Small to medium-sized businesses (SMBs) in NYC face unique tax challenges that require specialized attention. At GTA Accounting Group, we understand these challenges and offer tailored services to meet your needs.
We handle all aspects of your tax return, ensuring accuracy and compliance with the latest regulations.
Our experts work to reduce your tax burden, identifying opportunities for deductions that maximize your savings.
We help you take full advantage of available tax credits and incentives, boosting your financial health.
Family-owned businesses face unique challenges that can complicate tax planning. These include managing multi-generational ownership, balancing family dynamics with business decisions, and preparing for leadership transitions. At GTA Accounting Group, we offer specialized tax and accounting services to help you navigate these complexities.
Our CPA firms in New York develop tax strategies that minimize liabilities for all generations involved in the business, ensuring long-term financial health.
Effective succession planning is crucial for family-owned businesses. Our tax accountant NYC team guides you through creating a plan that ensures a smooth transition to the next generation while preserving business value and minimizing tax burdens.
We recently helped a New York-based family business facing succession challenges. With our tax consultant NYC expertise, they implemented a plan that minimized estate taxes and secured the company's future, allowing for a seamless transition.
Family-owned businesses often deal with complex issues such as managing family relationships within the industry, addressing generational wealth transfer, and planning for unforeseen events like illness or retirement. These challenges require a thoughtful and strategic approach to tax planning.
At GTA Accounting Group, our NYC tax advisors and CPA tax accountant experts are committed to providing the personalized support your family business needs to overcome these challenges. Contact us today to learn how we can help your family business thrive with tailored accounting tax services.
Professional services firms, including law practices, consulting firms, and medical offices, face specific tax challenges that demand expert solutions. At GTA Accounting Group, we offer specialized tax and accounting services designed to address the unique needs of each firm.
Law firms deal with complex income structures, trust accounting, and multi-state operations. Our team of tax accountants in New York ensures compliance across different jurisdictions, accurately reports income, and optimizes tax deductions related to legal services.
Consulting firms often struggle with income recognition, expense allocation, and managing tax obligations across multiple states. We streamline these processes, ensuring proper tax treatment of revenue and expenses while minimizing the tax impact of interstate services.
Medical practices require careful management of deductions for equipment, handling revenue from various sources, and navigating healthcare-specific tax rules. We work closely with medical professionals to maximize deductions related to medical equipment, staff expenses, and other practice-related costs while ensuring compliance with the latest healthcare tax regulations.
One of our clients, a New York-based consulting firm, faced challenges with multi-state tax filings and income allocation. Thanks to our expertise as a tax consultant and advisor in NYC, they significantly reduced their tax liabilities and improved their financial reporting accuracy by working with GTA Accounting Group.
Professional services firms often have intricate financial structures, such as partner distributions, deferred compensation, and retirement plans. Our experienced CPA firms in New York carefully manage these complexities to provide accurate tax filings and strategic advice that benefits the firm's financial health.
Many professional services firms operate in multiple states, complicating tax filings. We specialize in managing multi-state tax obligations, ensuring that your firm remains compliant with varying state tax laws while also optimizing your overall tax strategy. This service is crucial for firms looking for reliable tax preparation.
Operating a foreign partnership in the U.S. comes with unique tax challenges. At GTA Accounting Group, we specialize in helping international businesses navigate U.S. tax compliance, ensuring your operations are fully compliant and optimized.
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High net-worth individuals involved in corporate ventures encounter unique tax challenges that demand specialized strategies. At GTA Accounting Group, our tax advisor NYC services are tailored to help you minimize tax liabilities and optimize your investments, ensuring your financial interests are well-protected and enhanced.
Our tax accountant NYC professionals craft customized tax plans aligned with your specific financial goals. We utilize tax-efficient vehicles such as IRAs, 401(k)s, and municipal bonds, ensuring your investments are structured to minimize taxable income. For individuals involved in joint ventures, partnerships, or other corporate structures, we ensure that your tax strategy is both efficient and effective.
We work diligently to reduce your tax burden through strategies like income deferral, estate planning, and careful planning of capital gains and losses. Advanced estate planning options, including trusts and charitable giving, can further reduce estate taxes and facilitate smooth wealth transfer to the next generation. If your investments span multiple countries, we guide you through cross-border tax considerations, leveraging tax treaties and foreign tax credits to optimize your tax position. Additionally, our expertise in income sourcing and allocation can allocate income to lower-tax jurisdictions, resulting in substantial tax savings.
To protect your wealth, we emphasize the importance of thorough documentation and compliance to minimize audit risks. Should the IRS inquire, GTA Accounting Group provides robust support to ensure your peace of mind.
A high-net-worth client approached us because they were concerned about the tax implications of their investments across several joint ventures. Our tax consultant NYC team crafted a comprehensive tax plan that minimized their tax liabilities while optimizing their investment portfolio. Through our expert guidance, the client achieved significant tax savings and improved financial outcomes.
Freelancers and independent contractors often face complex tax situations, especially when involved in corporate ventures or partnerships. At GTA Accounting Group, our tax preparer NYC services are designed to simplify these complexities and ensure that your tax obligations are managed effectively.
Partnership freelancers must handle self-employment taxes and partnership tax return preparation. Our tax accountant NYC team provides clear guidance on handling these responsibilities, ensuring that you remain compliant while maximizing deductions.
Understanding self-employment taxes is crucial for freelancers. We help you calculate and file these taxes accurately, considering factors such as estimated tax payments and allowable deductions to reduce your tax burden. Form 1040 Schedule SE is used to calculate self-employment tax, which includes both Social Security and Medicare taxes. Freelancers are responsible for both the employee and employer portions, which can be a significant tax burden without proper planning.
Accurate and timely tax return preparation is essential when you're part of a partnership. Partnerships must file Form 1065 annually, reporting the partnership's income, deductions, and credits. Each partner then receives a Schedule K-1 outlining their share of the partnership’s income, which they must report on their tax returns. Our CPA NYC professionals ensure that all aspects of the partnership's income, expenses, and distributions are properly reported, reducing the risk of errors that could lead to IRS penalties.
One common mistake freelancers make is underestimating quarterly estimated tax payments, which can lead to penalties at tax time. To avoid this, we help you calculate accurate estimated taxes using Form 1040-ES and set up a payment schedule. Another mistake is failing to track all eligible expenses, such as home office deductions or business-related travel, which can lead to paying more taxes than necessary. We assist in setting up proper record-keeping systems to ensure no deduction is overlooked.
We recently assisted a group of freelancers who formed a partnership to handle a large corporate project. The group needed clarification about their tax obligations and was concerned about potential penalties. Our tax consultant NYC team provided comprehensive tax planning, including self-employment tax guidance and partnership tax return preparation. As a result, the group filed their taxes accurately and on time, avoiding penalties and maximizing their deductions.
Real estate investors and developers face unique tax challenges that require specialized expertise. At GTA Accounting Group, our CPA NYC team offers tailored tax and accounting services designed specifically for real estate partnerships and individual investors.
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We help you navigate capital gains taxes by offering strategies that minimize tax liabilities when selling properties. Our tax accountants, New York professionals, ensure that you're taking full advantage of available exemptions and deferrals.
Maximizing deductions is crucial for real estate investors. Our team identifies and applies all eligible deductions, including depreciation, interest expenses, and repair costs, to reduce your taxable income.
At GTA Accounting Group, our tax accountant NYC and public accounting firms offer a proven, step-by-step approach to handling corporate tax returns, ensuring your business remains compliant and optimized.
We start by thoroughly reviewing your business’s financial situation, including analyzing past tax filings, to identify potential areas for savings or compliance issues.
We collect all necessary financial data, including income, expenses, payroll, and previous tax filings. Our tax consultant NYC team ensures all information is accurate, up-to-date, and aligned with your business objectives. We use advanced software like QuickBooks or Xero for efficient data processing.
Our team prepares your tax returns using the latest tax laws and regulations, ensuring compliance. We file federal, state, and local returns electronically, reducing errors and expediting processing times. This includes the timely submission of forms like Form 1120 for corporations or Form 1065 for partnerships.
Before submission, we conduct a thorough review of your tax return to catch any discrepancies or errors. This step also includes a discussion with you to ensure you understand the return and any implications.
We don’t stop after filing. Our team continues to monitor your business’s financial health and provides ongoing advisory services. We offer tax planning throughout the year to ensure you’re prepared for any changes in tax laws and can maximize deductions.
Communication: We keep you informed at every stage, providing clear explanations of the process and your financial situation.
Transparency: Our transparent pricing structure ensures you know exactly what services you’re paying for, with no hidden fees.
Efficiency: We use digital tools like secure client portals to streamline document exchange, allowing for real-time updates and faster processing times.
Our use of advanced tax preparation software, like ProConnect Tax Online or Drake Tax, allows us to handle complex returns with ease. Secure client portals enable you to upload documents and track the progress of your return from anywhere, ensuring a hassle-free experience.
We take pride in the positive feedback we receive from our clients. Here’s what some of them have to say:
"GTA Accounting Group helped us navigate a complex tax situation with ease and professionalism. Their expertise saved us thousands of dollars and gave us peace of mind."
Business Owner
"The team at GTA Accounting Group is incredibly knowledgeable and responsive. They provided clear guidance and support throughout the entire tax season."
Navi Founder
Staying on top of important deadlines is crucial for partnerships to avoid penalties and ensure smooth tax filing. Here’s what you need to know:
Deadline: March 15 Form: 1065
Deadline: September 15 Form: 7004
After filing Form 1065, each partner receives a Schedule K-1, which details their share of the partnership’s income, deductions, and credits. This form is crucial for each partner’s personal tax return, as it reports the income they must include on their individual Form 1040.
Penalties for Late Filing: Failure to file on time can result in fines of $210 per month per partner. To avoid this, it’s essential to prepare early and ensure that all data is accurate.
Common Mistakes to Avoid: One common mistake is failing to distribute Schedule K-1s to all partners on time, which can delay their filings and lead to further penalties.
Early Preparation: To avoid last-minute issues, begin organizing financial records well before the deadline. Our tax accountant NYC team uses digital tools to streamline this process, ensuring that your filings are accurate and submitted on time.
Regular Consultations: We recommend scheduling quarterly reviews to keep your partnership’s financials on track and make any necessary adjustments before the tax season hits.
GTA Accounting Group
401 Park Ave S 10th Floor, New York, NY 10016, United States
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