Bookkeeping and Tax Return services in New York
New York has comprehensive tax compliance requirements for individuals and businesses, including income, corporate, and sales taxes.
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Bookkeeping Services offered by Meru Accounting In New York
General Bookkeeping
- Transaction categorization and recording
- Bank and credit card reconciliation
- Cash flow management
- Data entry and maintenance
- Financial reporting preparation
Accounts Payable and Receivable
- Invoicing and billing
- Vendor payment management
- Customer payment tracking
- Aged receivables and payables reports
- Follow-up on overdue invoices
Payroll Processing
- Payroll setup and management
- Wage calculations and processing
- Direct deposit and paycheck distribution
- Payroll tax calculation and filing
- Year-end payroll reporting (W-2s, 1099s)
Financial Reporting and Statements
- Monthly, quarterly, and annual financial statements
- Balance sheet preparation
- Profit and loss statements
- Cash flow statements
- Customized reports as per client needs
Tax Preparation Support
- Preparing documents for tax filing
- Organizing tax records and receipts
- Coordinating with tax professionals
- Sales tax, VAT, or GST filing support
- Estimated tax calculations
Budgeting and Forecasting
- Budget planning and management
- Financial forecasting
- Variance analysis
- Cost analysis and control
Inventory Management
- Tracking and managing stock levels
- Recording inventory purchases and usage
- Inventory reporting and valuation
- Assisting with cost of goods sold (COGS)
Bookkeeping Cleanup and Catch-up Services
- Organizing and updating past records
- Correcting discrepancies in accounts
- Reconciliation of historical data
- Financial statement corrections
Virtual CFO Services
- Strategic financial planning
- Financial analysis and advisory
- Profitability analysis
- Business metrics monitoring and KPI reporting
- Support for financial decision-making
New York State Income Tax Rates
- New York imposes a progressive income tax on individuals, with rates ranging from 4% to 10.9%, depending on income levels.
- New York imposes a flat corporate income tax rate of 6.5% on business income. Qualified New York manufacturers benefit from a 0% rate on business income.
- Statewide Sales Tax Rate: The statewide sales tax rate in New York is 4%.
- Local Sales Tax Rate: Local jurisdictions can impose additional sales taxes, with total combined rates varying between 7% and 8.875%.
- Remote Seller Sales Tax: Remote sellers meeting economic nexus thresholds must collect sales tax on transactions in New York.
Compliance Requirements:
Filing Deadlines:
- Individuals: New York individual income tax returns are due by April 15th
- Corporations: Corporate tax returns are due by April 15th for calendar-year filers or the 15th day of the 4th month following the end of the fiscal year.
Estimated Tax Payments :
- Corporations: Quarterly estimated payments are required if the total tax exceeds $1,000.
Sales Tax Compliance :
- Businesses: Businesses must collect and remit sales tax based on filing frequency (monthly, quarterly, or annually) as determined by the business's total taxable sales.
Bookkeeping Software Expertise
(We use 20+ Different Software)
Penalties for Non-Compliance:
- Late Filing/Payment Penalties: Penalties include up to 5% of the unpaid tax per month, up to a maximum of 25%, with additional interest on the unpaid tax.
Cloud AddOns Expertise
We work with all industry leading Cloud addons. We work with around 95+ Software integrated with Accounting/Tax Platforms.
20+ Ecommerce Marketplaces
20+ Payment Gateways used
15+ Similar software used
10+ Practice Management Software used
15+ Payroll Software used
10+ KPI reporting software used
15+ Communication Channel used
8+ Cloud Storage System used
All Industry leading gateways used
Tax services we offer in New York
In the state of New York, we offer a wide range of tax services:
Individual Income Tax Preparation (Form IT-201/IT-203)
- Filing of state income tax returns for individuals, including residents and non-residents.
- Assistance with tax credits, deductions, and exemptions.
- Preparation of Form IT-201 for residents and Form IT-203 for non-residents or part-year residents.
Business Tax Services
- Corporate Income Tax (Form CT-3): Filing of state corporate income tax returns for corporations doing business in New York.
- S-Corporation Tax (Form CT-3-S): Filing tax returns for S-corporations.
- Partnership Tax (Form IT-204): Filing of income tax returns for partnerships and LLCs.
- Sales Tax Returns (Form ST-100): Assistance with filing sales and use tax returns for businesses operating in New York.
Estate and Trust Tax Preparation (Form ET-706)
- Filing of New York State estate tax returns for estates exceeding the state’s filing threshold.
- Preparation of fiduciary income tax returns (Form IT-205) for estates and trusts.
Self-Employment Tax Filing (Form IT-201-ATT)
- Filing taxes for self-employed individuals, including sole proprietors and freelancers, based on income earned in New York.
New York City Tax Services
- Personal Income Tax (Form NYC-1127): Filing of personal income tax returns for those residing in New York City.
- Business Income and Excise Taxes: Assistance with filing business taxes specific to New York City, such as the Unincorporated Business Tax (UBT).
New York State Tax Audits and Representation
- Representation before the New York State Department of Taxation and Finance during tax audits.
- Support for individuals and businesses undergoing audit by the state tax authorities.
Sales Tax Exemptions and Refunds
- Assistance with obtaining sales tax exemptions for qualifying purchases.
- Filing of refund claims for overpaid sales tax.
Property Tax and Tax Abatement Services
- Help with property tax filings and disputes.
- Guidance on eligibility for tax abatement programs such as the New York City property tax exemption programs.
Tax Relief and Debt Settlement
- Assistance in negotiating and settling tax debts with the New York State Department of Taxation and Finance.
- Help with establishing payment plans or qualifying for tax debt forgiveness programs.
New York State Tax Credits
- Guidance on eligibility for various state-specific tax credits, including the Earned Income Tax Credit (EITC), Child and Dependent Care Credit, and more.
Nonprofit Tax Services
- Filing of state tax returns for nonprofit organizations, ensuring compliance with New York’s charitable and nonprofit regulations.
New York State Withholding Tax Services
- Assistance with setting up and filing state withholding tax returns for employers in New York.
Tax Planning and Consultation
- Providing tax planning services to minimize state and federal tax liabilities for individuals and businesses.
- Offering advice on tax-efficient strategies for investments, retirement savings, and asset management in New York.
Tax Refund Services
- Assistance with ensuring timely and accurate filing of returns to maximize tax refunds.
- Offering guidance on options to receive refunds, including direct deposit and check.
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State
Individual Income Tax Rates
Corporate Income Tax Rate
Sales Tax Rate
(State+Local)
Filing Deadlines
Estimated Tax Payments
Penalties for Non-compliance
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Alabama
2% - 5%
6.5%
4% + Local (varies)
April 15
Quarterly payments required
Late filing: 10% of tax due;
Late payment: 1% per month;
Interest: 5% per annum
Alaska
No state income tax
No state corporate tax
0%
(Local sales tax may apply)
April 15
No state requirement for estimated payments
Late payment: Interest and penalty of 5% of unpaid tax;
Collection costs may apply
Arizona
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Arkansas
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Our Young and Dedicated Team Of
CPA's , EA's, Chartered Accountant, Bookkeepers, Virtual Assistants, Tax Preparers, Tax Analyst and many others with specialization in Accounts, Finance & US Tax .
