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I agree with newyorker24. Any person competent enough to pass a CPA exam is competent enough to prepare a tax return. You would not hire CPAs as bookkeepers?? What world are you living in? LMAO.
Hello I have a tax question. I am thinking of becoming self employed this year in a telebusiness where I just use the telephone and talk to people. This is very good because I can move and live anywhere.
Are the self employment taxes very high in NYC?
Are the self employment taxes much less in Jersey City so I should rent/work there instead (then I just hop on a train into Manhattan if I want to have fun there)?
Can you recommend any tax preparation service that isn't too expensive because I won't be making a lot (anywhere from hopefully $100,000 to $240,000, if I make less than $100,000 I might reconsider moving to NYC) but is reliable enough, or should I stick with H and R Block?
I've never done taxes before and I am young, but I was wondering if I rent an apartment like a one bedroom in NYC (or Jersey City if the tax is less there), does the rent have some sort of tax deduction from it especially since I would conduct my business from my apartment (since I talk on the phone)?
Hello I have a tax question. I am thinking of becoming self employed this year in a telebusiness where I just use the telephone and talk to people. This is very good because I can move and live anywhere.
Are the self employment taxes very high in NYC?
Federal self-employment taxes are about 15%, plus you pay federal regular income tax, plus state tax. As for whether NYC income taxes are high, compared to what? Generally, NYC taxes are higher than NJ taxes, whether on self-employment income or regular (salary) income.
[/quote]Are the self employment taxes much less in Jersey City so I should rent/work there instead (then I just hop on a train into Manhattan if I want to have fun there)?[/quote]
NJ taxes are lower than NY. However, if you still want to live in NY, I know some people incorporate in NJ, retaining an address in NJ, while living in NY. This is similar to having a car registered in NJ, and paying NJ insurance rates while living and driving in NY. This is not legal, and I cannot recommend such a move on a forum such as this, but people do get away with it.
[/quote]Can you recommend any tax preparation service that isn't too expensive because I won't be making a lot (anywhere from hopefully $100,000 to $240,000, if I make less than $100,000 I might reconsider moving to NYC) but is reliable enough, or should I stick with H and R Block? [/quote]
If you are making over $100k, then you should definitely not go to H & R block, where they are more interested in covering their asses rather than being "creative" for their clients. You should find an experienced accountant that will help you with tax planning, and who understands the intricacies of preparing taxes for businesses, and who is not afraid to recommend or hint at various tax-saving techniques that may fall into a gray area.
[/quote]I've never done taxes before and I am young, but I was wondering if I rent an apartment like a one bedroom in NYC (or Jersey City if the tax is less there), does the rent have some sort of tax deduction from it especially since I would conduct my business from my apartment (since I talk on the phone)?[/quote]
You can deduct a portion of your rent, utilities, etc., of the apartment that is used exclusively for business (maybe a quarter of your living room where a desk may be situated.) You can also deduct 100% of supplies, phone, etc., that is used 100% for your business. However, a home office expense deduction is a huge red flag, and I generally do not recommend it. Instead, deduct phone, supplies, and other expenses that are directly related to the running of the business, and forget about a portion of the rent or utilities. It is safer to find other deductions and gray areas to deduct instead of a home-office. Again, an experienced accountant that is knowledgeable in business taxes, will know what to do.
Does anyone have tax questions? I'm ready to answer them.
EAs are useless? You are useless! People like you are the reason why unenrolled preparers are sometimes considered the scum of the industry.
Guess what people- if you get a notice from the IRS, your unenrolled preparer won't be able to help you. Only CPAs, EAs, and attorneys can represent you with the IRS or resolve matters for you.
Here are some links to inform everyone of what EAs and CPAs are.
EAs are useless? You are useless! People like you are the reason why unenrolled preparers are sometimes considered the scum of the industry.
Guess what people- if you get a notice from the IRS, your unenrolled preparer won't be able to help you. Only CPAs, EAs, and attorneys can represent you with the IRS or resolve matters for you.
Here are some links to inform everyone of what EAs and CPAs are.
How about a quick list as a reminder of common deductions
The list is actually huge. If you own a business, then you can deduct many more things. If you itemize, you can deduct a lot of business and personal expenses. If you do neither, then your options are limited, but you can still deduct sales taxes, etc.
Do you have a specific question? This is why I opened this thread.
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