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If you live in another state besides New York but have income sourced in New York you are required to file a part-year resident or nonresident return. If you live in the city you qualify for the New York City residency tax. If your primary home is outside the city, are you filing the appropriate returns? Avoid a New York residency tax audit by contacting a qualified CPA today.

Want to avoid paying the New York City residency tax?If you spend 182 days or less in the city you can avoid paying the NYC residency tax. Feel free to own a second home in the city, but your primary home needs to be elsewhere. It’s important to keep an updated track of your records […]

How to avoid a New York Residency Tax Audit (missing transcript)

A change in the new tax law will eliminate a tax break for alimony payments finalized after Dec. 31st. Up until now, alimony payers were able to deduct payments from their taxes while the receiver had to declare alimony as taxable income. The IRS realized they were losing revenue from the payer side but gaining […]

Residency audits are common in New York because both New York State and New York City have their own state and local income taxes, complicating the tax code that most already find very difficult to navigate. One of our clients recently underwent a Residency audit, having New York claim that she was a full-time resident, […]

When filing taxes, individual taxpayers can itemize, or list out, certain deductions if doing this would be more than their standard deduction. Schedule A is the federal tax form that itemized deductions are reported on. The most common types of itemized deductions are state and local income taxes, mortgage interest, real estate taxes, charitable contributions, […]

As a self-employed individual, it’s especially important to file your taxes with care. When you’re self-employed, the responsibility falls solely on you to keep proper books and records. No matter what industry you work in, you should be proactive about accurate record keeping and documentation to avoid tax troubles. When it comes to individual tax […]

Being aware of important tax filing dates as a realtor is the best way to avoid paying any penalties and unnecessary fees. As a realtor, you file self-employment taxes. In most cases, this means also paying quarterly taxes, which requires that you know many different dates and deadlines. Here are the most important realtor tax […]

Navigating the tax process as a realtor can be complicated. Whether this is your first time filing as self-employed or you’ve been filing this way for many years, there are many unique factors that contribute to determining just how much you’ll owe the IRS each year. You likely have a lot of questions about the […]

Learning to maximize your deductions as a realtor is the smartest way to keep your costs down. There are a lot of expenses associated with being a realtor or a real estate broker, and being able to identify those deductions helps keep money in your pocket when filing and paying taxes. It’s always important to […]