Tax Service Plus NY

Tax Service Plus NY Retail Full Service Tax firm providing tax services to individuals and small business. In the Hamptons and NYC Our 1040 EZ rate is only $75 before March 1st.

Tax Service Plus is a retail full service tax firm handling federal and state income tax matters for individuals, couples, families and small business owners or professionals. Though our store front is in the hamptons, we provide tax preparation for all of NY and NJ virtually. Our qualified tax preparers have years of experience and are committed to providing you quality service to ensure that you

either pay the lowest possible tax allowed by the tax rules or that you receive the maximum refund allowed, and fast at an affordable price. We offer a wide range of services for both start up and existing business. Whether you are just starting a business and need to incorporate, write a business plan, or make a website, we can help. We offer traditional accounting and bookkeeping services including, filing sales tax and payroll, bookkeeping, forecasting, and implementing cost cutting measures to help you increase your bottom line. Our firm, with its team of dedicated professionals, can handle just about any needs you may have, while still making it our business to get to know you personally. We view every client relationship like a partnership, and truly believe that our success is a result of your success.

02/13/2024

SMALL BUSINESS DEDUCTIONS
1. Home Office Deduction: A Modern Essential

The home office deduction has become a cornerstone for small businesses. If a portion of a home is used exclusively for business, expenses such as mortgage interest, insurance, utilities, and repairs become deductible. Familiarity with the simplified method versus detailed tracking can make a significant difference in optimizing this deduction.



2. Immediate Benefits for Equipment and Software Purchases

The Section 179 deduction allows small businesses to deduct the full cost of qualifying equipment and software purchased or financed during the tax year. This provision encourages businesses to invest in technology, offering a generous deduction limit in 2024.



3. Navigating Vehicle Expenses

Business use of vehicles opens the door to deductions for gas, repairs, and depreciation. Choosing between the standard mileage rate and the actual expense method requires a strategic approach to maximize benefits based on individual business use.



4. Enhancing Savings with Retirement Plan Contributions

Investing in retirement plans like SEP-IRAs and Solo 401(k)s not only secures future financial stability but also offers immediate tax deductions. Strategic contributions can significantly reduce taxable income.



5. Health Insurance Premiums: A Direct Deduction

Self-employed individuals can deduct 100% of their health insurance premiums to lower taxable income while ensuring health coverage.



6. Deducting Business Travel Expenses

Ordinary and necessary travel expenses remain deductible, including lodging, public transportation, and 50% of meal costs, provided they are away from the taxpayer's principal place of business.



7. Advertising and Marketing: Fully Deductible

Investments in advertising and marketing are fully deductible, encouraging businesses to grow their brand and customer base through various promotional activities.



8. Professional and Legal Fees: Operational Necessities

The costs of legal, accounting, and other professional services directly related to business operations are fully deductible, highlighting the importance of these services in maintaining business integrity.



9. Investing in Education and Training

Deductions for education and training that enhance business-related skills underscore the value of continuous learning and adaptation in a competitive market.



For small businesses in 2024, leveraging these tax deductions is key to minimizing tax liabilities and fostering growth.

The Hamptons #1 Tax Prep service
01/18/2022

The Hamptons #1 Tax Prep service

04/08/2021

BUSINESSES - GO OUT AND ENJOY BUSINESS LUNCHES!

The IRS on Thursday released guidance which temporarily allows businesses a full deduction for food and beverages purchased from restaurants under a federal virus relief law, starting after Dec. 31, 2020 and before Jan. 1, 2023.
The full deduction applies only to food purchases from take out and dine-in restaurants, not pre-packaged food or groceries.

03/02/2021

The COVID-19 pandemic turned the tax season upside down last year, and even now millions of people are still dealing with the aftermath in 2021. The Internal Revenue Service said in mid-February that it had yet to process 6.7 million individual income tax returns for 2019, based on data through Jan. 30.

Getting those returns processed — and any refunds involved in hand — may require additional review, dealing with corrections and addressing some ID theft-related problems where the IRS will need to work with taxpayers, according to the IRS.

These letters that the IRS sends out can be for many reasons, but often times can be just for verification of certain things such as identity (18%) or accuracy of information (i.e. income verification 25%) included in the tax return.

Although frustrating to the taxpayer, this is done to protect us all from individuals perpetrating fraud. These fraud filters were delaying refunds for up to 120 days from resolution.

Additionally the IRS has indicated that they are unable to manage the call volume that they are receiving regarding tax returns and the Economic Impact Payments.

12/31/2020

Expenses for "general health" are not deductible, such as:

Therapeutic vacations.
Gym memberships.
“Natural medicines” such as nutritional supplements, vitamins, and herbal supplements.

04/15/2020

If you paid qualifying expenses using funds from a 529 College Savings Plan:

The tax law currently states that any refunds issued that relate to expenses paid using 529 College Savings Plan funds need to be re-contributed into the account or rolled into another 529 College Savings Plan or ABLE account within 60 days of receipt in order to avoid the distributions being considered nonqualified and the earnings portion being subject to taxation and a 10% penalty. While we anticipate some future relief due the severity of COVID-19, this is important for you to be aware of as you are deciding how to properly time 529 College Savings Plan distributions. These accounts have been hit hard and in different ways depending on whether or not you are using age-based portfolios, (even though we know the equity allocations can vary widely across state plans!) or static investment options.

04/13/2020

If anybody needs help in applying for Paycheck Protection Program or Economic Injury Disaster Loan, we are available. You can also get your taxes and refunds done now.

Though the tax deadline has been pushed back to May 17th if you have a refund coming there is no need to wait. Let Ta...
03/24/2020

Though the tax deadline has been pushed back to May 17th if you have a refund coming there is no need to wait. Let Tax Service Plus help you get your refund quickly At Tax Service Plus we can do everything remotely if you prefer to stay safe, We are located in Sag Harbor Area and have been serving the Hamptons for 10 years. give us a call to discuss 631-537-4211 or text 646-526-4669
Hablamos ESPAÑOL
TaxServicePlusNY.com

03/19/2020

Good evening,
I hope everyone is doing well in these challenging days. By working together, we can and will get through this. Please feel free to contact me if I can be of help.
Today, March 18, 2020 the Internal Revenue Service issued official guidance about relief from the emergency. The notice (IR 2020-17) makes the determination that “any person with a Federal income tax payment due April 15, 2020 is affected by the COVID-19 emergency for purposes of the relief described in this section.”
No Late Filing Relief
It is vital to note that no relief was granted for the tax filing due date of April 15. To avoid the late filing penalty (which is the largest penalty), it is important to file income tax returns on time. Alternatively, an automatic extension of time to file may be requested.
In my experience, requests for automatic extensions are rarely denied.
The late filing penalty is 5% per month of any balance due up to a maximum of 25%, for any month, or part of a month, for which a return is late. This generally applies after the regular due date, or the extended due date if an extension is requested.
Payment Relief
The due date for making Federal income tax payments due April 15, 2020 is postponed to July 15, 2020 in an amount up to $1,000,000 regardless of filing status.
The due date for making estimated income tax payments for 2020 otherwise due on April 15, 2020 is extended to July 15, 2020.
This payment relief, while significant, is narrowly focused. It only applies to income tax returns for 2019, and first quarter estimated tax payments for 2020.
The payment relief does not apply to any other type of tax, or to any other tax year!
If you make payroll tax deposits or pay excise taxes of any type, the recommended course of action at this time is to continue making payments or deposits as usual.
Suggested Actions
Perhaps time at home may be used to gather information and start the return filing process. At this time in tax season, many practitioners are already busy and are extending returns for information that is received after a certain date.
A reliable estimate of amount due or refund might be derived by working with your accountant while still a few weeks out from the deadline. Then further actions can ensue from there.
Installment Agreements
If you have an installment agreement in effect with IRS, the recommended course of action is to keep making payments. A late payment or missing a payment may cause the IRS to terminate the agreement. This could be followed by the beginning of collection efforts on the full remaining balance due under the installment agreement.
Offers In Compromise
If you are making periodic payments under an agreed upon offer in compromise in effect with IRS, the recommended course of action is to keep making payments. A late payment or missing a payment may cause the IRS to terminate the terms of the offer. This might be followed by the beginning of collection efforts on the full remaining balance due. This would include any amounts which were compromised under the terms of the offer, as agreed upon by the taxpayer and IRS.
Conclusion
Thank you for reading this message, and feel free to contact me with any questions.

Marcel Link

03/08/2020

Small Businesses your taxes are due march 15th. please call us if you need any help or advice
631-537-4221

Address

116 MERCHANTS PATH
Sag Harbor, NY
11963

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