Accounting Information

Summer is upon us, and so are some tax-related puns.   This is the second post in a series called Everything you didn’t learn about taxes at school. 1.   Do not let penalties and interest get you down. You must file your U.S. tax extension form 4868 (or 2350 for those who moved abroad in 2021) before June 15, 2022.   Your automatic two-month extension expires if you are not in the US as of April 18, 2022.   To avoid a late filing penalty, make sure you file Form 4868.   To avoid late filing penalties and interest, you might want to pay the tax extension if you believe you owe it. 2.   Start making your estimated 2022 U.S. tax beach reading payments to make sure everything is in order.   Estimated payments are due on April 18, June 15, September 15th and January 17th 2022.   Estimated payments are recommended if you expect to owe more than $1,000 in tax in 2022.   The estimate can be calculated using a variety of methods. 3.   It is a goo...

According to the latest inflation report, prices for almost everything are on the rise. The Consumer Price Index (CPI), which is up 8.3 percent in the past year, has seen many categories go up, including food (11.4%) and energy (23.8%).   Although it is not included in the CPI, another indicator of inflation (the Taxpayer Price Index)?   According to the Congressional Budget Office (CBO), federal tax collections have increased 23 percent in the past year.   Federal tax collections are expected to reach a record of $5 trillion in nominal dollars in the fiscal year 2022 (FY) 2022, which will be about $1 trillion higher than the $4 trillion collected last year. Federal tax collections as a percentage of GDP are expected to reach a multi-decade-high of around 20.2 percent in FY 2022. This is up from 18.1 per cent last fiscal year, and surpassing the previous peak of 20 per cent set in the dot-com bubble of FY 2000.   Federal tax collections are close to the record 20.5 p...

Payroll taxes are important for small businesses in New York State.   Let's take a look at the most common taxes. Income tax New York's progressive income tax ranges from 4.82 percent to 8.82 percent, depending on the employee's earnings.   Any additional bonuses or commissions are subject to a 9.62 percent withholding tax.   New York employers are required to withhold income tax from the wages of their employees and to remit it to the Department of Taxation and Finance. Employers that pay taxable wages for residents regardless of their location, as well as employers who pay taxable wages for non-residents performing services within the state must withhold all payments of taxable wage paid to residents. With tax preparation services fees starting at $50, we are amongst the lowest priced CPA Tax Preparation and Filing Service Providers and are here to assist you to keep more money in your wallet!⠀ Use tax Use taxes are levied on services and goods purchased outside New Yo...