Doing Business in NYC? 7 Tips for Your Tax Service

Need a good accountant? Naturally, the answer to that question is a resounding “yes”. Everyone needs to find a great tax accountant, especially business people who deal with corporate tax.

This is especially true in New York City. City-wide in 2017 taxable property market value grew to over one trillion dollars, so “tax services NYC” are intense and very busy. If you are dealing with “tax services NYC”, or those doing business anywhere else, you’re going to want to have all your documentation and paperwork for when you meet your accountant.

Here are 7 tips to prepare you for questions that are commonly asked by “tax services NYC”, or tax services anywhere else. If you’re ready to answer them, your time with the accountant specializing in taxes will be well-spent and productive.

Know Your Tax Forms
Make sure you know which tax forms do you usually fill out. Depending on which forms you usually use, tax services doing business in NYC will then provide a deductions checklist.

Make a List of Property You Own
Are you a landlord? Do you own rental properties that you currently rent out? If so, where are they located? Remember, tax laws vary from state to state so this is highly relevant.

Make a List of All Earned Income
This is similar to the list of properties, especially if the income you earned came from more than one state.

Have a List of Your Foreign Bank Accounts
If you have foreign bank accounts or stocks that are worth $10,000 or more, be sure and provide all this information.

Have a List of Your Foreign Gifts
This is similar to the list of foreign bank accounts. The total for this category would be a gift worth more that $100,000.

Report All Foreign Business Activities
If you have a partnership stake in any foreign business, this must be on record. Be sure to have an accurate amount.

Report All Independent Earnings
This is similar to the list of earned income, especially if the income you earned came from being an independent contractor or a side business. Also be sure to report if the income came from more than one state.

To sum up, be sure to mention as much as possible, including any other unique circumstances, to the tax professional. This is crucial, not only if you are dealing with one of the many “tax services NYC”, but if you are working with a tax specialist in any location. Then, knowing you have been thorough with your tax specialist, you will have peace of mind.

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