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Every year, business owners, high earners, and self-employed professionals in New York City and South Florida unknowingly give away thousands or even tens of thousands of dollars to taxes that they could have legally saved. Missed deductions, outdated tax structures, and lack of strategic planning are some of the biggest reasons people overpay the IRS. […]

If you earn $250,000 or more per year, you’re likely paying more in taxes than necessary. The good news is that with proper tax planning, it’s possible to reduce your tax liability or even eliminate your annual tax bill altogether. At 212 Tax & Accounting Services, our team provides expert tax planning and accounting solutions […]

Business owners and self-employed professionals often pay more in taxes than necessary due to missed deductions and inefficient planning. Whether you run a company, freelance, or own rental properties, strategic tax planning can help reduce your tax liability and grow your business. At 212 Tax & Accounting Services, Anil Melwani and his team have been […]

Looking to start an LLC as a foreigner?Setting up an LLC as a foreign-owned entity is tricky when you don’t have a social security number. Get ahead in the business game and apply as a C Corporation or LLC to receive a U.S. tax ID or ITIN without a social security number. Ensure your LLC […]

Is FIRPTA in the way of your gross proceeds from a real estate sale?
The US withholds 15% of the gross proceeds of the sale of a foreign-owned property. It’s possible the foreign seller could receive all proceeds back once filed appropriately. Although the US withholds 15% of proceeds, foreign-owned LLCs

New York State brings in over a billion dollars every year from residency income tax audits. Many NY State residents believe they can get away with avoiding the NYS income taxes. Residents fail to realize the government has access to all credit card bills and cell phone records. Now with transactions mainly electronic, it’s impossible […]

If you fall under a high tax bracket, your income could suffer severe penalties from a residency tax audit. Avoid a New York residency tax audit by contacting a qualified CPA today.

FIRPTA or the Foreign Investment Real Property Tax Act allows the US to withhold 15% of the gross proceeds of the sale of a foreign sellers’ real estate property. The US requires a foreign seller to file the appropriate taxes in order to receive the full proceeds. Depending on the sale of the property, a […]

Are your back taxes piling up? If you owe back taxes you could be looking at jail time. For a city or state tax problem it’s rare to serve jail time. However, the state and city will settle your debt by seizing all assets. If you owe a large amount to the IRS, federal jail […]

Did you know a NYC penalty can add an extra 25% to your unpaid taxes? New York City residency tax penalties always include interest and can cause significant damages to your earnings. Make sure you’ve paid your dues before your earnings suffer a penalty by contacting a qualified CPA.