Best Bookkeeping Services in Bronx, NY

The IRS recommends the following guideline for keeping tax records: Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return. Keep records indefinitely if you file a fraudulent return. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. The goal of accounting is to ensure the accuracy and reliability of financial information. The purpose of accounting is to provide financial information that is useful in making business decisions. Accounting information can be used in financial planning, decision making, performance evaluation, and risk management.

There are a few key things that small business owners can do to prepare for their taxes. According to some of the experts in tax preparation that NYC has, first, it is important to keep good records throughout the year. This will make it easier to file your taxes and ensure that you are getting all of the deductions and credits you are entitled to. Second, it is a good idea to estimate your tax liability ahead of time so that you can budget accordingly. This way, you will not be surprised when tax time comes around. Finally, it is helpful to consult with a tax professional if you have any questions or concerns. They can help you navigate the tax code and maximize your deductions. By taking these steps, you can minimize your stress come tax time and ensure that you are prepared.

If you are running a small business, the answer to this question depends on a few factors, including the complexity of your business and your personal financial situation. If your business is relatively simple and you have a good understanding of tax law, you may not need a tax advisor. However, if your business is more complex or you are unsure about how to file your taxes, it may be worth considering hiring a tax advisor.

While online bookkeeping services can help you stay organized and on top of your finances, they will not necessarily help you prepare your taxes. This is because tax preparation requires a more in-depth understanding of the tax code and how it applies to your specific situation. However, online bookkeeping services can help you keep track of the financial information that you will need to provide to your tax preparer, which can make the process easier and less time-consuming.