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May 14, 2018
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Accountant Brooklyn

Top 5 Most Asked Financial Questions

Turn To Your Brooklyn Tax Expert For Answers

When you need an accountant Brooklyn residents and business owners turn to Tax Town of Brooklyn for answers to important financial questions. Brooklyn NY tax questions are never too daunting when you partner with a CPA Brooklyn trusts for accurate, clear advice about all of your tax needs. Whether it’s simple return filings, managing payroll, or complex questions for a tax attorney Brooklyn counts on Tax Town of Brooklyn to get great service and prompt answers.

Here are five of the most commonly asked financial questions that can affect your tax return.

  1. Why Can’t I Just Rely on a Bookkeeper?

For small businesses and those that are just starting out in Brooklyn NY, a bookkeeper might be all you need. A bookkeeper can handle basic invoices, accounts payable and receivable, and simple payrolls.

But as businesses grow, so too does the need for more experienced and trained professional help with your financial management. When hiring a CPA Brooklyn business owners can leverage the expertise to assess systems, identify areas for better financial management, and ensure that procedures can support the growing business.

  1. Should I Participate in HSA or FSA Plans?

If you work for an employer that offers health savings accounts (HSAs) of flexible savings accounts (FSAs), you have the chance to save considerable on your taxes. These accounts let employees pay for certain expenses, including health costs and child care, using pre-tax dollars. There are great advantages to signing up and using these employee benefits if offered.

  1. What Should I Invest In?

If you want to play the stocks and bonds market, you need to consider the long-term tax consequences. Working with an accountant Brooklyn residents can understand the differences in different investment types.

Stocks generally are intended as long-term investments. You may no tax on the appreciated value of taxes until you sell them. If you want to buy state or local bonds, known as municipal bonds, you generally exempt from federal income taxes or taxes from the issuing authority. That’s generally why municipal bonds pay lower return rates.

  1. How Do I Ensure My Business Stays With the Next Generation?

For business owners, using a tax attorney Brooklyn is a wise decision when considering succession plans. Fewer than a third of small businesses survive the transition to the second generation, and of those, fewer than half survive to a third generation.

As a business owner, the ownership transfer issue is a complex one for you and your family to consider. There are multiple options available, including retaining ownership but hiring others to run it, or selling the business altogether. Working with your CPA is the smart way to consider the transition issues and tax consequences.

  1. What to the Tax Law Changes Mean to Me?

Everyone’s tax situation is different and business owners and residents alike should work closely with their tax preparer to ensure they are ready to respond to the changes.

At Tax Town of Brooklyn, you don’t need to wait for tax season for answers to your questions. Contact us today and schedule an appointment.

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