New York state has a great program called the Voluntary Disclosure Program, which basically means if you come to New York and file your unfiled return or declare your back taxes they’ll usually waive all the penalties. You will still have to pay the interest, but you can get the penalties waived. We’re happy to work with […]
Read MoreAirbnb income is reportable on Schedule E of the tax return, the same as any rental income. Whether you’re renting out an apartment or home for one month, one year, Airbnb for just a few nights a year, it’s all reportable on the Schedule E of the tax return. If you rent out your home […]
Read MoreYou can definitely get multi-state credits in New York state. If you are earning income and, or paying taxes in another state, you will get a credit in New York State on taxes paid in your home state.
Read MoreThe quarterly estimated tax payments are April 15, June 15, September 15 and January 15. For clients that are interested in keeping up with those, we give them the vouchers for the next … for the whole year. If their income and expenses are generally going to stay the same, they can just make the […]
Read MoreMost of the time, it benefits freelancers to pay their taxes quarterly, yes. If it’s a side thing and your income’s really low, then sometimes it doesn’t make sense to do it quarterly; it makes sense to wait until the end of the year. If you’re a full-time freelancer, if that’s your main source of […]
Read MoreTax audits occur for a variety of reasons. One of the biggest schedules to get audited is the schedule C, the self-employed schedule, because you have the flexibility there to take a large amount of write-offs, so when people abuse that privilege of the write-offs generally either New York State or the IRS wants to […]
Read MorePenalties and interests, whether it’s IRS or New York state, is usually a percentage of what you owe. Another thing a lot of people don’t know is, if you don’t owe any taxes, you may not even have penalties to deal with. It’s just on file returns and you either do a refund or you […]
Read MoreAn LLC and an S-Corp are pass-through entities which are usually more tax efficient. For most small businesses in the country, those are the best ways to go. A C-Corp is usually for larger businesses who are raising a big amount of venture capital, and/or want to go public in the near future. One […]
Read MoreIf you’re earning income in the US, whether you’re a citizen or not, you usually need to file taxes in the US. It just becomes a question of what forms need to be filed and what exclusions and/or credits you’re entitled to. If you’re earning income on US soil, you generally need to file taxes.
Read MoreTrying to figure out whether you qualify for a 1040 or a 1040NR, you usually have to undergo something called the Substantial presence Test, which is explained at IRS.gov. You can always take a look at IRS.gov and see if you could figure it out yourself, or call the IRS, try to figure out, […]
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