What are freelancers biggest concerns when it comes to NYC taxes?
Taxes and the Self Employed in NYC
Manhattan CPA for Freelancers and the Self EmployedDid you know that more people than ever before are self-employed or starting their own businesses? Whether you have launched your own entity, begun consulting or started a freelance career as a natural extension of your area of expertise, self-employment is one of the fastest growing sectors of the New York City economy.
Although independent professionals and business owners have total control over their finances — and can take advantage of many tax benefits that are not available to the average American employee — this freedom comes at a cost. Many new business owners and independent professionals do not know they have to pay federal, state and self-employment taxes. Planning for the self-employment tax while also taking advantage of the many benefits of independent work is essential to enjoying robust business growth and a stable financial future. (Just in case you don’t already know, self-employment taxes consist of Social Security and Medicare contributions and can be as high as 15.3% of your income.)
If you’re like most professionals, however, you’d rather not spend your time managing the complex details of your financial structure — your focus is on enhancing your reputation and assuring bottom line growth. Whether you’re a sole proprietor with no inventory or you’re a small business owner with part time employees and other overhead expenses, you need an expert Manhattan accountant to guide you through the record keeping and tax filing requirements that are unique to self employment.
212 Tax & Accounting Services
Here at 212 Tax & Accounting Services, we provide self employment tax solutions to independent professionals and other self employed individuals in a diverse range of businesses. Our tax accountants help clients who are graphic designers, business analysts, project managers, specialized technology consultants, personal trainers, temporary workers and other self-employed individuals. We know what goes into running your own business, and our tax and bookkeeping strategies can save you a lot of time and money.
At 212 Tax, we help clients choose between the business structures that offer the best opportunities for success, such as incorporation, a limited liability entity or remaining as a sole proprietor. Our understanding of the benefits and pitfalls of each operating structure allows you to make the right decisions for your future — and the future of your business. Should you decide to incorporate or structure your business as a partnership or LLC, 212 Tax can help you manage the necessary filings for a fraction of what hiring an attorney costs. You’ll be able to conserve your resources by keeping them where they need to be: invested in your business.
Understanding the Needs of Self-Employed Business Owners
As your business grows, you may find yourself spending more time than you should on your accounting, taxes and/or finances. That time should really be spent on managing day to day operations, customer service and most importantly SALES. If you need CFO services, payroll services or help with payables and receivables, 212 Tax can help. We can help you streamline your workload so you aren’t spending your free time researching decisions and managing details that are more effectively performed by accountants.
Give us a call or send us an e-mail to learn more about what 212 Tax Accounting Services can do for you.
We are not attorneys and we do not offer specific legal advice or legal services. 212 Tax & Accounting Services sets up NY State LLCs only. We always recommend using an attorney for anyone who is seeking a customized operating agreement and/or any other type of legal advice or legal services.