Top 10 successful tax accounting firms in 2021

Top 10 successful tax accounting firms in 2021

We always need an accounting and tax consultancy firm to get business advice. The value of these accounting firms has been increased due to the Covid-19 pandemic because businesses are facing numerous types of issues in running their organizations successfully. Many experts think that the current era is the most crucial one for businesses, and here, living without a tax accounting firm means that your company is at stake.

What does a tax accounting firm do?

The basic purpose to engage accounting firms is to make the whole financial situation documented and accurate. More importantly, some accounting firms also offer tax consultancy and services to help companies submit tax returns, keep the taxes favorable for the businesses, and avoid any legal circumstances that may be generated due to negligence on the side of the company. During the Covid-19 pandemic, the value of these accounting firms has been increased a lot because all the businesses need the advice to remain relevant in the competition. These tax accounting firms also provide advice in different situations. For example, they tell how you can capitalize on the opportunity, how you can navigate changes in the payrolls and furloughs, and what the procedures are to keep your organization safe during cyber-attacks. Tax & Accounting Services in New York protect you against any extra wages.

Almost all the businesses suffered a lot during the pandemic in 2020. Now, the New Year has started but coronavirus is still affecting the world. Now, they need to identify the economic condition in 2021. The accounting firms are the only ones that can help you here. The reason is the reinvention that many businesses need to adopt. The tax accounting firms can do it for you, as they have all the skills, expertise, and budgeted situation that help them suggest necessary actions to their clients.

How to find the best accounting firm in 2021?

It is quite an uphill task, and businesses need to do a lot of effort to achieve this target. The best technique in this regard is to consult with your business friends who have already hired tax accountants. Maybe their suggestions can help you the most fruitful decision. Sometimes, you choose the accounting firm near you, as it helps get the tax accountants in the case of any difficulty. However, the most preferred technique is to explore the companies on the internet, visiting their websites, observe the reviews, and read the comments that their clients have given. Sometimes, you may find the blogs in which you can find the best tax accounting firms. Choose one of them as per your requirements and budget.

The major issue in finding the best accounting firms online is that many bloggers try to mention those firms, which are their favorites. Therefore, we have come up to help you out and found only those firms that are actually working in the market, have a good clientele, remain in the business for a long time, and their clients think that they are the best in the market. Moreover, these firms are almost all the lists of the most successful accounting firms in the market.

So, let us explore the best tax accounting firms in 2021!

Ernst & Young


It is considered the best in providing services for tax management, bookkeeping, financial advisory, and assurance. EY has developed its reputation and trust in the market in such a way that the experts consider it the global leader, especially in tax accountancy. The insight and expertise in the capital market make the lives of the clients easier because they get the services of such a firm, which is engaged with some of the most renowned national and multinational organizations. The outstanding leaders of EY deliver more than their clients’ expectations to meet the challenges that the market is facing currently. Ernst & Young also offers to build a better working environment for the company as well as the global economy.

Healy Consultants

We are giving the second position to Healy Consultants due to their performance in providing all types of financial, accounting, and tax consultancy services to numerous companies of different industries. Healy Consultants work as a strategic marketing agency to ensure that the businesses are ready. They develop marketing strategies for the companies to help execute excellence, improve brand engagement, and develop customer satisfaction aggressively. The experts of Healy provide opportunities to corporates, conglomerates, and medium and small enterprises to expand. This business globally by forecasting all the circumstances and converting them into opportunities. So, the role of an accountant in managing risks can benifit you in a longer run then you can ever immagine.

PricewaterhouseCoopers (PwC)

The next best on our list is PwC that has taken an edge over its competitors. It means that the clients of PwC can access their financial documents, reports, and budgets according to Tax audit. While staying anywhere in the world. In this way, the companies can get the opportunity to enjoy a more agile operational model. Which Client has not been provided by any other tax accounting firm in the United States? The effective forecasting and budgeting that PwC. Its clients help them react immediately when there is some change in the economic environment.

Bench

Bench

The bench is considered the best due to the services it provides to small businesses. It helps get in-house bookkeeping services to all businesses, whether small or large. They also help you prepare monthly, quarterly, half-yearly, and yearly financial reports according to the need of the clients. The dedicated tax accounting services of Bench improve the financial situation of small businesses. They can focus more on other important business operations to generate more revenues. Open new opportunities, and tackle economic crisis more vigilantly. More importantly, forecasting, budgeting, and tax preparation become more effective. Because the team of Bench keeps an eye on all the transactions and business operations throughout the year. Therefore, it becomes easier to take necessary actions immediately when these are required.

Savvy and Suit

We have included Savvy and Suite in our list because their clients claim that they get the best tax accounting services in the region just due to Savvy and Suite Ltd. According to the experts, these people secure the most suitable and authentic outcome when their clients file their tax returns. The excellent methodology and techniques of the tax accountants at Savvy and Suite create cost-saving opportunities for their clients. In this way, Savvy and Suite provides helps clients achieve their organizational goals and objectives more swiftly, aggressively, and efficiently.

Deloitte

While talking about top tax accounting firms globally, you cannot ignore Deloitte due to its expertise in industry-leading. This means assurance, tax accounting, financial services, risk management, consultancy, bookkeeping, and many other financial services. Deloitte has been attached with some of the most renowned companies in the world. Some of their clients are listed in the Fortune 500. With that, thousands of companies have been attached to Deloitte. Overall, Deloitte is one of those tax accounting firms that have established. Their reputation in the market with more than 6000 clients in the world.

KPMG

If you are in search of finding a financial firm. These can deal with you in assurance and audit, financial advisory, tax consultancy, and any other financial scenario, KPMG can be the best option for you. The reason is the ethical manner of the team of KPMG to provide high-quality accounting. Financial services to some of the most established firms in the world. KPMG is equally suitable for small businesses, as it has dedicated teams of professionals to deal with all kinds of clients separately. It helps them provide personalized solutions to all, whether they are corporates, multinational companies.

Tax King Service

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While talking about efficiency, personalized services, and timely response, no other tax accounting firm in the United States claim that they are better than Tax King Service. The reason is the expertise and professionalism. These are developed through persistent approach and experienced team players owned by Tax King Service. They provide tax preparation services, business license services, accounting services, entity formation services, and audit services to all the companies, whether they are multinationals, corporates, freelancers, startups, medium-level organizations, or small businesses. Moreover, top-notch customer support services make Tax King Service one of the best to deal with the queries that companies need to address for financial assistance.

RSM

RSM is one of those firms that work to keep their clients and other stakeholders happy by providing top-notch tax consultancy. hey also provide other services like audit, and financial advisory to them. The primary target of RSM is middle-market businesses that are always in search of making their position. These are permanent in tough competition and moving towards economic growth. RSM has achieved this target through a dedicated and professional team of accountants, bookkeepers, consultants, and customer support officers.

Grant Thornton LLP

We are adding Grant Thornton because it is one of the oldest tax consultancy firms in the United States. It is quite easy to say that we are one of the best in the market. But, consistent performance since 1924 tells you the whole story of success in real words. Grant Thornton has been working as a tax advisory firm and independent assurance provider in the market with more than 600 partners, 8500 personnel, and 59 commercial centers in the United States. It confirms that you are hiring the best accounting firm in the USA while partnering with Grant Thornton LLP for tax consultancy and financial assistance.

 

Tax accountant NYC VS Cybersecurity

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Many tax preparation firms and individuals may find this topic intimidating and complicated because they do not know much about cybersecurity. You may also think about why we are thinking about the role of tax accountant NYC in improving cybersecurity.

However, the following discussion will help you determine the value of the best tax accountant in New York to make the whole system secure and protected from hackers.

Some tasks can be difficult for any individual who does not know much about the specific topic. However, having some information can help you manage the tasks to keep the whole process smooth and functional. 

Cybersecurity is the same unknown thing for all accountants as accounting can be difficult to understand for web developers. However, if you know your role in cybersecurity as an accountant, you can strengthen tax preparation NYC processes and keep the business’s integrity protected and safe.

Let us understand how it works!

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The hackers are always in search of data.

The hackers are always interested in data. The reason is that data helps them identify the individuals, companies, employees, customers, and many others.

They can also get access to specific physical and email addresses, SNNs, and specific details regarding businesses, jobs, or personal activities.

The secondary purpose of hacking is to find credit card information and utilize it for numerous purposes. This situation can be a piece of bad news for the businesses.

Mainly, stealing card information is the most favorite habit for digital black marketers. Many think that these cards can be canceled at any time.

However, the purpose of stealing credit card data is to recognize the card owner. They can identify your SNNs, date of birth, and much other information to use for many immoral and fraudulent activities.

In the above-described situation, it is clear that tax preparation NYC is a task in which 

accountants have all the financial records of a particular company. More importantly, the accountant takes the responsibility to keep all the information protected and safe.

Here, he needs to have some information about cybersecurity, hacking, and steps that can help him keep all hackers and malware away.

Non-Technical data management procedures that tax accountants NYC need to follow.

Knowing what cybercriminals can do for stealing the information helps the best tax accountant NYC safeguard all the records and make the business protected. Technicalities of cybersecurity are next to impossible for accountants.

However, they can take some non-technical steps to shield identity data. We are discussing some of these steps here to help tax preparer NYC: 

Knowing what cybercriminals are looking for makes it easier to safeguard that valuable information and protect your business. Here are a handful of non-technical approaches that will enable your tax prep business to better shield identity data.  

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You do not need to save all records.

All information, especially about the customers is not required to save. It means that less information is the best way to make the journey of the hackers a total waste. After all, no one can steal that information, which you have deleted already. 

Therefore, cybersecurity experts recommend keeping only those records in the system, which is necessary in the eyes of law. While talking about customers, only contact information is required to keep them engaged and for future coordination. The law also suggests that you should delete all client identity data after every three years.

Train all the employees to be skeptical

Social engineering scams and phishing can distract your employees easily. The hackers use these practices to make your employees fool. It happens when your employees share their personal and financial details with these hackers. 

The experts think that emails are the best tool to get information from any individual. In this way, the hackers send scams to those who are unsuspecting recipients. You should train your employees to keep them away from all unknown senders.

Only share your information with those who are trustworthy for you or are coordinating with you officially by using official email addresses. Sometimes, they may engage you through clicks, downloads, attachments, and visuals. 

The only thing that can keep you and your records protected is vigilance from your end. The best practice in this regard is to use only authentic and secure document sharing tools. Also, use only verified communication tools to avoid any hanky-panky in the form of hacking.

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Limited access to identity data

Generally, all employees have access to identity data, although this trend has been changed a lot. Minimizing the access to explore critical data is the best practice to keep cyber criminals away from your crucial information.

Give limited access to those employees, which do not need to know everything about the business. Only authenticated and verified staff members should have access.

The tax accountant NYC, who provides tax service NYC, helps you assign access as per the need of every employee.

However, your business analysts can guide you better in this regard. When you implement such limits, you leave only a few access points. If you have done it, the hackers will have only a few opportunities to hack your records.

Make your tax preparer accountable.

All online businesses and those, which are connected with smart devices, can be at particular risk. In this tech-enabled world, everyone can have the opportunity to breach security and get access to sensitive data.

In this situation, the best tax preparation in NYC is possible only if you make the accountant responsible for all these data breaches.

Although these people were responsible previously as well, now, they are in a more vulnerable state. The reason is that data is the most precious asset for any business, and accountants are taking care of it.

So, if they are irresponsible or not vigilant at some point, they can create a dismal situation for the businesses.

Therefore, they need to open their eyes and try to secure data in such a way that no unauthorized person can get access to this data. If they do not do so, they may face legal obligations. Following the above steps can minimize the risks for the accountants.

However, involving IT experts and using the latest cybersecurity techniques can be the best solution to keep all unauthorized individuals, systems, and malware away from your sensitive data.

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How a Tax accountant can do Payroll Company NYC swiftly?

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When a businessman hears about Payroll for his/her company they get baffled. It shouldn’t have to be an impossible task to perform. Therefore, You guys should be able to perform Payroll taxes as a tax accountant NYC by yourself.

However, there are many lacking Payroll Company NYC has to offer. Although, all those organizations that run from this task can follow the following guidelines. 

This article will provide you guys with the proper step by step knowledge to pay your payroll taxes. It contains all the information and options that benefit you. Although, you can get all the educational information from the text given below. 

Your finance is one of the biggest headaches that you have all year long. It is one of those pleasures that comes with a cost. One thing that every businessman needs is a good tax accountant to save money.

New York City is one of those cities where the cost of living is higher than in most parts of the world.  So, acquiring the services of a good Tax Accountant in NYC will provide you many benefits. 

A good advisor will help a businessman save a lot of money in his/her taxes. To get better results you have to find such an Accountant NYC that makes a long-term strategy for your taxes. This way you don’t have to call a meeting with your advisor every week. 

A good accountant will make a proper strategy keeping in mind the goals and approach of its customer business. Find one that is very passionate about client safety and its work. In this article, we are going to discuss all those tips that will help you to find the Best tax accountant NYC can offer. 

What do You Need in a Good Tax Accountant

You need the services of a nonlinear advisor who comes up with some interesting ways to save your money. With straight thinking, you cannot save extra money in taxes.

So, you need someone who can think out of the box to find legal ways to save more money on taxes. 

This kind of best Tax accountant NYC will build a lifelong strategy for your taxes. This way you can make more money with a sufficient amount of saving on taxes as well. 

The Experience will make a huge difference

People who know their field have a different kind of work ethics. You can find the one with a better experience in the first interview. The person with greater knowledge of this field will ask you various relevant questions. 

If you are the only one that is asking questions and the accountant just giving you textbook answers, that is a red flag. Having knowledge is not enough. You want someone that knows the accounts better than you.  

Managing Company Payroll is a big task

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Before you end up paying these taxes, you should know what they mean and what is its purpose. Basically, it’s withheld money from an employee check by the employer to pay state, federal, and local taxes.

There are different kinds of insurance that are included in this tax for employees. However, these insurances include. 

  • Social Security Tax
  • Income Tax
  • Medicare Tax

It is advisable that the employer and employee know about the calculator method of these payroll taxes. Although, NYC payroll tax instructions advise you to know about the current tax rate in New York City for that purpose.

If we take an example of the previous year the social security Tax was about 6.3% and Medicare around 1.2%. However, both of these percentages vary and are determined on a yearly basis. 

Payroll by Companies have a processing procedure as well

This is another important step that you have to follow when processing payroll. It is a time-consuming process if you do your payroll taxes on your own. Therefore, there are better chances of doing prone errors as well.

However, if you have decided to do your company payroll taxes by yourself, here are all the steps that you need to follow. 

Form of all employees should be completed (W-4 form)

The first step that you have to go through is to make your employees complete their W-4 form. Although, this form is important for someone to get paid by the employee.

In this form, you will have the current status of the employee and keep the track of their allowances as well. 

If you have more dependents workers with more allowances, fewer payroll taxes are taken from your paycheck after each period. However, this will require a new hire report for every employee you hire. 

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EIN Numbers is the key

One more thing that you will require when filing a hire report is the Employer EIN number.

Therefore, EIN (Employer Identification Number) Is used by the IRS to identify the entity and nature of the business you are running. 

You got to have an EIN number to run a business. For that, you can easily apply through free EIN assistance. 

The payroll schedule should be known

It is important that the Payroll schedule should be fixed. Although, if you get these services from payroll services NYC companies can make this schedule for you. These schedules require three important dates.

  • Pay date of Employee
  • Tax payment due date
  • Deadline for tax filing

Withhold Income Tax are known to you

You need to determine when paying Payroll Company NYC taxes which state and federal taxes you want to withhold. Therefore, you should be able to portion out the employee and Employer part of the tax in an instant. 

Don’t exceed your due dates

Last but not least, this is one of the most important steps of all. You have to pay your payroll tax before the due date. Although, this will help you to avoid any kind of extra fines and penalties. 

So, these are some of the few things that an accountant does for your Payroll Company NYC and how he/she can make it better. 

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Discussing bookkeepers in NYC to help businesses

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Retrieving all the information, categorizing it, including it into an accounting system, and producing financial reports accordingly systematically are what define bookkeeping. In simple words, bookkeeping is the procedure of recording all transactions chronologically to make necessary decisions for the betterment of the business. All these tasks are generally done by the bookkeepers in NYC.

However, many small businesses do not understand the value of bookkeeping. It means that could not develop such a system, which are compliant with all the financial laws and according to the accounting standards. More importantly, they cannot extract the benefits, which can be extracted by using bookkeeping in running the business.

Bookkeeping helps you expand your business.

Do you know that many small companies remain small only because they do not follow accounting standards? It is a known fact if you are not sure about future scenarios and have not budgeted your income and expenses. It becomes difficult for you to grow your business if you do not have a plan. Bookkeeping helps you plan out how to run a business and grow to become corporate.

Bookkeeping answers all your financial questions.

Filing tax returns is the responsibility of every business, whether small or large. You need bookkeeping services in NYC to file these returns. The reason is that filing tax returns need financial reports, which can be generated if you have an accounting system. This system can only generate reports if you have entered all the business transactions chronologically, which is called bookkeeping.

Another example in this regard is to incorporate Workers Compensation Audit NYC. The governments implement this audit on all organizations, whether small or large. Bookkeeping helps you prepare your company to follow this act. In the case of not following this audit, your business may face the circumstances that can take you to the enforced business closure.

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Breaking down bookkeeping steps

Bookkeeping is a process that you can break down into different steps. However, most of the experts break it into six separate sections. The first four ones are related to the utilization of accounting knowledge and extraction of benefits from bookkeeping. The last two steps set fix responsibilities on the individuals and companies.

Let us discuss all these steps!


Collect all the information and documents.

Source documentation is the most relevant information that bookkeepers in NYC need to start bookkeeping. Therefore, they initiate it by gathering source documentation from everywhere.

Recording business transactions is a must, whether it is an income or expense. It always helps you generate business reports. The evidence of all the business transactions remains available. So, companies need to gather all information related to business transactions.

The best practice in this regard to have access to all your bank accounts. You must have all the receipts, invoices, and sales orders to perform this task.

Categorization of all these business transactions

All small companies and some large organizations have a boatload of receipts, and all are clueless about what the purpose is of all. Understanding bookkeeping helps you the real purpose of every document.

With bookkeeping, you can categorize all these receipts. We can categorize all these transactions under the following heads:

  • Assets
  • Liabilities
  • Business Capital or Equity
  • Revenue
  • Expenses

You can make accounting entries by addressing all these heads and recording all the transactions. This process is key to incorporate bookkeeping in your organization.

For example, if you buy an asset by paying through cash, you will add the assets into the asset section and credit the cash with an equal amount. Another example is recording the cash sales.

In this case, you add the cash with the amount that you have received and credit sales. We can give numerous other examples as well. However, it is necessary to utilize a bookkeeper in NYC to understand all these terms and implement bookkeeping in your organization.

Reconciliation

The bookkeepers in NYC also take the responsibility of reconciliation of every transaction. Reconciliation is the process of matching all the business transactions with the bank statement. It helps us understand where cash is coming and where we are spending money. It also helps identify the errors and omissions in the case of missing or duplicated transactions.

Generation of Financial Statements

Financial statements are the most crucial documents for the life of the business. Generating financial statements is the last but the most crucial part that bookkeepers in NYC perform on behalf of your organization. Mainly, three financial statements matter a lot, which are:

Balance Sheet

It tells you the financial position of the company. It has all the assets and liabilities with the company’s equity. This means that you get information about all the tangible and intangible assets, debtors, cash, and bank balances. On the other hand, you can also find the actual capital, all the liabilities with account payables and creditors. Moreover, you can also get an idea of the income from this statement.

Income Statement

This sheet helps you understand the profits or loss of the company for a specific period. You have all the records of revenues and expenses while having an income statement for a specific period.

Cash Flow Statement

Three major components are a part of the cash flow statement, which are:

  • Cash from operations
  • The Cash from financing
  • Cash from investments

A cash flow statement helps you understand how cash flows in or out from the balance sheet and income statement through transactions. It tells you the complete story of all transactions that you have made through cash.

A cash flow statement helps your investors and creditors determine your exact wealth and decide accordingly. The reason is that without cash, no business can survive.

The specialized steps to follow by the top management


Understand what your financial statements are saying.

After the generation of financial statements, the story continues to improve business performance. The most critical aspect in this regard is the understanding of the financial statement. Factually, the business owners do not like financial statements even when they are financially savvy businessmen. However, understanding the actual business success is directly proportional to the financial statements.

The accountants and CPAs in New York help you understand financial statements and take the necessary measures, which are required. Business insights also help you find new opportunities in the market and keep an eye on threats that the businesses may face in the upcoming financial year.

Let us help you develop an understanding of financial statements!


Understanding about Balance Sheet

Remember that both sides of the balance sheet must be balanced. The sides are assets and liabilities. Previously, the balance sheet was designed by keeping both the sections in front of each other. However, now the asset section is at the top, and liabilities are after the asset section.

Assets are of two types, which are current and long-term assets. First, current assets are discussed in which accounts receivable and inventory. The fixed or long-term assets are like equipment after subtracting depreciation available.

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We deal with liabilities in the same pattern. We need to present current liabilities at the top in which accounts receivables, credit cards, and wages payable. To develop an understanding of current liabilities, it is essential to mention that these are the debts, which are due to you within the previous financial year. After that, long-term liabilities are presented in which car loans, capital leases, and bank loans.

Another crucial section in the liabilities section is equity. It tells you about the investment that the business owners have included to show their ownership. You can call it the net worth of the business or bookkeepers in NYC value. We can calculate it by subtracting liabilities from assets. Retained earnings are also added in the liabilities section of the balance sheet.

Understanding the income statement

At the top of the income statement, the accountants present revenue. It means that you display the total amount after selling services or products in a financial year. You can also break down all the incomes under different types. After that, we need to present the cost of sales or cost of goods sold.

You can calculate the gross profit after subtracting the cost of goods sold from gross revenues. After that, other expenses are listed. You can calculate the net profit after subtracting expenses from gross profit. You can subtract the taxes and other duties that governments implement. The next amount tells you the exact amount of profit or loss.

Understanding about Cash Flow Statement

It helps you understand the flow of cash going out and coming into your business. We divide it into three different sections, which are:

  • Operating inflows and outflows
  • Financing inflows and outflows
  • Investing inflows and outflows

Operating cash flows are those through which your business license NYC manages regular and outgoing activities, like income by selling products or services and spending money to controlling the sales. Some companies also manage cash activities to raise capital.

For example, you get loans from banks and pay interest against it. These flows are considered financing cash flows. Stock issues to the investors and equity funding are also a part of financing cash flows.

Some businesses invest in different markets, like the stock market for generating profits. Dealings with such investments are discussed under-investing cash flows.

Decision making

The last but not least step is to make decisions after analyzing your business situation. Bookkeepers in NYC it helps you in both ways. Sometimes, you need to perform better to make the business more profitable. Second, it helps you manage the losses and improve business performance more aggressively.

The bottom line

Hiring a tax bookkeepers in NYC or outsourcing accounting services helps you manage the financial position more effectively. You do not need to be an expert if you are following our suggestion.

However, a basic understanding is a must, otherwise, you cannot understand how business is performing in the market and how you can improve the company to explore new opportunities and identify the threats, which you may face in the upcoming years. see more

Tax Acct – Tax & Accounting Services in New York City

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Bookkeeping, accounting and taxation related tasks can be extremely complicated at times, especially for small business owners

Who do not have a big pool of human resource in tax & accounting services department in New York City.

That being said, small business owners tend to save cost of hiring extra people and rather do all the work themselves.

That, of course, is not the best approach for a businessman, reason being that the same energy can be applied in improving the business, increasing its sales and finding innovative ways to increase the profit.

Back in the past, it was not so difficult to understand the taxation rules, however, with every year passing, tax preparation is becoming more and more complex.

Due to the rules and regulations, expiring tax breaks and guidelines for tax inclusion and tax exemption, tax preparation has become truly a professional’s job to begin with.

Hiring an external tax and accounting service can come in very handy at this point.

For proper implementation of taxing and accounting regulations, you must understand and / or choose what sort of entity your business is or should be.

The most common types of small businesses include a

  • Sole Proprietorship
  • Partnership
  • S Corporation
  • Limited Liability Company (LLC).

Today’s tax laws are so elaborate and complex that a simple businessman will have a lot of trouble understanding and following all the rules while preparing a simple tax return.

It is fairly difficult to keep track of all the regulations and you might end up missing the benefit of deductions and credits to which you are entitled as being a resident of New York.

An experienced and qualified tax accountant will assist you in tax preparation keeping in mind your unique lifestyle and business needs.

Here, it is important to understand what is Tax Accounting? Don’t worry, we’ll provide you all the answers realistically and you will find legitimate information here that is updated with the latest regulations.

Tax accounting

Tax accounting is basically keeping track of funds that are going in and going out from your business.

Tax accounting focuses on preparation of tax returns and payments rather than the preparation of public financial statements.

Records are the foundation of a successful tax filing. A good business owner performs tax calculations on daily bases, keeps track of incoming and outgoing funds throughout the year, rather than only when it is time for tax preparation once a year.

Here, an external tax & accounting services in New York City can be very useful. The purpose of such a service is not only to prepare public financial statements, instead they can help you with:

  • Bookkeeping: A well-organized financial bookkeeping that provide meaningful information regarding the profit & loss and business direction, inclination, trends and much more.
  • Accounting services: They include from cash flow management to strategic planning till business registration. A good quality accounting service will help you in maintenance of your cash flow, which means you will never lose cash at hand and will also never have too much useless money.

  • Tax Reduction Planning: Tax planning must be proactive not reactive. And it is performed throughout the year to develop and refine your tax plan.

  • Cloud Accounting: Cloud accounting is an indispensable financial tool for the modern small business owner. This way, you can basically keep track of your accounting without having to go to the office every time there’s a question in your mind or you need to add or remove something in one of your books.

  • Estate and Trust planning: Effective estate planning facilitates the proper transfer of assets to your beneficiaries, it also provides security for your surviving spouse, and it can certainly reduce or eliminate the tax due on the transfer of your business and other assets.

  • Financial Statement Preparation: The preparation of financial statements involves the process of aggregating accounting information into a standardized set of financials, this is what the accounting service will perform for you. The completed financial statements are then distributed to lenders, creditors, and investors, who use them to evaluate the performance, liquidity, and cash flows of a business and make important decisions concerning your company.

  • Tax Preparation: Consulting with an outsourced tax preparation service will make sure that you do not end up inciting an IRS (Internal Revenue Service) audit. Such a service will also help you in reducing any unnecessary payments due to tax, it will be made sure that you only pay what you legally owe.

  • Budgeting: To help you plan where the budget should go and where it shouldn’t go. What are the most important places that should get more of the budget? And what areas of the business can return more profit if invested on.

  • Sales Tax Services: Sales Tax service will assist in compilation of information and preparation of sales tax returns in an efficient and timely manner.
  • Business Plan Development: If your business isn’t running at optimal performance or even if you just wish to make some improvements, a good set of eyes with fresh financial perspective to identify weak areas will be your best bet to devise a plan of action and implement improvements.
     
  • Cash flow Management: Maintaining and managing the cash flow of a business is not a job for an unprofessional, it takes focus and a lot of analysis to bring a smooth flow of cash. A healthy cash flow ensures that the business can pay salaries on time and have funds for growth and expansion of the business. Resources are also available for paying vendor bills and taxes on time.

  • Digital Payroll Processing Services: It is better to take payroll service from an external source, this will avoid favoritism as well as any chance of making an error or even a slight mistake in the calculation of salary payment and taxation that comes along with it. One such error can cause tremendous amounts of tax penalties. Don’t take such risks, rather take help of experts who will skillfully and tactfully prepare taxation related to payroll along with payroll management for all employees. 

  • Business Loan Assistance: Conventional loans usually offer flexible terms and pricing to tax and accounting services. Conventional loans are handled by both traditional banks and even non-banking lenders, and the lending institutions are able to offer lower pricing based on the strength of the tax and accounting service industry loan request. Because accountants are among the most trusted business professionals, this puts them in a positive light for offering additional advisory services to clients
  • Business tax return preparation (Sales & Use/Business Property)
  • Litigation support


  • Who Has to Pay This Tax?

All domestic and foreign corporations in New York City that are:

  • Doing business;
  • Employing capital;
  • Owning or leasing property, in a corporate or organized capacity; or
  • Maintaining an office.

What to bring for tax preparation?

You should bring the following documents to the accountant for tax preparation:

  • Personal Information (SSN or Tax ID)
  • Dependent(s) Information
  • Source of Income
  • Type(s) of Deductions.

Important information kept throughout the year:

To be able to prepare for taxation & accounting services in New York City, as a general rule, you need all information related to both income and expenses:

Income

  • Sales transactions (receipts)
  • Returns
  • Interest from bank accounts
  • Any receiving that comes in your account at any point in a year.

Keep in mind that ALL income received needs to be reported. So, make sure that you are keeping detailed records as the business receives various forms of payment.

Expenses

All the expenses need to be tracked and verified. Sure, it might seem like a troublesome hassle to track every penny that is spent, however these expenses can add up to big tax deductions.

Every expense incurred must be supported with proper documentation, such as a receipt or an invoice.

  • Marketing costs
  • Vehicle expenses (mileage log)
  • Fees and commission paid out
  • Outsourced services, including Form W-9
  • Interest costs
  • Office supplies
  • Travel, including transportation, hotel, and food/entertainment
  • Rent or mortgage
  • Utilities, internet, and phone services
  • Maintenance or repair work
  • Insurance premiums
  • Inventory purchases
  • Business development costs
  • Employee salaries, including Form W-2, Form W-3, Form 940, and Form 941

Some of these forms need to be completed and distributed before it’s time to file your taxes.

For example, employee tax forms and W-9’s for outsourced services need to be postmarked by January 31st for the previous calendar year.

Make sure to hold onto copies of these forms, so they are ready for your tax and accounting services when it’s time to file your taxes a few months later.

It is important to understand your rights as a taxpayer, so if someone or some situation requires you to act in a certain way that is not legally required, you will know and be the smartest person in the room.

Taking a tax preparation service

Taking a tax preparation service can actually help to minimize your tax liability, that once calculated yearly, becomes a big help.

Such a taxation service will help you in preparation of audit presentations. It can even help you protect your real estate.

Overall, hiring an external accounting and tax service will provide you with the following benefits:

  1. Get your business accounting summary real-time with meaningful information.

  2. The most important benefit is full financial transparency so the accountants and business owner can collaborate together and help to grow the business.

  3. Saves time, reduces costs, no need for hiring, retaining and training new employees. Consult a service and keep it forever.

  4. You will be able to access your business accounting systems from anywhere with guaranteed complete data security using cloud accounting systems.

  5. No installation of accounting software will be required on business entity.

  6. By saving time, money and effort of the small entrepreneurs, it is basically providing you more time for more productivity.

  7. Using the cloud-based accounting system, there will be no chance of theft, loss of data or manipulation of data by unwanted people.

  8. Preparing financial statements as desired, either daily, monthly, weekly, quarterly, bi-annually or yearly.

  9. Your accounting and taxation will always be compliant with the Law Enforcement Authorities i.e. IRS, GAAP and other local, state & federal authorities in the USA.

  10. Dedicated Certified Public Accountants which will give better tax prediction by accurate and daily bookkeeping of business accounting data.

  11. Quicker and proactive financial analysis which in turn will provide better risk management at time with timely bookkeeping of business accounting.

  12. Proper and much easier audits due to the accuracy in bookkeeping and other records keeping.

  13. Individual support always readily available from the accountant or tax expert.

  14. Providing cost control, an accountant can analyze how you spend money on your business and can give great advice on how to minimize expenditure.

  15. Expert advice on any sort of tax matters or accounting needs, only one call away.


“Accounting Services means the measurement, processing and communication of financial information about economic entities including, but is not limited to, financial accounting, management accounting, auditing, cost containment and auditing services, taxation and accounting information systems.”

In order to perform accounting services, the foundation of that is to maintain a healthy and top quality record keeping.

An accountant can generally do the following tasks for you, and if you hire an external one will mean that you will be saving a lot of time and energy that will be used in highly focused concentration to prepare the books:

  • Reconciling bank statements
  • Generating income statements
  • Processing payroll
  • Planning for taxes
  • Maintaining your general ledger, cash flow statement and balance sheet
  • Managing accounts payable and receivable
  • Structuring your business as a corporation, partnership, or LLC
  • Developing capital and expense budgets

What sort of record keeping must I maintain in my business?

It is crucial for the success of your business to maintain complete and accurate financial records.

A proper maintenance of records provide the financial data that helps you operate more efficiently.

A clean, clear, complete, correct and concrete record system will enable you to identify and evaluate all of your business assets, liabilities, income, and expenses.

That information helps you in determining both the strong and weak phases of your business operations and where you stand with your business.

Moreover, the importance of record keeping will seem essential when they are required for the preparation of current financial statements, such as the income statement (profit and loss) and cash-flow projection.

These statements, in turn, are critical for maintaining good relations with your banker, lenders, creditors, and investors.

Finally, high quality records will help you to avoid underpaying or overpaying your taxes.

Aside from that, good records are essential during an Internal Revenue Service audit, if you hope to answer questions accurately and to the satisfaction of the IRS – one thing is for sure, you don’t want to make them your enemy!

What is essential for your success is that your financial records should show how much income you are generating now and project how much income you can expect to generate in the future.

A company’s record system usually does and should inform you of the amount of cash tied up in accounts receivable.

They also need to indicate what you owe for product or merchandise, rent expenses, utility expenses, as well as expenses such as payroll, payroll taxes, advertising, equipment and facilities maintenance, and benefit plans for yourself and employees.

Records will tell you how much cash is on hand and how much is tied up in inventory. They should reveal which of your product lines, departments, or services are making a profit, as well as your gross and net profit.

So, an accounting or tax service will be a great help in maintaining high quality records that provide information that can nurture your business.

The Basic Record keeping System

A basic record-keeping system needs a basic journal to record transactions, accounts receivable records, accounts payable records, payroll records, petty cash records, and inventory records.

The role of an accountant is helpful here as he or she can develop the entire system that is most suitable for your business needs and can actually train you as well in maintaining those records on a regular basis.

These records will form the basis of your financial statements and tax returns, so take them very seriously!

How will I know it is the right time to hire an external tax and acct service?

These days, companies of all sizes such as small, medium and even large companies have hired CFO’s and Finance Managers or Analysts. 

  1. You feel a bit lost in interpretation of the financial books and unable to come up with decisions.
  2. Your in-house accountant is inexperienced and you fail to see his input.
  3. You are trying to run the business and all its activities on your own.
  4. You have made mistakes in accounting or have inadequate knowledge.
  5. Your accounting methods are obsolete or too slow to keep up.
  6. Your business requires better accounting and latest techniques.
  7. You feel the need to digitalize the accounting system.

We are not here to only make money but our passion is to truly help and assist our clients by educating them about everything there is to know about the taxation and accounting for a business.

Following links can be useful in gaining more information and resources for acct & tax needs:

  • The main website of IRS (Internal Revenue Service) can be used to download tax forms and publications, as well as guidelines about the taxation.
  • Government website for Social Security Administration that can help you with your retirement, medical planning, disability, survivor ship and benefits related queries.
  • This website is a gold mine for Small Business owners. It is governed and is basically no less than a degree in Business Administration if studied thoroughly.
  • The mission of the Department is to create the conditions for economic growth and opportunity.
  • Microsoft’s Money section is the best source for all the needs of a finance interested guy. You can basically get quotes, do research on stocks, can keep tracking of portfolio, news especially news about money, graphs and curves, and online bill payment. Keep informed and on track with a broad range of personal finance topics.
  • The CBS has made public this investment super site that provides links to stock quotes, IRA information, financial news, mutual funds, stock recommendations, investment message boards and much more.
  • The largest airport foreign exchange, foreign currency, currency exchange, Bureau DE change and foreign money provider. Providing competitive exchange rates, traveler’s checks and online currency converters.

How does a tax services facilitate the people those are oblivious of giving tax?

personal tax accountant

Personal tax accountant

Personal tax accountant is those who facilitate the customers about their income taxes, tax returns for extensions. Mostly people are confuse about their tax procedures whether they are filler or not and other than not aware of how to file return of their income taxes. Personal tax accountant are always there for those people and always ready for giving answers to their questions regarding their taxes. Information regarding your business asset is safe and your legal personal tax consultant guides you how to meet deadlines for returning your taxes.

Business tax accountant

Business tax accountant are those who facilitate the customers about their business taxes. They deal with the two main categories like C Corporation or S Corporation. Both business structures get their names from the parts of the Internal Revenue Code that they are taxed under.  C corporations are taxed under Subchapter C while S corporations are taxed under Subchapter S. To elect S corporation status when forming a corporation, Form 2553 must be filed with the IRS and all S corporation strategies met. Mostly business icons don’t know about these categories. C Corporation is when you pay your tax and your company tax as a whole together and S Corporation is when you treat your business as a separate entity. Business tax consultants help customers about their category and as well how to deal with taxes as well. They are always welcome question of their customers regarding any misperception about taxes.

Tax extension

Government preset the deadlines of returning taxes. Mostly people missed the deadline and unaware of extensions. The IRS may hit your business with costly penalty and interest charges if you underestimate your taxes, file your return late, or do not furnish certain information by the due date. We assume your business entity is a calendar year taxpayer. Tax extension accountants help those customers regarding extensions by filling forms on time. Tax extension consultant talk about their penalties and help them to sort out those matters with great concern. They even guide you after you missed the extension date and help out to proceed other ways as well.

Final words

In this world full of hustle and bustle people don’t get time to work on tax matters. So tax preparation services provide full assistance regarding every matter of tax whether its personal or business related. A person should hire tax consultant and forget about the discrepancies regarding taxation. Tax consultants guide you as a whole and your information regarding your asset are safe as well.