Filing taxes with a standard W2 form is easy, but things can get challenging when you bring alternate sources of income, like stocks, into the equation. Selling stocks can affect your tax bill in a number of ways, whether you’ve earned a capital gain, a loss, or earned dividends on your investments. Capital Gains Tax When you sell your stocks, subtract what you originally bought the stock for from the price you sold it for – this is your capital gain. The capital gain is the taxable amount from each sale of stock. In essence, the government is only taxing your profits.…

As a firm who is proud of our personnel, their long-term commitment to our clients and each other, and honored by our minimal turnover throughout our forty year history as a firm, we are mindful that there comes a time when people want to retire. We have reached that time. Vito and Christine have decided that this year is that time for them. Vito has been the head of our tax department for 34 Years. Christine has done accounting and taxes here for 21 Years. They will both be missed. The rest of us will continue to service our accounting and…

While you do not have to file a joint return if you are married, there are a few differences between a joint married return and separate married returns. Here are a few ways that filing a tax return jointly can affect your refund or payment. Your Tax May be Lower In some cases, filing a joint tax return may result in a lower tax than if you had filed separately. This will depend on your circumstances, so you should check with an accountant to see if filing jointly will result in a lower tax or if you will pay less filing separately. Your…

Accounting errors happen to the best of us, but if you can learn to detect and correct these errors, you can avoid costly mistakes. Not all accounting errors can be found in the trial balance either. Here are a few hours you may come across. Omission – If you are not diligent about recording transactions as they happen, you may accidentally omit one from your books. This can be hard to detect because your trial balance won’t look off. The best way to prevent this type of error is to create a standardized process for entering transactions promptly. Reversal – When a transaction that…

Tax season can be stressful, especially if you are trying to file them yourself. Sure, filing your own taxes is something the average American can do themselves, but it isn’t always the best choice. If you are new to doing taxes, or you find the process confusing and stressful, there are benefits to turning to an accountant to prepare your personal tax return in Long Island, NY. Ensure You are Getting the Refund You Deserve The state and federal government take a certain percentage of every paycheck, but they sometimes take more than they should. Depending on your circumstances, such as the…

With tax season approaching, you may be assessing your financial situation a little more closely. While many people can simply file their W-2 and leave it at that, some of us are in a more complex situation that can turn tax time into a hassle. If you are in any of the following circumstances, it can pay to hire a CPA to prepare your personal tax return in Long Island, NY. You Own a Small Business or Work Gigs It can be challenging to navigate your taxes when you own a small business, as there are many write-offs for which you can qualify.…

When you are trying to find an accountant in Long Island, NY, you don’t have to go far to find a reputable firm – just call Michael J. Berger & Co. Our personalized accounting services have been helping small and medium-sized businesses in Long Island keep their finances in top shape. We provide a wide variety of financial services, including accounting, auditing, tax planning, tax prep, estate planning, and more. We also offer personal tax preparation for individuals. In this blog, we will discuss a wide variety of financial topics that we feel will be interesting and helpful for our clients.…

2018 Year end memo to clients Sexual Harassment Update, Now Law in New York 2018 Preview of Tax Law Changes Tax Law Changes and 2017 year end memo to clients We are growing!

YEAR END MEMO – 2018 TO:         All Clients DATE: January 2019 ***************** Accounting FICA Tax changes for 2019: 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 $ 132,900.00 Maximum Social Security Tax – Employers $8,239.80 Maximum Social Security Tax – Employees $8,239.80 Maximum Wages Subject to  Medicare Tax                        Unlimited Social Security Tax Rate: Employees                                                    6.20% Employers                                                    6.20% Medicare Tax Rate: Employees  1.45% (Employees earning over $200,000 are subject to additional 0.09…

New York State Passes Legislation Requiring Employers to Provide Greater Protections against Sexual Harassment.  THIS IS NOW LAW IN NEW YORK. The New Your State budget included several initiatives designed to strengthen protections against sexual harassment in the workplace. Effective immediately, the legislation expands protections against sexual harassment under the NYS Human Rights law to non-employees including independent contractors and subcontractors. Effective October 9, 2018, all employers in New York must adopt a sexual harassment policy and training program that meet certain standards. Details of the new requirements are included below. Model Policy The NYS Department of Labor in consultation with the NYS Department of…

Big tax law changes are coming for 2018. We can explain the changes to you, discuss how they impact you, and help you plan for them. We will be glad to discuss these changes when we do you 2017 income tax returns. These changes may affect business and personal tax returns for 2018 (which will be filed in 2019) as well as income tax returns filed subsequently. Some changes may be huge, especially for New York taxpayers. Don’t believe everything you hear or read; we will have all the facts and we will be glad to update you. Our team…

YEAR END MEMO – 2017 TO: All Clients DATE: January 2018 ***************** Accounting FICA Tax changes for 2018: 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 $ 128,400.00 Maximum Social Security Tax – Employers $7,960.80 Maximum Social Security Tax – Employees $7,960.80 Maximum Wages Subject to  Medicare Tax                        Unlimited Social Security Tax Rate: Employees                                                    6.20% Employers                                                    6.20% Medicare Tax Rate: Employees  1.45% (Employees earning over $200,000 are subject to additional 0.09…

We are proud to announce that Mike and Marlene from Michael D. McLeod CPA PC have merged into our firm effective June 1, 2017.  We welcome Mike, Marlene and all of their clients into our firm.  Mike and Marlene are here in our Ronkonkoma office with all of their client files.  If you receive any tax notices please forward to us for resolution.  The notice you receive may not be correct!