Shah Accounting services lnc

Tax Planning Service in Manhattanville, NY 10027 What Is Tax Planning? Different from tax preparation, tax planning is creating strategies to minimize your tax liability. Executing strategies that minimize your tax burden is a year-round process, not something you do right before the tax due date. When you work with a tax planner, they consider current tax laws, new tax laws and regulations, and your current situation. They aim to prepare individuals for the lowest tax liabilities while staying within the current tax regulations. What Are the Benefits of Tax Planning? Tax planning offers many benefits for you and even your heirs when done properly. Benefits include: Lowering tax liability. Essentially, reducing your liability for income tax as well as any investment gains or wealth tax is the main goal when working with a tax planner.  Ensuring estate planning flexibility.Tax planning not only ensures you lower your own tax liability but the tax liability of your heirs. Unders...

Start a new Business in Hamilton Heights, NY 10039 S-Corp An S corporation also referred to as an S subchapter, denotes a kind of corporation that meets specific tax income Code requirements. These requirements provide a corporation with 100 shareholders or less the advantage of incorporation while being taxed as a partnership. S-Corps have the benefit to pass income to shareholders directly in order to overcome the double taxation issues. Requirements: To obtain an S corporation status, a business has to meet certain IRS requirements. These qualifications include: · Being incorporated domestically (within the U.S.) · Having only one class of stock · Not having more than 100 shareholders · Have shareholders who meet certain eligibility requirements Specifically, S corporation shareholders must be individuals, specific trusts and estates, or certain tax-exempt organizations (501(c) (3)). Partnerships, corporations, and nonresident aliens cannot qualify a...

Audit Services in Hamilton Heights, NY 10039 Workers’ Comp Premium Audit Workers’ Comp policy premium is predicated on  payroll  estimates. A premium audit is conducted at the end of the policy period which determines if you have paid the acceptable amount for your workers’ compensation insurance supported by your actual payroll, operations, and job classifications. You will receive a letter from the carrier requesting payroll records for your company. Once you have received the said letter, we will require your documents which will include: Quarterly Federal Tax Returns (941s), state unemployment forms and payroll journals. Our auditor will compile the records and fulfill the carrier  requirement  and complete the audit requirement in order to submit them to the auditor. Why Does Your Small Business Need Workers' Compensation Insurance? Workers' compensation insurance is vital for small businesses because it helps them cover the cost of medical expenses and lost wag...

Business License and Permits Hamilton Heights, NY 10039 Exemption Certificate (CE-200)   The Certificate of Attestation of Exemption (CE-200) is completed by entities with no employees and/or out-of-state entities obtaining a contract or license in which all the work is being performed outside of New York State. Using this online application, you can search for the CE-200.  Form CE-200 reflects a process for granting exemptions from workers’ compensation and disability benefits insurance coverage requirements. Further, exemptions do not need to be notarized; nor do they need to be stamped by the NYS Workers’ Compensation Board. Who applies for (CE-200?)  Two types of entities may apply for a certificate to show they are exempt from the requirement to provide workers’ compensation and/or disability and Paid Family Leaves benefits coverage: 1. New York entities with no employees 2. Out-of-state entities obtaining a contract or license where all the work is perfo...

Bookkeeping Services Hamilton Heights, NY 10039 Bookkeeping services is the process of keeping records of financial transactions and preparing financial statements, such as balance sheets and income statements. In day-to-day operations, a bookkeeper would make sure employees are filing invoices and expenses correctly and handling payroll. A bookkeeper is the official record-keeper of your business's financials. An accountant is your financial strategist. This professional is responsible for preparing for audits , helping you with tax planning, and offering business financial analysis and advice. Accounting and bookkeeping services can be handled by one individual but before you make any decisions, find out what each task typically involves. It’s a subset of accounting that requires the following jobs to be done in order to build a financially stable business: Recording financial transactions. Posting debits and credits. Producing invoices. Maintaining and balancing current accoun...

Accounting Services Sugar Hill, NY 10031 Accounting services provide varying degrees of payroll services that include preparing payroll, calculating taxes, and other withholding and issuing checks. Customers can also outsource filing of payroll taxes, calculate and record 401(k) deductions, or other employee benefits. Bookkeeping and Accounting services serve as one of the primary pillars of any business entity. At Shah Accounting services we help evaluate revenues, expenses, assets, and liabilities that match the way you manage your business and support the sort and accuracy of the knowledge you demand. What Does Accounting Services Include? Common accounting services include tax preparation and consultation, tracking expenses and revenues, and so much more. Accounting is about producing accurate financial records and maintaining efficient recordkeeping practices. Recordkeeping covers billing records, taxes, bank reconciliations, general ledger, and payroll records based on periods...