Diverse Tax Services for Diverse Tax Needs in Midtown Manhattan
Whether you're a business owner or single individual, the IRS requires you to file tax returns accurately and on time. At Adam Baruch, CPA, we help with tax preparation, planning, resolution, and much more.
We've helped numerous individuals, entrepreneurs, and business owners throughout Midtown Manhattan take control of their taxes and stay compliant. Because our services and tax strategies are designed for your unique situation, we can make sure we do this for you as well. No matter your tax situation, we are here to help! Contact Adam Baruch, CPA today to schedule your consultation!
Tax Preparation for Local Businesses
The types of taxes your business pays are mostly determined by its entity, size, and industry. It's perfectly within your rights to prepare and file your business taxes yourself. However, business taxes are complicated and are becoming more so with each passing year. Apart from income tax, you might have to pay payroll, workers' compensation, capital gains, and property taxes. While, as a business owner, you will be responsible for these financial obligations, you also qualify for various tax deductions depending on the specific to your venture.
Your spend a great deal of time making sure your company runs smoothly, why put another task on your plate and additional stress on your mind? Having an experienced tax professional handle the ins and outs of your business tax obligations can provide you with tax forms that are filled out accurately, error-free, in compliance, and done on time.
At Adam Baruch, CPA, our Midtown Manhattan CPA and his team have the experience and know-how to handle the various tax needs for your new, evolving, or established business. When working with our professional tax preparers, we can help with the following:
- Preparation and filing for federal and state income taxes
- Local and state sales tax compliance
- Payroll taxes
- Develop tax planning strategies that save you money and minimize tax liability
- Profit and loss statements
- Mergers and Acquisitions
- Entity selection and structure for S-Corps, C-Corps, and LLCs
- And more!
We have and continue to work with businesses in various industries and entity structures and use our experience to provide personalized strategies designed to meet the unique needs of your venture. While we serve many businesses specializing in construction, dental care, healthcare, hospitality, law, and real estate, our firm caters to businesses of any size and industry.
Preparing Taxes for Business Owners Overseas
If you run a foreign company looking to expand to the United States, you will need to comply with its unique tax requirements. For example, your U.S. earnings will pay up to 30% income tax, and you must file tax returns on all U.S.-based income, including dividends, royalties, and interest.
Other than helping you file your 1120-F corporate returns, Adam Baruch, CPA can also help you claim any benefits or refunds based on relevant tax treaties. Depending on the income and type of your business, we will help you identify the forms that apply to you and help you fill them correctly. Additionally, our Midtown Manhattan CPA specializes in IRS tax compliance, as well as helping familiarize you with U.S. accounting standards such as GAAP.
Individual Tax Preparation
Whether you're a single individual living on your own, or a married homeowner with children, filing tax returns is often a confusing and daunting task. Hiring a professional tax preparer can not only help you prepare and file your taxes accurately and on-time, but we can also help get you the maximum possible savings.
At Adam Baruch, CPA, we've prepared and filed numerous tax returns for individuals of every age, industry, income, and tax bracket. With our Midtown Manhattan CPA on your side, he'll guide you through the complexities of tax preparation, obligation, and law, so that you'll never have to feel left in the dark about filing your taxes. You'll also receive tips on how to save money while filing returns and potential tax deductions for which you are eligible.
In the event you've received unwanted attention from the IRS, Adam will scrutinize your returns closely, helping to identify any errors or discrepancies. He can work with the Internal Revenue Service on your behalf to come up with a solution that best fits your tax situation.
How Professional Tax Preparation Can Benefit You Professionally and Personally
Hiring a professional tax preparer could benefit you come tax time and beyond. Continue reading below to discover how.
Helping save you time - Due to the complicated nature of the tax code, filing personal and business tax returns on your own often takes much longer. Our tax professionals use their expertise and electronic software to do it faster, which allows you to focus on your life and your business.
Helping provide you with peace of mind - By hiring Our Midtown Manhattan CPA to handle your taxes, you'll have confidence and security knowing that your tax forms are being filed correctly, without errors, and on-time. Working with our team also provides you access to the professional guidance and support you need, such as representation before the IRS if the occasion ever calls for it.
Strategic planning now and for the future - Our professional tax preparers not only help with the current year's returns, but we also advise on future filings. This helps you plan for other aspects of your business and life changes that you may have never imagined, such as charitable activities, having children, or purchasing your first home.
Tax Planning Strategies for Individuals
Your Adjusted Gross Income (AGI) plays a significant role in calculating your taxes. It refers to your total income. The higher your AGI is, the lower your chances of qualifying for tax credits. Additional sources of income include state tax refunds, freelancing income, alimony, and capital gains.
Examples of tax deductions include paid student loan interest, traditional IRA contributions, business expenses, and contributions to health plans. Once you determine your AGI, you can either apply for a standard deduction or itemize them. Increasing tax deductions is a practical tax planning strategy.
Another tax strategy involves taking advantage of possible tax credits. Other than reducing your taxable income, these credits also go towards paying off any debt you might owe the IRS. You may enjoy tax credits for retirement savings, college expenses, child adoption, and childcare expenses.
The IRS credits these amounts to your tax account, which results in reduced tax debt, The Earned Income Credit (EITC) can also refund money left over once you fully settle your obligations. Another smart tax planning strategy is to avoid additional taxes. Withdrawing funds from IRA or 401(k)s before maturity will result in more charges since the IRS classifies it as taxable income.
3 Tax Planning Tips for Businesses
Although each business has preferable tax planning techniques, the following three tips are relevant across the board:
1. Take advantage of depreciation - Depreciation allows your business to count the loss of asset value as an expense. This cost reduces your taxable income, which in turn reduces the amount of tax you pay. The Tax Cut and Jobs Act allow you to depreciate 100% of an asset-or up to 1 million dollars in value in its first year. That means you can reduce your taxable income by the entire cost of an asset's purchase price.
2. Consider offering employee benefits - Benefits such as health insurance can help reduce your taxable income. These also don't increase employment costs, which is an added advantage. Other employee benefits include transportation, tuition, childcare assistance, and life insurance. If you fund a Health Savings Account (HSA), you can list contributions as deductible expenses.
3. Monitor your income and expenses - Your business can gain by accelerating payments and delaying income. One way of doing so is by making large purchases as the year ends. You can also send fourth quarter invoices in the first quarter of the next year. Adam Baruch, CPA is skilled at determining the ideal timings of income and expenses.
Benefits of Tax Planning
One advantage of tax planning is that it allows you to manage your losses. If sales are low, proper timing can make a significant difference in the tax amount you'll pay. By selling an asset the next year when sales rise, your business could gain a much-needed tax write-off.
It also helps you structure your business in a way that improves efficiency. If you take loans to expand operations, you can claim interest paid as a deduction. Inventory clearance sales also reduce your taxable income. Tax planning allows you to make more accurate quarterly estimated payments, which reduces the chances of getting in trouble with the IRS.
What is Tax Resolution?
Tax Resolution is the process of resolving tax issues. Individuals and business owners ignore or don't realize they're in trouble until hit with an IRS notice of a mistake made or threat of disciplinary measure. These can include wage garnishment and placing a lien on your property. Contrary to popular belief, the internal revenue service provides various ways to help address tax problems. Your strategy depends on your circumstances. The most common are:
- Installment agreements
- Partial pay installment agreements
- Currently not collectible
- Innocent spouse relief
- Offer in compromise
- Penalty abatements
No matter the reason for your tax debt situation, Adam Baruch, CPA can provide professional solutions on your behalf.
Benefits of Hiring a Tax Resolution Expert
Working with a certified tax resolution expert such as Adam Baruch has several advantages. Whether you're an individual or business, you get top-notch advice and practical solutions to your tax problems. It saves you a lot of precious time you'd have wasted navigating the complex tax code by yourself.
Tax resolution could also potentially save you money. A tax professional is skilled enough to figure out the best way to pay the least amount of tax debt. If successful, you'll pay thousands of dollars less through methods such as an offer in compromise, installment agreement, and penalty abatement. CPAs are licensed to represent you before the IRS, which guarantees peace of mind because they can handle all aspects of your tax issues.
Hiring a tax professional reduces the chances of accruing tax debt. Taking timely action could save your bank accounts, wages, and property from being seized by the IRS. Ultimately, tax resolution services help you achieve financial freedom.
Contact Our Expert for All Your Tax Needs
At Adam Baruch, CPA, you'll receive comprehensive, high-quality solutions to all of your tax problems. From individual and business tax preparation and planning, to estates, trust services, and tax relief, we use experience and skill to help you. Our strategies can help guide you towards effective tax resolution methods and keep you compliant. Contact our Midtown Manhattan firm today for customized service on all tax-related matters.
According to a study released by the US Government's General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
It is important to develop a relationship with a tax preparation firm that understands how your business works. As your trusted advisor, I make sure you stay on top of your tax obligations and avoid penalties and fees that reduce your profitability.
Planning is the key to successfully and legally reducing your tax liability. I go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
Preparing income tax returns for trusts and estates can be complex and confusing. I have the experience you need in all aspects of trust and estate administration, including the tax and accounting issues unique to trusts and estates.
Efficient, affordable, and of course, discreet, I am here to help you resolve your tax problems and put an end to the misery that the IRS can put you through.