Question
My CPA told me that if I didn’t have any income in 2022, I couldn’t have a home-office deduction. True or false?
Answer
First, this is bad advice, as you will see.
7 Questions to Ask Before Hiring an NYC Accountant
Congratulations! If you’re an entrepreneur or business owner on the hunt for an NYC accountant, it’s a sign of growth. It’s also a smart move. In a survey of 393 small business leaders, an accountant was ranked as the most important professional used by their business.
From potential tax savings to improved cash flow, an accountant is worth the investment – if you hire the right one. Before hiring an NYC accountant, ask these 7 questions:
Getting Ready for the 2023 Tax Filing Season
Filing your 2022 tax return promises to be just as complicated as always; however, there are steps that taxpayers can take right now to ensure their tax filing experience goes smoothly. Let’s take a look at what’s new for 2022 and some key items taxpayers should consider before they file.
Individual Taxpayers: Tax Changes for 2023
Every year, it’s a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.
Businesses: Important Tax Changes in 2023
Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead.
Year-end Tax Planning Strategies for Business Owners
Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look:
Closing a Business for Good
If you’re a small business owner who is thinking about closing your business for good, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors – you must also take certain actions as required by the IRS to fulfill your tax obligations. For example, if you have employees, you must file final employment tax returns as well as make final federal tax deposits of these taxes.
Early Withdrawals from Retirement Plans
Many people find themselves in situations where they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of any income tax taxpayers may have to pay. Here are five things taxpayers should know about early withdrawals from retirement plans:
Small Business Accountant for Your Business Growth
Small Business Accounting We are a New York-based accounting firm that provides small business accounting services to clients in the New York metro area, all 50 U.S. states, and abroad. Through strategic tax planning, we help clients leverage the tax …
Taking Early Withdrawals From Retirement Accounts
While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know.