New York Tax Advisory Services

Income tax is a significant obligation for individuals and is levied on wages, salaries, interest, and other forms of income. Professional advice can help you properly classify your income and identify all eligible deductions and credits. This ensures accurate and timely filing, which helps avoid penalties for late or incorrect returns.

• Income Classification: Proper classification of income, such as wages, dividends, or capital gains, is critical for accurate reporting.
• Deductions and Credits: Identifying all available deductions and credits, such as for mortgage interest, educational expenses, or charitable contributions, can significantly lower your tax liability.
• Filing Compliance: Understanding the filing deadlines and procedures is essential to avoid penalties. A professional can guide you through the process, especially if you need to amend a past return.

Corporate tax is a federal, state, and local tax on the profits of a business. In New York, businesses must navigate complex filing requirements and tax rates. Consultation can help companies understand their tax liabilities and optimize their financial reporting. Sales tax is a tax on goods and services sold at retail. Businesses are responsible for collecting this tax from customers and remitting it to the state. Navigating sales tax regulations can be particularly tricky for e-commerce businesses or those with multi-state operations. A professional can help ensure you are correctly collecting and remitting sales tax to avoid audits or penalties.

Estate tax is levied on the value of a deceased person's property before it is transferred to their heirs. Gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. In New York, these taxes have specific exemption thresholds and rates. An attorney can help you structure your estate to maximize exemptions and ensure a smooth transfer of assets.

• New York State Estate Tax: New York has its own estate tax, separate from the federal one. The tax applies to estates of residents and non-residents who own property in the state.
• Exemption Amount: The exemption amount is indexed for inflation. In 2024, the New York State estate tax exemption is $6.94 million. Estates valued above this threshold are subject to tax.
• Gift Tax: New York does not have a separate gift tax, but gifts made within three years of death may be included in the taxable estate.

A tax audit is a review of your financial information by the tax authorities to verify that your returns are accurate. Audits can be routine or triggered by a specific issue. In New York, both the IRS and the state tax department can initiate audits. Having legal representation during an audit is essential. A tax attorney can handle all communications and document submissions, providing a buffer between you and the tax authority. They can also represent you in any appeals or court proceedings if a resolution cannot be reached at the audit stage.

While tax preparers and accountants are skilled in filing, a law firm provides a critical layer of legal expertise. Tax law is not just about numbers; it involves interpreting statutes, case law, and regulations. In cases of audits, appeals, or litigation, having an attorney is indispensable. An attorney-client relationship also provides legal privilege, which offers an important level of protection for your communications.

• Specialization: Look for a firm with attorneys who specialize in tax law. Their expertise will be invaluable in complex situations.
• Experience: A firm with a track record of successfully handling cases similar to yours is a good indicator of their capability.
• Reputation: Client testimonials and professional reputation can offer insight into the quality of their service and their ethical standards.
• Comprehensive Services: A firm that offers a wide range of services, from tax planning to litigation, can provide continuous support for all your tax needs.