F&E Professional Services LLC

F&E Professional Services LLC Festim Noka, CPA
Business and Individual Services:
๐‘จ๐’„๐’„๐’๐’–๐’๐’•๐’Š๐’๐’ˆ | ๐‘ฉ?

๐ŸšจS-Corps are great, especially to those who want to avoid paying too much payroll taxes but rental income isn't subject ...
03/01/2022

๐ŸšจS-Corps are great, especially to those who want to avoid paying too much payroll taxes but rental income isn't subject to payroll taxes, so paying the extra costs that come with S-Corps is not worth it!

๐ŸšจContribution of property, sales or even liquidation of interest in S-Corps trigger taxable event's that you can avoid, and S-Corps do not receive step-up basis upon deaths of shareholders.

โ—This may not apply to all Real Estate Investors, and may sound confusing! Contact us and we will explain everything in detail:

๐Ÿ“ง [email protected]

๐Ÿ”ฅElecting S-Corporation status can be are a great tax strategy to those who will benefit from it, but not everyone will ...
02/26/2022

๐Ÿ”ฅElecting S-Corporation status can be are a great tax strategy to those who will benefit from it, but not everyone will benefit...

๐Ÿ“Some Pros & Cons:

Pros:
โœ…Can lower your Payroll Taxes (F**A)
โœ…Can pay dividends to employees
โœ…Passthrough Taxation
โœ…Cash Method of Accounting is allowed
โœ…Heightened credibility

Cons:
โŒMore expensive to create and maintain
โŒStock ownership restrictions
โŒTaxable Fringe Benefits
โŒNot favorable for real estate investing

Interested to find out more? Contact us:

๐Ÿ“ง [email protected]

๐Ÿ”ฅ This is a great way to lower your business tax liability. To use this deduction: โœ You must regularly use your home o...
02/23/2022

๐Ÿ”ฅ This is a great way to lower your business tax liability.

To use this deduction:

โœ You must regularly use your home office exclusively for conducting business activities
โœ Your home office must be your principal place of business
โœ You can NOT be a w2 worker, even if you worked from home. This deductions only applies to self-employed, independent contractors etc...

โ— Interested in more tips? Contact use for a free consultation:

๐Ÿ“ง [email protected]

๐Ÿ”ฅThe capitalization rate is used to compare different investment opportunities. For example, if all else equal, a proper...
02/21/2022

๐Ÿ”ฅThe capitalization rate is used to compare different investment opportunities. For example, if all else equal, a property with an 8% cap rate versus another with a 5% cap rate, an investor is most likely to focus on the property with an 8% cap rate.

๐Ÿ“CAP rates will differ from location and risk. What is considered a good cap rate in a large city may not be the same in the outskirts where it is less populated. The lower the risk of the investment, the lower your cap rate (return) will be.

๐Ÿ“In general, 5%-10% is considered to be a good CAP rate. Also, 3% above your mortgage interest rate will give you good cash flow (in general)

โ—This is a very basic introductions, there are CAP rate models that go into much more detail to come up with the calculations.

Interested to find out more? Contact us:

๐Ÿ“ง [email protected]



๐Ÿ”ฅ You've all heard about making money while sleeping! This is it, Passive incomeโ—๐Ÿ“ Passive income is a great way to be m...
02/16/2022

๐Ÿ”ฅ You've all heard about making money while sleeping! This is it, Passive incomeโ—

๐Ÿ“ Passive income is a great way to be more financially stable while not relying on a paycheck.

Contact us to learn all about passive activities, At-risk rules, passive losses and much more!

๐Ÿ“ง [email protected]

๐Ÿ”ฅA great tax planning tip to lower your overall tax liability and keep more money in your pocket ๐Ÿ’ธ๐Ÿ“This $25k allowance i...
02/14/2022

๐Ÿ”ฅA great tax planning tip to lower your overall tax liability and keep more money in your pocket ๐Ÿ’ธ

๐Ÿ“This $25k allowance is reduced by 50% of each dollar in excess of $100k of Adjusted Gross Income (AGI), therefore it phases out completely by $150k AGI.

Contact us to see if you qualify:

๐Ÿ“ง [email protected]

โ— Previously allowed at 50%! Now the temporary exception allows a 100% deduction for food or beverages from restaurants,...
02/11/2022

โ— Previously allowed at 50%! Now the temporary exception allows a 100% deduction for food or beverages from restaurants, as long as the expense is paid or incurred in 2021 or 2022.

โŒ This does not include businesses that primarily sell pre-packaged goods not for immediate consumption, such as grocery stores and convenience stores.

Contact us at:

๐Ÿ“ง [email protected]

๐Ÿ”ฅ Pay kids up to the standard deduction without having to pay payroll taxes โ—Must be:โœ A Sole Prop or;โœ LLC (Single memb...
02/10/2022

๐Ÿ”ฅ Pay kids up to the standard deduction without having to pay payroll taxes โ—

Must be:

โœ A Sole Prop or;
โœ LLC (Single member or Husband and Spouse owned)
โœ Genuine work (Paperwork, answering calls etc...)

If your business is set up as an S or a C corporation, or as a partnership with other non-parent partners, the IRS says you have to withhold payroll taxes. There is a loophole around this!!!

Contact us to find out more:

๐Ÿ“ง [email protected]

๐Ÿ˜ผ โ€I didnโ€™t choose Accounting, Accounting chose meโ€ This is our offices best consultant. For all your accounting and bus...
02/10/2022

๐Ÿ˜ผ โ€I didnโ€™t choose Accounting, Accounting chose meโ€

This is our offices best consultant. For all your accounting and business needs, sheโ€™ll be there to assist youโ—๏ธ

๐Ÿ“ง [email protected]

๐Ÿ’ฐ The benefits of living in a no-income-tax state are obvious. You get to keep more of your paycheck, and thatโ€™s always ...
02/09/2022

๐Ÿ’ฐ The benefits of living in a no-income-tax state are obvious. You get to keep more of your paycheck, and thatโ€™s always a winโ—

Unfortunately, depending on your financial situation and lifestyle, not everyone may benefit as you may spend more on other taxes. Plus, you might receive fewer or lower-quality public services, like public schools.

Interested in finding out moreโ“ Talk to a Tax Pro โœ…:

๐Ÿ“ง [email protected]

๐Ÿ”ฅ Most eligible people already received the full amount they are entitled to receive. Anyone who did not receive the ful...
02/09/2022

๐Ÿ”ฅ Most eligible people already received the full amount they are entitled to receive. Anyone who did not receive the full amount they are entitled to should review the payment information to determine whether they should claim the Recovery Rebate Credit for tax year 2021.

โ— For example, parents of a child born in 2021 โ€“ or parents and guardians who added a new qualifying dependent to their family in 2021 โ€“ did not receive a third-round Economic Impact Payment for that dependent and may be eligible to receive up to $1,400 for the dependent by claiming the Recovery Rebate Credit.

Contact us for more info:

๐Ÿ“ง [email protected]

๐Ÿ”ฅ The 1099-NEC is now used to report independent contractor income.But the 1099-MISC form is still around, itโ€™s just use...
02/08/2022

๐Ÿ”ฅ The 1099-NEC is now used to report independent contractor income.

But the 1099-MISC form is still around, itโ€™s just used to report miscellaneous income such as rent or payments to an attorney, etc..

Due Dates for the 1099's are:

๐Ÿ—“๏ธ 1099 MISC - March 1 if filed by paper, March 31 if filed electronically

๐Ÿ—“๏ธ 1099 NEC - January 31 in the year following the applicable tax year

Contact us for any additional question:

๐Ÿ“ง [email protected]

Address

New York, NY

Opening Hours

Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 6pm
Saturday 9am - 6pm
Sunday 9am - 6pm

Telephone

+19174884645

Website

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