Finding the Right Tax Accountant Can Help You Understand Your Deductions

Businesses and high income individuals rely on qualified accountants for their end of the year filings. Knowing how important it is to file both accurately and on time, in fact, means that few businesses and people in the highest income brackets attempt to take care of their own taxes.

Accounting services often specialize, and frequently work with people from specific fields. For instance, real estate accounting can be a challenge, especially if you own properties in different states, so it it often in your best interest to work with a firm that is experienced in this area if you own several properties.

In a time when it can seem like the current Presidential administration is still working on revising the tax code, it is important to work with an accountant who makes a point to staying informed of any changes. If, for instance, you own property that you rent out to others it is necessary to have an accountant who can help you keep track of any of the latest changes in these kinds of real estate dealings. If, on the other hand, you are someone in the highest income tax bracket and you have a side businesses or earn income as an independent contractor, there are accountants who can help you make sure that you are able to find all of the necessary deductions.

Consider some of these facts and figures about tax laws in the state of New York to understand the many reasons both businesses and high income individuals turn to accountants to handle their finances and their end of year filings:

The median household income in NYC is about $50,711, according to U.S. Census Bureau data estimates.

With that median household income in mind, however, it is important to note that New York has a personal income tax rate that ranges from 4% to 8.82% as of 2017.

The Department of Finance collects as much as $35.8 billion in revenue for New York City.

Did you know that in New York City, uncut bagels are tax exempt. If they’re sliced, however, an 8.875% sales tax applies because it then counts as prepared food.

In the year 2017, the market value of property grew for the sixth straight fiscal year.

Waiting until the end of the year to consult a tax consultant may not be in your best interest. In fact, without an accountant who advises your business throughout the year you may find yourself in a challenging situation.