MEMORANDUM

TO: All Clients

DATE: December 2023

FICA Tax Changes for 2024:

FICA Tax includes both Social Security coverage and Medicare coverage, and are both a deduction from employee wages and matched by the employer.

As you should have heard by now, Jerry Lewand of Lewand Zryd Associates is retiring as of June 30, 2023. He has discussed with our firm to acquire his existing business and personal clients to do their accounting and taxes going forward. Our physical office is literally right across the street; he is in Bohemia and we are in Ronkonkoma. We are a full service accounting firm and have been for forty-five years. We are located in our own building and have been since 1989. We are CPA's and Enrolled Agents and undergo annual continued professional education to assure that we…

MEMORANDUM

TO: All Clients

DATE: December 2022

FICA Tax Changes for 2023:

FICA Tax includes both Social Security coverage and Medicare coverage, and are both a deduction from employee wages and matched by the employer.

MEMORANDUM

DATE:    December  2021

FICA Tax Changes for 2022:

FICA Tax includes both Social Security coverage and Medicare coverage, and are both a deduction from employee wages and matched by the employer.

We are pleased to announce that we have completed our Merger with Dovecote Accounting Services of Ronkonkoma, NY. This is our third acquisition of a Long Island Accounting practice in the past four years.

The Coronavirus has affected how the whole world operates. For taxes, the due date has been moved from April 15, 2020 to July 15, 2020 (and maybe later) with no penalties or interest if paid by July 15, 2020.

As of Monday, March 23, 2020, our Ronkonkoma office will be open part-time due to the corona virus and NYS mandate, until further notice. We will be available via email or phone. We have included a link to our website for contact information: https://www.bergercpa.com

FICA Tax Changes for 2020: FICA Tax includes both Social Security coverage and Medicare coverage, and are both a deduction from employee wages and matched by the employer. Maximum Wages Subject to Social Security Tax  $ 137,700.00 Maximum Social Security Tax – Employers                  8,537.40 Maximum Social Security Tax – Employees                  8,537.40 Maximum Wages Subject to  Medicare Tax               Unlimited Social Security Tax Rate:                           Employees               6.20%…

We are pleased to announce the acquisition of the Lotierzo Associates CPA firm in Westhampton Beach, New York.  The addition of this CPA firm gives us a physical presence on the south fork of eastern Long Island. We are glad to welcome Denise Lotierzo, Dione Dekas and Jaclyn Allegretta as part of our professional staff.  Michael Lotierzo CPA will be retiring after fifty years as a CPA professional, but his professionalism and caring will continue as part of our combined firm. The office is located at 12 Oak Street, Suite 5, Westhampton Beach, NY 11978.  The office can be reached through…

Whether you are just starting your business or are looking for ways to expand, working with an accountant can help you make the right decisions. However, finding an accountant in Long Island, NY, can be challenging. When you know where to look, the search can be easier. Here are a few tips you can consider when looking for an accountant for your business. Accounting and finances are subject to a variety of rules and regulations. Therefore, it is important to work with a professional who understands the law about the aforementioned fields. The CPA is an accountant who has been licensed to…

Business valuation is a process that lets you know how much money your enterprise is worth. You will want to do this for a variety of reasons. It helps set a reasonable asking price if you decide to sell or liquidate your business. Also, you may also use that valuation to establish equity if you require financing. Today, we’ll briefly go over different types of valuation methods. First, don’t do the valuation yourself–this process requires objectivity and distance to determine your business’s true value. Your accounting firm in Long Island, NY, can direct you where you may go to get this service,…

You want to make good money doing what you’re good at and what you love. However, this does take more than skill at your business; it also requires sound money management. In out last post, we shared three important tips to help you learn to manage your money: keeping separate bank accounts, ensuring you have enough money for taxes, and using accounting software. Let us share some more essential tips with you to simplify your life on a personal and business basis. These include: Tax Savings Account — Now that you’re a business owner, you owe money to Uncle Sam for…

Someone that is self-employed has all of the fun of owning and running their own business. However, they also have all of the responsibility, too. To keep your bottom line in the black, establish ground rules that deal with your finances, both personal and business, and establish separate bank accounts for each. It’s essential to separate your personal expenses from that of your business. Whether you use a credit union, local bank, national financial institution, or online bank; you need to set up individual accounts. This way, you can tell exactly where you stand in your personal life and with your…

This has been a year of personnel changes for the first time in our history. Vito has retired and Christine has also retired. Now Liesel Jacullo has resigned to pursue her Masters in Accounting & Tax. We wish them all good luck in the future! Kaitlin has just recently married Matthew, a beautiful wedding and now their lives together begin. Kaitlin continues here as part of her future. The firm is in the acquisition mode and big announcements for new personnel and clients will be forthcoming!

Estate planning is all about planning for the legacy you’ll leave behind and taking measure to ensure your final wishes will be respected. With something so important, it’s vital to find professionals you can trust to guide you through the process. When you’re ready to begin estate planning in Long Island, NY, turn to Michael J. Berger and Co., LLP. We provide the keen accounting insight you need during the complex proceedings of estate planning. Why do so many New Yorkers rely on us for their accounting needs? It’s because we have the experience and resources necessary to handle all their most…

Building business credit should go hand-in-hand with building your business. Your business needs its own credit so you can keep your its finances separate from your personal finances. That way if something goes wrong with either the commercial side or the individual side, the other end won’t be impacted. The first step to building business credit is to be legitimate. Get an Employer Identification Number from the IRS, open accounts in the name of your company, and get a credit card, credit line, or small loan in the name of your company. These steps start your business’s credit history. You can…

Building your business’s wealth and success takes commitment in every area of your finances. Even if you’ve been filing your taxes for years, you may be missing opportunities to enjoy a little extra cash through less well-known credits. These advanced tips are all potential options to maximize your money when you use professional tax preparation services in Long Island, NY: Claim The Pension Plans Startup Cost Credit – If you’ve just started a pension plan for your employees, you may be eligible for a credit. Although it’s limited to $500, that amount can recoup the costs of starting the plan. If you…

Your taxes are one of the most important areas of your business’s financial health. As you prepare to file your return, make sure you’re getting all the credits you deserve. These four strategies give you the foundation you need to maximize your deductions and minimize liability: Claim The Health Care Tax Credit – If eligible, employers with fewer than 25 full-time employees whose salary payouts average less than $50,000 per year and pay at least half of employee health insurance premiums can enjoy a significant tax credit. Deduct Health Care Premiums – Applicable to individual health plans where premiums are paid out of pocket,…

You are still required to pay taxes–even in your retirement. By knowing what parts of your income are taxable ahead of time, you can plan your budget accordingly. In order to understand how your retirement factors into your personal tax return in Long Island, NY, it is important to know the kind of income sources you have and how the tax codes affect them. Below are a few things to consider. While you may have only needed to file your W-2 while you were employed, withdrawing from all of those retirement accounts you contributed to in the past now creates a tax…

Small business accounting in Long Island, NY, requires accuracy and diligence. When using your small business accounting software, be on the lookout for these common errors. They may not show up on your suite’s trial balance, but they can affect your data – and how you might use it. Commission: A commission error occurs when entering a transaction in the right class but the wrong subsidiary ledger. This error might occur if you apply a payment to the wrong invoice. The customer’s balance may be accurate, but where the payments have gone may not be. Subsidiary Entry: Subsidiary entry errors occur when entering the…