As tax season gets closer, people have to decide whether to do their taxes themselves or hire a professional. Each choice has its pros and cons. Doing taxes yourself might save money, but getting professional assistance would certainly mitigate mistakes or non-compliances.
In a city like New York, where tax laws are complicated, doing taxes on your own can be overwhelming. That’s why it’s a good idea to get a tax service provider. They know all the nity-grities of the system and can keep you from making expensive errors.
Eligibility Criteria to File Taxes
The eligibility criteria to file taxes generally depend on your income, filing status, and age. Your filing status determines your tax rates and standard deduction. If your income surpasses a certain threshold, you must file a federal tax return. Here are the common filing statuses:
- Single
- Married Filing Jointly
- Married Filing Separately
- Head of Household
- Qualifying Widow(er) with Dependent Child
Apart from your usual income such as wages or salary, you might need to file taxes for additional sources like investment income, self-employment earnings, rental income, and unemployment compensation. As already mentioned earlier, your age also plays a crucial role, as people of different ages have varying filing requirements.
If someone else claims you are dependent on their tax return, your filing requirements could change accordingly.
NOTE: It’s important to note that tax laws and requirements may change over time, so it’s advisable to check the latest guidelines from the Internal Revenue Service (IRS) or consult a tax professional for personalized advice regarding your tax situation.
Key Tax Filing Dates and Deadlines for Fiscal Year 2023-24:
| Event | Date |
| Start of Tax Season | January 29, 2024 |
| Filing Deadline | April 15, 2024 |
| Extended Deadline (Maine and Massachusetts) | April 17, 2024 |
Exception: If your fiscal year doesn’t align with the calendar year, you’re required to file your taxes by the 15th day of the fourth month following the end of your fiscal year.
Common Tax Service Protocol in the United States
1. Scan the Documents
Clients upload their tax documents to a secure online portal or platform provided by the tax service provider. The tax documents include W-2 forms from employers, 1099 forms for miscellaneous income, investment income statements, mortgage interest statements, and any other documents related to income and deductions.
2. Tax Preparation
Professional tax preparers or accountants use the gathered documents to prepare tax returns. This involves calculating income, deductions, and credits, and determining the final tax liability or refund amount.
3. Audit
Tax experts audit the tax returns to check if the information entered is correct. They go through things like how the tax has been calculated and if there are any mistakes or numbers that don’t match up with the tax rules. This step is crucial for minimizing the risk of mistakes that could lead to penalties or issues with the tax authorities.
4. Review
Once the tax returns have been audited, they are reviewed by the client for final confirmation. After the client reviews and approves the tax return, any necessary updates or changes are made based on their feedback.
5. Final Submission
The final version of the tax return is then provided to the client for submission to the relevant tax authority, typically the IRS in the United States.
Top 10 Tax Preparation Service Providers in New York
George Dimov, C.P.A.
211 E 43rd Street Suite 628, New York City, NY 10017
Dimov Tax Specialists provides extensive accounting and taxation services in New York City. With 12 years of expertise, Dimov specializes in individual and corporate taxation, M&A consulting, technology, biotech, retail analysis, real estate accounting, and manufacturing. The firm also offers bookkeeping support.
1-800Accountant New York
New York, NY
1-800Accountant specializes in tax advisory services. They handle tax preparation, review, and filing, and provide strategic advice and audit protection. With over 17 years of experience, the firm assists businesses with quarterly estimated tax solutions and ensures compliance with IRS regulations and local laws.
QAsolved
2566, East 6th Street, Brooklyn, New York 11235
QAsolved, is among the top tax preparation service providers with over 5 years of experience in New York. Renowned for their excellence, they cater to individuals and businesses alike. They offer financial guidance that minimizes workload and maximizes tax savings.
James Castaldo CPA & Associates
6 Forest Avenue, Lake Grove, NY 11755
James Castaldo CPA & Associates offers comprehensive accounting and tax services. Specializes in tax planning and preparation for businesses and individuals respectively. They also work with the IRS to solve tax problems for clients.
R&G Brenner Tax + Accounting
570 Lexington Avenue, 29th Floor, New York, NY 10022
R&G Brenner Tax + Accounting has been a trusted income tax preparation business since 1941, serving over 1 million clients. With 82 years of expertise, they offer exceptional tax service, covering individual and business tax, amended returns, tax resolution, estate and gift tax, non-resident tax, bookkeeping, payroll, business setup and dissolution, nonprofit, U.N. employee, and expat tax returns.
Presti & Naegele Accounting Offices
New York, NY 10001
Presti & Naegele Accounting Offices, has been providing reliable services for over 33 years. Their offerings encompass a wide range of services including bookkeeping, accounting, taxes, consulting, payroll, asset protection, and wealth transfer. Presti & Naegele Accounting Offices are dedicated to meeting the diverse needs of their clients.
H&R BLOCK NEW YORK
555 Seventh Ave, New York, NY 10018
H&R Block in New York serves numerous small business owners with expert tax assistance, payroll, and bookkeeping. Their experienced team ensures maximum refunds and tailored solutions, backed by complimentary consultations.
They specialize in Online Tax Filing, File with a Tax Pro, Tax Software, Tax Identity Shield, Expat Tax Services, Refund Transfer, Tax Audit Support, taxpayer ID (ITIN), Prepare Taxes, Offer Refund Advance, Second Look Review and Bookkeeping & Payroll.
TAX GENIUS, INC.
270 West 39th Street, Suite 602, New York, NY 10018
Tax Genius is a top-tier tax preparation and accounting firm catering to small businesses and individuals nationwide. They specialize in Tax Preparation, Bookkeeping, Accounting, Payroll, Virtual Taxes, Small Business Accounting Services, Budget Management, Estate/Succession Planning, Incorporations, Partnership, Business Service Pricing, Corporate Tax, Businesses Tax Return & IRS Tax Problem.
Empire Tax Professionals
New York, NY 10001
Empire Tax Professionals provides comprehensive accounting services to businesses and individuals, specializing in dentists, schools, daycares, and the real estate industry. Their offerings encompass bookkeeping, payroll processing, and tax return preparation.
212 TAX
1412 Broadway 21st floor, New York, NY 10018, United States
At 212 Tax & Accounting Services, they’re committed to helping businesses and individuals in New York City thrive financially. They provide top-notch tax, accounting, and business advisory services. They understand that picking the right Certified Public Accounting (CPA) firm is crucial and every client has different goals, so they customize their services to fit clients’ needs.
Documents you need before you File your Taxes
Identification
- Government-issued photo ID (includes IDNYC)
- Social Security cards or Individual Taxpayer Identification Numbers (ITIN). ITIN determination letters (original, copy, or electronic document) and birth dates for you, your spouse, and your dependents.
Proof of Income
When you file your taxes electronically, you need to sign and validate your electronic tax return. To do this, you’ll enter either your prior-year Adjusted Gross Income (AGI) or your prior-year Self-Select PIN.
- Form 1099-G: To obtain this form, visit dol.ny.gov and search for “1099-G.” Alternatively, you can call 1-888-209-8124 to request the New York State Department of Labor to mail the form to your address on file.
- Forms W-2, 1098, 1099, or income and expense records: If you are self-employed, gather relevant forms or income and expense records. These may include:
- Form W-2 (wages from each job)
- Form 1099-INT (interest)
- Form 1099-DIV (dividends)
- Form 1099-R (retirement plans)
- Form W-2G (gambling winnings)
- Form SSA-1099 (Social Security benefits)
- Form 1099-MISC (miscellaneous income)
- Form 1099-K (deposits and earnings)
- Form 1099-B (sale of stock)
- Form 1098-T (scholarships and grants)
- Form 1099-C (cancellation of debt)
- Form 1098-T (tuition payments to attend a university or technical college)
- Form 1098-E (interest paid on student loans)
| Note: Please be advised that document requirements for tax filing may vary from time to time. It is recommended to check the official website of the Internal Revenue Service (IRS) at www.irs.gov for the most up-to-date information regarding document requirements. |
Conclusion
New York City has plenty of great firms to get help with your taxes. Whether you’re a person or a business, there are lots of options. Big companies, small firms – they’re all here to make tax time easier for you. So, if you need help sorting out your taxes, you can count on these agencies in NYC to give you the support you need, no matter how complicated things might seem.
Frequently Asked Questions
Individuals eligible to prepare tax returns include enrolled agents, volunteer tax preparers, employees of legal professionals (attorneys, CPAs, PAs, and enrolled agents), as well as employees of businesses handling their own tax filings.
The typical charge for completing Form 1040, including the standard deduction and a state income tax return, averaged $220. For sole proprietors or independent contractors requiring Schedule C, an additional fee of $192 applied. Furthermore, reporting capital gains and losses through Schedule D incurred an extra charge of $118.
For inquiries regarding tax matters, you can contact the New York State Department of Taxation and Finance at (518) 457-5181 during their business hours, which are Monday to Friday from 8 AM to 5 PM. Automated support is accessible during these hours as well. Assistance is offered in Cantonese, Mandarin, Russian, and Spanish through the automated system.
Explore the IRS directory, a comprehensive database enabling taxpayers to locate nearby tax preparers, including CPAs. Users can refine searches by location, last name, and desired professional expertise. Additionally, consider reviewing online directories provided by professional tax and accounting associations as valuable resources for researching CPAs.
