Are You Ready to Submit Your End of the Year Tax Papers?

Written by Economic Development Jobs on November 26, 2018. Posted in Personal tax accountant nyc, Tax specialist, Tax specialist nyc

This is the time of year when many people are getting ready to deliver their papers to tax accountants. If you are someone who has had a challenging financial year, however, it is likely that you have been thinking about your filing for longer than the last few months. From corp taxes to individual filings, it is often important to keep track month by month of where you stand. Even if you do not feel as if you have had the most successful year, it is important to work with accounting services that can help you correctly file your papers.
From working with an accountant who can help you understand small business accounting requirements to personal tax accountants who help families be the most prepared for the end of the year, it is always important to start sooner rather than later.

Understanding Corp Tax and Franchise Tax Rates Can be Complicated
From small restaurants in New York City to understanding the tax laws for receiving inheritances, it is often important to work with a certified accountant to make sure that you are ready for any penalties that you may face or any refunds that should be coming your way. Consider some of these facts and figures about the tax industry and the impact that it has on the nation’s economy:

  • Although these numbers may vary from state to state, New York has a personal income tax rate that ranges from 4% to 8.82% as of 2017.
  • 45% of all tax dollars collected in NYC in the 2017 fiscal year were from property taxes.
  • Again, looking at NYC as an example, the Department of Finance collects more than $35.8 billion in revenue in New York City alone.
  • The U.S. Census Bureau data estimates that the median household income in NYC is nearly $50,711.
  • In 2017, the market value of property in NYC grew for the sixth straight fiscal year.

Higher income individuals and businesses often require the most help when it comes to end of the year financial filings. Have you already met with your accountant or is now the time that you should be making an appointment?

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