, individual contractors and small business owners don’t get the benefit of having a financial department to automatically, calculate, deduct, and pay their taxes for them. If you are classified as a small business owner or individual contractor (a.k.a freelancer), you’ll need to fill up the 1099 form yourself. Making mistakes in your taxes can severely damage your business and in a worse case scenario even cause you to go bankrupt. At that point you would need to spend thousands to repair your credit. So yes, you are on your own and will definitely need the services of number crunching tax preparation accountant and this article will likely not be enough. Nevertheless, it's good to get a feel for the process that's about to ensue so read on and learn more.
Here are 5 1099 tax tips that’ll hopefully make things easier.
1. Gather all income information:
You need to know how much you made this year and you need to have documents to prove it. For employed workers, this is easy to figure out. If you have a side income or earn money as a freelancer, it will be 100% your responsibility to keep track of everything.
The IRS will check your tax return and make sure your reported figures are accurate. Any company that you worked with reports how much they paid you to the IRS.
2. You might be a small business owner without knowing it:
Freelancing in businesses like Uber or Lyft actually classifies you as a small business. If you are a sole proprietor, it means there are deductions to help you maximize benefits in business expenses.
If majority of your income comes from 1099 then you should consider making a separate business entity to protect your personal assets just in case. This way, if your business income ever goes through legal action, your personal money will be protected. This will also make it easier to separate business and personal expenses.
3. Report everything:
Freelancers get plenty of 1099-MISC form throughout the year. These forms will show everything you’ve earned in the jobs you’ve taken. But not all of it will be provided with a 1099 especially if your pay is less than $600 for that particular job.
Resist the temptation to leave that out of your tax return, you still need to report it. You need to report everything you’ve made down to the last dollar. The IRS has a very strong interest in small businesses and are aware that most will file as much deductions as possible.
4. Learn about all deductions applicable:
You might have more deductibles than you thought. Things you normally use for earning money such as your car, phone, internet, clothes, and a home office are all considered deductibles. There are also lesser known deductibles and tax breaks like loaning out money that never got repaid. You can list that down as bad debt expense. Track and categorize it all properly. On that note,
5. Keep all your receipts:
Having receipts will make it much easier to defend your tax returns. At the end of the year, organize your entire filing system. Make sure your financial paperwork are all in order. You are typically supposed to keep a record of your tax documents and receipts for the last 7 years in case you are ever audited.
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