Accounting Services in New York City

Years of cultivating a successful business and work-life balance have led to Savvy and Suite, a honeypot for successful and money-minded individuals  

 

Here, you will learn all of the ways to minimize your tax liability, manage your business and personal finances, and unapologetically enjoy the sweet life on your days off

Save it for

the

suite life

Savvy Deductions is the first and last course you’ll ever need to take when it comes to understanding your business’ tax deduction options

Imagine being fearless with your finances, comfortably handling your business expenses, and seeing deductible opportunities as they arise

If you’re...​

  • Ready to get over the fear of the word “taxes”  

  • Prepared to put in the work and take charge of your finances  

  • Excited about saving your profits and reinvesting in yourself  

  • Sick of overpaying taxes due to basic negligence  

  • Done being unable to answer your accountant’s questions or even know what kind of questions you should be asking  

  • You’ve already learned so much but still feel like you’re not optimizing your tax return

OUR SAVVY DEDUCTIONS COURSE IS MADE FOR BUSINESS OWNERS LOOKING TO UNDERSTAND HOW A LITTLE BIT OF KNOWLEDGE CAN GREATLY BENEFIT THEM ON TAX DAY

 

 

 

 

AFTER GOING THROUGH REAL LIFE EXAMPLES FROM A VARIETY OF INDUSTRIES, YOU'LL BE OPTIMIZING YOUR TAX DEDUCTIONS LIKE A PRO 

 ​​

Find out why our tax services rank well

Upcity just ranked our firm as one of the top Tax Accounting and Bookkeeping firms in New York City

Business Accounting Services

Office Desk
Business Meeting
Online Shopping
Business Meeting

Personal Accounting Services

Business Meeting
Office Desk
Online Shopping
Business Meeting
 

Professional Bookkeeping Services

Do you struggle with knowing the difference between debits and credits? Does the thought of entering transactional data from your business make you sick to your stomach? Managing your books can seem daunting, which is why Savvy & Suite Ltd. is here to help, handling your professional bookkeeping service needs so you can focus on what matters most: your business.

Searching for bookkeeping in the New York City area? As one of the many bookkeeping services in New York City, we pride ourselves on being reachable, communicative, and flexible. Likewise, the tax landscape in the City is convoluted; we cut through that and serve as a premium New York City tax preparer with the same guiding principles. Although we operate in a large market, you can rest assured that our team will give your business a personalized plan of action.

We offer a full range of professional bookkeeping services, making sure your books and records are sufficient and in order. This allows you to know exactly how your business is doing at a moment’s notice, giving you the insight needed to make informed business decisions. This detail-oriented process also allows your financial picture to be complete, providing accurate financial statements.

 

Our up-to-date bookkeeping also provides a valuable base for tax return preparation, eliminating part of the headache that comes with tax time. Pairing nicely with our bookkeeping services, we also function as tax preparers for many of our bookkeeping clients, completing the full circle of necessary services.

Our resources allow you to invest time and effort back into your business instead of keeping your books in order. We have extensive experience with many types of bookkeeping software and our knowledgeable professionals are available to work through one-time problems or recurring issues. Whether it is monthly bookwork or resolving a problem, our team is here to help.

With the help of Savvy & Suite, you will have more free time to do what you do best: run your business.

 

Business Budget Management  

Looking to take your business to the next level but unsure of what the next step is?

 

Look no further than one of the budget models provided by your friends at Savvy & Suite.

 

Budgeting is a great way to analyze exactly how your business is performing compared to expectations (through our budget variance analysis), giving you advanced insight into what could turn out to be problem areas.

 

These analyses also shine a light on where your business thrives, giving you the ability to allocate additional resources to these high-performing areas.

It may seem like a given, but your budget will quickly determine whether your business is destined to reach new heights or not. As your trusted advisor, Savvy & Suite can provide budgetary examples or work through your budget requirements alongside your team.

Because we wear many hats (for example, we blur the line between bookkeeper versus accountants), we offer a broad range of insights that takes you from basic data recording all the way through in-depth analysis. This unique approach will provide business owners with not only the underlying data, but also clear and concise messaging about how that data impacts the business, specifically using budgeting and budgeting analysis.

Budgeting also helps get a grip on areas that may fall by the wayside or provide insight to unique circumstances that fall outside the scope of normal business operations. Because our budget models are highly individualized, two examples of ways our budget tools can be used are as follow:

  •  Audits – What is an audit? What are the expected costs and benefits? How do these impact my bottom line?

  • Liquidity events – Are you preparing for an abnormal liquidity event and unsure what to keep in mind? Have your cap tables been updated to ensure each stakeholder is properly accounted for? What types of cash outlay may be needed?

 

Whether it’s basic budget forecasting or budgeting for unforeseen circumstances, Savvy & Suite will meet your budgetary needs.

Payroll Processing with Your Business in Mind

The world of payroll seems to have its own language. Luckily for you, Savvy & Suite is fluent and ready to serve as the translator for your business. Whether it is something as simple as a W-2 filing or working on quarterly payroll tax forms, our professionals are ready to tackle your payroll issues.

 

Our team offers various small business payroll services to meet your payroll needs. Our staff can remotely handle your payroll services online, making sure your payroll runs smoothly and efficiently. We can also aid in the preparation of state and federal payroll tax filings/disbursements as needed. Because we deal with payroll regularly, our team has developed efficiencies that may not be available to you; allow us to apply these efficiencies to your process to save both time and money.

Our knowledgeable payroll staff will communicate your compliance needs, ensuring your business is up to snuff in the payroll department. We can also resolve payroll-related issues with various agencies, potentially working to resolve or eliminate past penalties. Curious about how New York City tax rates impact your payroll? We have your answers.

Payroll also reaches into the world of income tax compliance, with W-2 filings a major player in this area. We are fully equipped to provide this service and can answer questions regarding the W-2/1099 differentiation. We will accurately disclose all relevant figures and make sure that items such as fringe benefits and self-employed health insurance are disclosed in a way that maximizes tax savings impact.

While some may think the cost of payroll services can break the bank, that assuredly is not the case; it is an investment in your business that pays dividends immediately. Whether it be one of the above situations or a situation unique to your business, our team at Savvy & Suite would be happy to assist with any of your payroll-related needs.

 

Corporate Tax Returns – S Corp

S Corporation taxes provide opportunities that are not offered through the election of different entity classification. Because of these unique opportunities, it is important to have a tax preparer with the specific knowledge associated with S corps on your side. At Savvy & Suite, our tax preparers have the dedicated knowledge to make the most of deductions available to S Corporations, mitigating your potential tax expense. We offer both federal and state S corporation tax return filing, ensuring that your business is in compliance with all authorities from an income tax standpoint. All necessary forms will be filed, taking the stress of knowing what and where to file out of the equation.

 

S Corp tax compliance will leave you with peace of mind in the tax arena, but there are various opportunities for tax planning that our professionals would be happy to work through.

 

Planning on selling your business?

We can work with you on structuring your S corporation sale to minimize the tax impact of this transaction.

Curious about whether your S Corp officer compensation is reasonable? We’re here for that analysis. Not sure where to report fringe benefits to shareholders? The staff at Savvy & Suite has your answer.

Does your business sell in different states? Our firm can outline exposure risks, allowing you to make informed business decisions.

Are you unsure whether to structure your business as an S Corp versus an C Corp (or even an S Corp versus an LLC)? Choice of entity will most certainly be a conversation starter.

 

Are these questions completely off your radar? It’s time you had a tax partner you can trust to provide these kinds of answers.

 

Not only is the S Corporation return important, but the relationship between the S Corporation return and its shareholders is vital to understanding the shareholders’ individual tax situation. Without the full scope, your tax situation may still seem murky. Because our professionals are nuanced in their understanding, they can clearly articulate the relationship between your S corporation and your individual tax situation, illustrating the impact your S Corp has on your tax rates.

 

Corporate Tax Returns – C Corp

Operating a C Corporation in today’s world may seem to be going by the wayside, but our professionals at Savvy & Suite are here to help with your C Corp tax compliance. Our tax professionals dutifully apply their knowledge to accurately report your business’ performance while offering avenues for tax savings through planning. From creating your C Corp corporate bylaws (the C Corp equivalent to an operating agreement) to winding your business down, we’ve got all your C Corp needs covered.

With recent law changes, C Corp tax rates have dropped, possibly allowing you to maximize tax savings through a choice of entity change (whether that is an LLC/S Corp to C Corp transition or vice versa). While this does not apply to all situations, our professional staff can walk you through a calculation on whether this play makes sense. Looking ahead, our political environment has the potential once again to impact the entity classification decision. We will navigate you through any tax law changes that may arise and keep you constantly abreast of the changing tax law landscape and how it impacts your C Corporation.

As with all our compliance work, Savvy & Suite will complete the necessary compliance at both the federal and state levels. Our C Corp experts will meticulously work through your financial statements, verifying that all applicable tax deductions have been taken, reducing your C Corporation tax expense. We provide adjusting journal entries to keep your books in order, matching your company books to the reported compliance forms.

C Corporation tax planning is key to minimizing tax burden, with a C Corporation being no exception. Utilizing tax planning strategies can lead to immense savings over time, which is why talking through the unique situation that your C Corporation offers is so important.

 

Still not sure if the C Corporation is your choice? We would be happy to offer C Corp examples or break down the C Corp definition to clear up any misconceptions you may have about this entity structure.

 

Stay up to date on taxes, business management strategies, and of course, the top travel

destinations from our blog 

THE SAV VY & SUITE

BLOG

BLOG
Taxes
BLOG
Business
BLOG
Travel

Corporate Tax Returns – LLC - Limited Liability Corporation

When starting a business, choice of entity can seem daunting. There seem to be so many options with differing tax consequences. One of the foremost popular entity types is the Limited Liability Company, or LLC.

 

Some common small business taxation questions that could cause future headaches for new entrepreneurs could include:

  • How do I file my LLC taxes?

  • What is the tax difference between a sole proprietorship and an LLC?

  • Do I need to have an LLC operating agreement in New York (or elsewhere)?

  • What other tax impacts could be lurking if I choose an LLC as my choice of entity?

 

The answers to these questions, unsurprisingly, can be complex. What may be surprising, however, is how at ease you’ll feel regarding the taxation of your LLC after discussing your unique circumstances with the tax pros at Savvy & Suite.

Savvy & Suite aids in LLC tax preparation in New York City and beyond, yet another service in their suite of expertise. Depending on the structure of your business, a partnership return may be needed in order to fulfill compliance requirements; we’d be happy to assist in the formation of your business and ensure that expectations as far as filing requirements are met.

The formation of your entity also could have a significant impact on your personal income tax situation, especially regarding Single-Member LLC situations. Regardless, these are all conversations that will take place with our knowledgeable staff. Rest assured; you won’t be surprised come Tax Day due to your LLC taxes.

As with all our corporate tax services, we’ll handle both the federal and state compliance filings for your LLC. Additionally, we can offer supplementary services for any needs that may arise out of your LLC, which may include payroll-related items, tax planning, or others. All this comes with our full suite of professional options, aimed at providing you with unique resources to strengthen your business.

 

Financial Statement Analysis

Now that your books are in order (thanks to the tireless efforts of Savvy & Suite’s bookkeeping team, ideally), what’s next? We can see the balance sheet and income statement, but how does that impact our decisions? Are we basing business decisions on the face of these statements or are we utilizing these tools optimally, harnessing their full potential?

Luckily for business owners, Savvy & Suite can provide financial statement analysis to give more insights than what may be evident using solely the superficial financial statements. Using a variety of financial statement analysis methods, Savvy & Suite helps you operate as an informed business owner, potentially pointing out problem areas that may not be immediately observable. Using our industry resources and knowledge, we can tailor a type of financial statement analysis that suits your need specifically instead of trying to “cookie cutter” an existing type to your financial picture.  Every one’s business situation is unique and should be analyzed separately. h.

On so many occasions, it seems that small business owners are faced with a time that they feel they just don’t have a full handle on their financial statements. Without a deep dive into your financials, you may be guiding your business while financially blinded. This is an experience that no business wants to go through, especially someone who has personally invested both time and capital into their business. As always, Savvy & Suite is there to guide business owners. For proof of concepts, we’d be happy to provide past work as an example of our financial statement analysis or have the option of working a financial statement analysis case study, once again relying on our extensive industry knowledge to paint a clear picture of your business situation.

Our financial statement analysis is but another strong resource offered by Savvy & Suite, allowing you to maximize your understanding of your business processes and how these processes impact decisions. Allow us to be the co-pilot of your ship, providing tools useful to getting to the destination that is business success, stability, and growth.

 

Sales Tax Advisement

Sales tax is not one of the prominent areas in the collective mind of the American businessperson, but it plays an unheralded role in the lifespan of a business. Sale tax compliance can make or break a newly formed business; noncompliance can result in fines and penalties that can quickly sink a nascent business.

 

Who do businesses look to for sales tax advice? None other than Savvy & Suite, of course. Being based in New York City, Savvy & Suite is aptly suited to handle your sales tax in New York state, as well as sales tax in New York City.

As with payroll, our sales tax team can handle compliance work or create templates that provide you with a sales tax calculation or sales tax examples. This information will keep you in good standing with various authorities, shoring up your business from unforced errors that may spell the end of your entity because of poor sales tax planning/execution.

 

Our informed staff stays up to date on any changes in sales tax rates, both in New York state and abroad. We can quickly determine potential sales tax exposure, which is rapidly becoming a problem area as the rise of technology allows end-product vendors to sell in various locales with the click of a button.

Our conversations with clients will inform them of the risks and rewards of proper sales tax planning (selling into a certain state, various sales tax thresholds, et cetera).

 

As sales tax guidance changes, we are here as a resource, constantly having our hand on the pulse and informing business owners about what we’ve learned.

 

We are also available to aid in the registration in localities, making sure that proper documentation is provided.

 

These are but a few of the benefits our sales tax team has to offer.

 

Individual Income Tax

Like all Americans, individual income taxes seem to be a huge part of our lives, and at Savvy & Suite, we’re no different.

 

What sets us apart from the average American is just how much we love individual income tax (we know, accountants are strange).

 

We love seeing how the numbers come together, all the way down to the calculation of your individual income tax rates.

 

These are real-life numbers with real-life impact, so have confidence knowing that we’ll work for every applicable deduction, minimizing your personal income tax exposure.

 

At Savvy & Suite, we enjoy income tax compliance so that you don’t have to. Building upon our years of experience working with individuals, our methods are proven to mitigate individual income tax exposure.

Savvy Deductions, our proprietary tax classes in New York City, will fully illustrate the interplay between business deductions and your personal income tax situation. As a top preparer of individual income tax in New York state, we strive to provide big city service at a small-town price.

 

Like our business taxation preparation, we’ll assist in the filing of your federal and state returns. We will also discuss planning strategies, especially strategies that arise because of recently passed tax laws. It’s more than just dropping numbers on the form; our professionals understand that these numbers mean something to you, and we treat your tax situation with the respect it deserves.

You’ll be kept in the loop throughout the entire filing process and because our relationship includes tax planning, there should be minimal surprise come Tax Day. Communication is key in the process and allows our clients to develop the trust that we work hard to foster. Allow us to be the trusted advisor that takes special care of your income tax needs.

 

Financial Budget Planning

Have a budget but in need of personal budget planning tips or tricks? Over the years of operating in this space, we’ve picked up various efficiencies that we can transition to your personal budget planning project.

Creating a personal budget can seem overwhelming, especially starting from scratch. Luckily for you, we have experience crafting a perfect budget for your monthly or yearly needs. Need a personal budget planning template to start the budgeting process? We would love to share what we’ve created to ease your transition to a budget-based life.

Whether a simple Excel file or a complicated automated system, consistency is paramount, and our budget professionals are here to provide support in whatever way is necessary. Sometimes it’s just a positive nudge that keeps your budget on track!

In a world inundated with various applications, we’ll share our insights and offer suggestions on the best way to initiate and follow through with budget planning.

Still in search of budget knowledge? Here are some key things to consider when setting up your budget:

  • Define your goals. What are you budgeting for? With this in mind, you can tailor your saving/spending to reach your goals. If your goals are to alleviate debt, have a plan on whether you want to pay off the lowest total amount or eliminate the debt with the highest interest rate first. On the other hand, if your goals are to save for a rainy day or college, know which tools are best to achieve your goals.

  • Determine whether your income is fixed or variable. Different income streams can drastically impact your budget process. Understanding the difference will allow you to focus on variances that may arise because of these income streams.

  • Be consistent. A budget is only successful when executed month over month. You’ll see positive impact over time with consistent execution.

 

Savvy & Suite’s reliable budget professionals will aid in your budgetary planning process, aiding in the achievement of your goals.

 

Non-Resident Tax Returns

Nonresident aliens (individuals who are not United States citizen and who simultaneously do not hold a green card or pass a substantial presence test that tests where the person has resided for much of the year) must still pay individual income tax on income generated in the United States. Even just reading this definition can cause heads to spin, which is why Savvy & Suite relies on years of experience filing these compliance forms to fulfill your nonresident alien tax return needs at the federal level. Don’t worry, we will help guide you on the details of these filings.  Let’s dive deeper. 

This section of the tax code largely resides by itself, with many special rules and tests. Two examples of strange rules include the lack of ability to e-file nonresident tax returns and special rules concerning nonresident alien tax withholding. Don’t worry, we’ve got these rules covered so you don’t have to spend any more time thinking about crazy tax terms.

To make matters worse, the definition of a nonresident changes when looking at the state level. A nonresident in the state of New York (the home of Savvy & Suite) is anyone that did not live in New York for a certain amount of time; these individuals must file a New York State Nonresident Tax Return, signaled by the Nonresident Tax Form for New York (Form IT-203). Each state has separate tests and forms associated with nonresidents, but we are equipped to handle any scenario regarding nonresidents at the state level. Got it? No? We do! We will guide you through the state tax compliance process if you fit into this category, utilizing insights acquired over decades in tax preparation practice.

We love definitions, but if reading all the above gives you a headache, that’s why we’re here. We get the headaches dealing with these items, so you don’t have to.

 

Self Employed Business - Sole Proprietor

Sometimes the US Tax Code is surprising in good ways (yes, it’s possible). One of these positive surprises is just how easy it is to start your own business in the tax world.

While there may be legal requirements to protect from liability and to maintain good standing with localities, there are only so many ways entities can be taxed. One such instance is the sole proprietor, a situation in which the individual forms a business that reports its business profits on the sole proprietor’s individual tax return.

While there may be liability reasons to structure your business as a sole proprietor versus an LLC, they functionally are taxed in the same way (specifically related to Single-Member LLCs). For one of many sole proprietorship examples, look at your neighbor’s stand at the local Farmer’s Market. Because this entity is established in this way, your neighbor will report their earnings on the sales of their produce on their individual income tax return instead of on a business income tax return. This is hypothetically the same tax treatment as other flow-through entities without the added hassle of an additional compliance form.

Other examples of a business with sole proprietorship classification include individuals who bookkeep on the side, freelancers, or landscape professionals.

Regardless of your profession, it may be of interest to set up a sole proprietorship to potentially protect your business and establish your tax entity.

 

Are you a sole proprietorship in New York and curious about the impacts that this entity classification has on your personal income tax situation? Savvy & Suite knows the ins and outs of these entities, answering questions big and small.  We’ll help in the preparation of your Schedule C, detailing your business profits and illustrating the impact of your business performance.

 

Self Employed Business - Single Member LLCs

Starting your solo business is easy, but it’s especially important to protect yourself from any unnecessary liability exposure.

While there are a few ways to structure your solo business, perhaps the best way to protect yourself is through the creation of a single member LLC. This entity functions largely like a sole proprietorship with the added layer of liability protection that is so important to small business owners.

Questions abound when discussing single member LLCs:

 

  • How are these entities taxed? Much like sole proprietorships, a single member LLC is technically a flow-through entity that has no additional requirement to file a business tax return, instead reporting earnings on the single member’s tax return.

  • Do I need a single member LLC operating agreement for my business? There are circumstances where this may not be necessary, but Savvy & Suite recommends that our single member LLC clients maintain an operating agreement. We’d love to draw one up for you!

  • How do I handle payroll for a single member LLC? One unique aspect of the SMLLC is the fact that members are not “paid”; instead, the technical term is that a member draw occurs when money is removed from the business.

 

More questions? Fire away. We’re here for trusted answers.  

Savvy & Suite is also here to provide estimate guidance regarding single member LLC quarterly taxes. If you are new to the single member LLC structure and are unsure what your taxes are going to look like in the upcoming year, we can model out projections, keeping you aware of your tax situation at all times.

As the preeminent advisor for single member LLC taxes in New York City, we’re here to serve your needs. Taxes can be complicated, but our proven process removes complications and supports your goal of a protected, effectively managed business.

 

Trust Planning

Trust planning services may seem like a niche, but at Savvy & Suite, we pride ourselves on being able to relay the entire tax planning lifespan to our clients, which includes the potential for trust planning.

Trust planning: a potentially underutilized area that individuals often have no idea about until it’s too late. This is an essential tax planning strategy, whether you are young or old. With proper planning, trust execution can help minimize tax down the road, especially in situations where estate tax impact may be felt.

This planning often boils down to one simple type of planning: asset protection trust planning. Underneath it all, we truly want our hard-earned assets to be protected, whether we are alive or after we pass. That last part is especially crucial; savvy trust planning helps distribute our assets in the way we want, even after we go.

As mentioned, we truly strive to provide services that no other firm provides. Such services include will trust planning services (i.e. articulating your desires through a will/trust situation) and family trust/estate planning, which encompasses all sides of the trust and estate relationship.

These are often not the conversations that clients want to have, but our personable staff makes the conversation much more fluid. We discuss goals and options, illustrating how trust vehicles allow for growth and ensure that your assets are distributed the way you want. This also allows for some peace of mind should you meet an untimely end; assuming trust planning is established, your descendants are taken care of because of this meticulous process.

In a time of uncertainty, it’s important that money is not added to the list of unforeseen issues. Trust planning establishes some of this certainty, which is why we’re proud to offer this service.

 

Estate Planning

As with trust planning, estate planning may seem out of reach or unnecessary but is vitally important. As estate tax legislation begins to sunset or is changed, more emphasis may be placed on intelligent estate planning. Understanding similarities and differences between wills, trust planning, and estate planning can shape proper tax planning, eliminating any unforeseen tax issues.

What is an estate? In essence, it’s everything you owned at the time of your death. Let’s suppose you’ve met an untimely death; your assets are compiled and brought together, thus creating your estate. In certain circumstances, if your compiled estate reaches a certain threshold, estate taxes may kick in (taxes will get you, even when you’re dead). This is why it’s so important to have an estate tax strategy, achieved through various means.

Estate tax planning can be achieved in many ways. First and foremost, estate planning and wills often go hand in hand. It’s crucial that your estate is managed by your will after death. Savvy & Suite can discuss options as far as wills, pointing you in the correct direction. There is, however, an additional symbiotic relationship between estate planning and trust planning; there are estate planning trust types that we’d be happy to advise on, depending on your individual goals.

To distribute your wealth before death, you may elect to place assets in trusts, largely making up the living trust estate planning process. In estate planning, the trust versus will cohesiveness can make for an effective transition before and after death.

Has your tax accountant had this discussion with you before? Did you think that this was your tax accountant’s job to know about these areas? These types of conversations happen on the daily between clients and the trusted advisors of Savvy & Suite. Join the conversation today.

 

THE SUITE LIFE

 
Stay updated on the latest tax saving tips, best business practices,  and coolest travel destinations! 
Savvy and Suite LTD.
177 Pembroke St 
Brooklyn, NY 11235
(929) 977-9770