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True Growth Tax & Accounting, Inc

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True Growth Tax & Accounting, Inc

MWBE tax & accounting firm, serving NYC clients since 2008. Services Include:
Tax and Accounting services for individuals and small businesses.

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04/26/2025

🏠💸 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 𝗢𝘄𝗻𝗲𝗿𝘀: 𝗨𝗻𝗹𝗼𝗰𝗸 𝗛𝘂𝗴𝗲 𝗧𝗮𝘅 𝗦𝗮𝘃𝗶𝗻𝗴𝘀 𝘄𝗶𝘁𝗵 𝗖𝗼𝘀𝘁 𝗦𝗲𝗴𝗿𝗲𝗴𝗮𝘁𝗶𝗼𝗻!

📉 Want to save big on taxes? Talk to a tax professional about using cost segregation for your properties today!

💬 Have you used cost segregation for your real estate?
Drop a 🏢 if you’ve seen big savings!

“

04/24/2025

🎉 𝗖𝗲𝗹𝗲𝗯𝗿𝗮𝘁𝗶𝗻𝗴 𝟲𝟱 𝗬𝗲𝗮𝗿𝘀: 𝗔 𝗥𝗲𝗺𝗶𝗻𝗱𝗲𝗿 𝗳𝗼𝗿 𝗦𝗲𝗻𝗶𝗼𝗿𝘀 𝗼𝗻 𝗧𝗮𝘅 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀! 🎉

Our CEO’s Dad turns 65 today, so we think it's a perfect time to remind seniors about some key tax benefits that come with this milestone.

💡 Bottom Line: Turning 65 isn’t just a personal milestone—it’s also a chance to maximize tax benefits. It’s a great time for seniors to consult with a tax professional and ensure they’re taking advantage of every possible deduction and credit.

04/22/2025

🏠💸 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗢𝘄𝗻𝗲𝗿𝘀: 𝗗𝗼𝗻’𝘁 𝗠𝗶𝘀𝘀 𝗢𝘂𝘁 𝗼𝗻 𝘁𝗵𝗲 𝗔𝘂𝗴𝘂𝘀𝘁𝗮 𝗥𝘂𝗹𝗲 𝗧𝗮𝘅 𝗦𝗮𝘃𝗶𝗻𝗴𝘀!

If you’re a business owner with a home or second property, you might be eligible to earn tax-free income by renting your space for up to 14 days a year. Here’s how the Augusta Rule works:

✅ Rent Your Home or Second Property – You can rent it out for up to 14 days per year.
✅ Earn Tax-Free Income – All rental income from these 14 days is NOT taxable!
✅ No Need to Report – You don’t even need to report the income on your taxes as long as you stay within the 14-day limit.
✅ Fair Market Rent – Charge the going rate for short-term rentals in your area.

💡 Pro Tip: This is a great way to earn extra income from events, vacations, or nearby conferences—and it’s all tax-free!

📅 Business owners, are you renting your space? Tell us how you use this deduction in the comments! ⬇️

04/20/2025

🌱 𝗛𝗮𝗽𝗽𝘆 𝟰/𝟮𝟬. 𝗧𝗵𝗲 𝗧𝗮𝘅𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗼𝗳 𝘁𝗵𝗲 “𝗚𝗿𝗲𝗲𝗻” 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 – 𝗪𝗵𝗮𝘁 𝗬𝗼𝘂 𝗡𝗲𝗲𝗱 𝘁𝗼 𝗞𝗻𝗼𝘄!

The legal cannabis industry is booming, but taxation on cannabis-related businesses can be a bit “cloudy.” Here’s a look at how the IRS views taxes for the “green” industry and what business owners need to keep in mind.

𝗧𝗵𝗲 𝟮𝟴𝟬𝗘 𝗥𝘂𝗹𝗲
🌿 Section 280E of the Internal Revenue Code prohibits cannabis businesses from deducting most business expenses on their federal taxes.

What does this mean? While cannabis companies can’t deduct the usual business expenses, they can deduct the cost of goods sold (COGS), which includes things like cultivation costs and inventory expenses.

Result: Cannabis companies are often left with a high effective tax rate, even though they may be paying taxes like any other legal business.

𝗦𝘁𝗮𝘁𝗲 𝘃𝘀. 𝗙𝗲𝗱𝗲𝗿𝗮𝗹 𝗧𝗮𝘅𝗲𝘀
🌿 While cannabis may be legal in many states, it’s still classified as a Schedule I controlled substance under federal law. This means cannabis businesses are subject to different tax rules based on where they operate.

𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀 & 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀
🌱 Although cannabis businesses can’t take all standard deductions, there are ways to lower the tax burden:

Maximize COGS deductions: Track everything related to production, like labor costs, materials, and packaging.

State-specific credits: Some states offer credits for green initiatives or for businesses that support local communities.

💡 𝗕𝗼𝘁𝘁𝗼𝗺 𝗟𝗶𝗻𝗲:
While the cannabis industry continues to thrive, business owners need to be aware of the complex federal tax rules that govern their operations. Working with a tax advisor who understands the nuances of Section 280E can help businesses stay compliant while maximizing their tax strategy.

#420

04/16/2025

🚪 𝗢𝘂𝘁 𝗼𝗳 𝗢𝗳𝗳𝗶𝗰𝗲: 𝗧𝗵𝗲 𝗗𝗮𝘆 𝗔𝗳𝘁𝗲𝗿 𝗧𝗮𝘅 𝗗𝗮𝘆!

Why? Because I survived Tax Day 2025… and I need a full day to recover! 🛏️💸

After the madness of filing, chasing down receipts, and praying you don’t get audited, I’m hitting pause today to recharge. 🔋

📅 I’ll be back to normal soon (after some much-needed rest).
📩 Feel free to leave a message, and I’ll get back to you once I’ve had a nap, some coffee, and possibly a very long vacation. ☕🏖️

🔑 Pro Tip: Next year, let’s not wait until April 15th to stress about this, okay? 😉

04/15/2025

😱 𝗧𝗮𝘅 𝗗𝗮𝘆 𝟮𝟬𝟮𝟱: 𝗧𝗵𝗲 𝗨𝗹𝘁𝗶𝗺𝗮𝘁𝗲 𝗧𝗵𝗿𝗶𝗹𝗹 𝗥𝗶𝗱𝗲! 🎢💸

That time of year is upon us again—Tax Day—when paperwork meets panic, and you start asking, "Did I really spend that much on coffee last year?" ☕💼

😂 𝗪𝗵𝗮𝘁 𝗧𝗮𝘅 𝗗𝗮𝘆 𝗙𝗲𝗲𝗹𝘀 𝗟𝗶𝗸𝗲:

Calculating Deductions: You’re like, “I swear I spent at least $500 on random receipts from 2024... please let them be deductible.” 🧾🤞

Staring at Your W-2: Realizing it’s not the amount you thought it was. 🧐 Wait, why do I owe so much??

Waiting on Your Tax Preparer: You text them 5 times before the deadline asking, “Are we sure I won’t get audited for this?!” 📱

Filing Extension: Your best friend. Procrastination FTW. 😅

But don’t worry, once it’s done... you can officially go back to ignoring your receipts until next year! 🧾😜

👉 Tax Tip: Hire a pro so you can enjoy the rest of your year without wondering if you’ve missed a deduction!

Tax Day 2025 – Let the countdown to next year begin! ⏰💰

04/14/2025

🏪 Tax Deductions for Vending Machine Owners! 💰🚚

Owning vending machines? You could be saving BIG on taxes! Here are some deductions you don’t want to miss:

✅ Vending Machines & Equipment – Purchase, lease, repairs, restocking supplies.
✅ Transportation Costs – Mileage, gas, vehicle maintenance for restocking trips.
✅ Location Fees – Rent, commission payments to property owners.
✅ Business Licenses & Insurance – Required permits, liability coverage.
✅ Marketing & Branding – Custom wraps, social media ads, website costs.
✅ Storage Rentals – If you store extra inventory off-site.
✅ Accounting & Tax Prep – Hiring a CPA or using tax software.

💡 Pro Tip: Keep track of inventory, mileage, and machine repairs to maximize your tax savings!

🚚 Vending business owners, what’s your biggest expense? Drop a 🏪 in the comments!

04/13/2025

Ask your Accountant if he/she ensures your business is taking advantage of the Section 179 deduction.

If you're purchasing business equipment, software, or even a company vehicle, you may be able to write off the full cost this year instead of depreciating over time!

04/12/2025

📱 Tax Deductions for Social Media Influencers! 💰🎥

If you’re making money as an influencer or content creator, you could be leaving money on the table by not claiming these deductions! ⬇️

✅ Content Creation Expenses – Cameras, tripods, ring lights, editing software.
✅ Social Media & Marketing – Ads, website fees, branding, email marketing.
✅ Fashion & Beauty – Themed outfits, makeup, hair products (if used for content).
✅ Props & Set Design – Backgrounds, decor, staging for shoots.
✅ Home Studio & Office Costs – Internet, office supplies, home office deduction.
✅ Travel & Networking – Flights, hotels, meals for brand events or collabs.
✅ Legal & Business Services – LLC setup, tax prep, contract fees.
✅ Growth & Coaching – Courses, sponsorship management, influencer training.

💡 Pro Tip: Keep receipts and track expenses to lower your tax bill!

🎤 Influencers, what’s your biggest business expense? Drop a 📸 in the comments!

04/11/2025

𝗖𝗼𝗻𝘁𝗶𝗻𝘂𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗕𝗮𝗰𝗸𝗱𝗼𝗼𝗿 𝗜𝗥𝗔 𝘁𝗮𝘅 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆: 𝗜𝘀 𝗜𝘁 𝗪𝗼𝗿𝘁𝗵 𝗜𝘁?

A Backdoor Roth IRA can be a powerful wealth-building strategy, especially if you:

✅ Expect to be in a higher tax bracket in retirement.
✅ Want tax-free growth and withdrawals.
✅ Can avoid the pro-rata rule by keeping pre-tax IRA funds out of the equation.

If you have other IRA funds or complex tax situations, consult a CPA or financial advisor before proceeding.

04/09/2025

𝗦𝗮𝘃𝗲 𝘁𝗵𝗶𝘀 𝗼𝗻𝗲 𝗳𝗼𝗿 𝗹𝗮𝘁𝗲𝗿. 𝗕𝗮𝗰𝗸𝗱𝗼𝗼𝗿 𝗜𝗥𝗔 𝘁𝗮𝘅 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆: 𝗜𝘀 𝗜𝘁 𝗪𝗼𝗿𝘁𝗵 𝗜𝘁?

A Backdoor Roth IRA can be a powerful wealth-building strategy, especially if you:
✅ Expect to be in a higher tax bracket in retirement.
✅ Want tax-free growth and withdrawals.
✅ Can avoid the pro-rata rule by keeping pre-tax IRA funds out of the equation.

If you have other IRA funds or complex tax situations, consult a CPA or financial advisor before proceeding.

04/07/2025

🎙️ 𝗧𝗮𝘅 𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝗣𝗼𝗱𝗰𝗮𝘀𝘁 𝗛𝗼𝘀𝘁𝘀! 🎧💰

Did you know your podcast expenses could be tax-deductible? If you’re making money from your show, here are some deductions to keep in mind:

✅ Equipment & Software – Microphones, headphones, editing programs (Audition, GarageBand).
✅ Podcast Hosting & Website Fees – Buzzsprout, Libsyn, Anchor, WordPress.
✅ Marketing & Ads – Social media promotions, email marketing.
✅ Home Studio Expenses – Soundproofing, lighting, furniture.
✅ Guest & Travel Costs – Honorariums, conference fees, business trips.
✅ Legal & Business Services – LLC formation, contracts, tax prep.
✅ Costume & Makeup – Theatrical costumes, on-camera outfits, makeup for video podcasts (but NOT everyday wear).

💡 Pro Tip: Keep receipts and track all podcast-related expenses to lower your tax bill!

🎤 Podcasters, which deduction surprised you the most? Drop a 🎙️ in the comments!

Address

New York, NY

Opening Hours

Monday	11am - 6pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 7pm
Saturday	9am - 2pm

Telephone

+19172890959

Website

http://www.tgtaxfirm.com/

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