Ronald W. Thorn
Certified Public Accountant
Ron has been working in the accounting field for over 30 years. We have extensive experience working with construction contractors in all trades, homeowners associations, as well as business owners in the medical, dental and legal professions, pharmacies, entertainment venues and restaurants. Please see the "Practice Areas" page for more information about how we serve our clients.
Linda is a customer service expert. She handles correspondence with the taxing agencies, as well as accounting, bookkeeping, QuickBooks training and payroll services for many of our clients. Linda is our Certified Payroll specialist.
Accounting, business consulting and income tax services for small and mid-size businesses, and planning for and preparation of personal income taxes. We serve clients in the Hudson Valley area, Westchester and New York City
FOR A FREE CONSULTATION
Ronald W. Thorn, CPA
90 Crystal Run Rd, Suite 103
Middletown, NY 10941
Tax Deadlines to Remember for 2019
Partnerships (including LLC Partnerships) and S Corporations with a December 31 year end had income tax returns due March 15th, 2019. An extension is only valid for a calendar year end business until September 15, 2019. This due date cannot be extended further. Significant penalties will result if not filed by then.
Corporation income tax returns for C Corporations with a calendar year end were due to be filed by April 15th, 2019. If an extension was filed, the new due date is October 15, 2019.
C Corporations (and some S Corps) in New York may require quarterly installments of estimated tax for 2019. Skipping these can add penalties and interest to your tax bill. The due dates for a calendar year end business are March 15th, June 15th, September 15th, and December 15th of 2019. If you missed payments that were due previously, you can still mitigate penalties by making a payment now, and then making the remaining estimates when due.
If you requested an extension for your 1040, you will need to file no later than October 15, 2019.
Our focus is on service to businesses striving to improve, increase their profits, understand their costs, and plan for tax matters and retirement.
Services That We Do Not Provide
In many ways, the decision to not provide accounting services to certain areas of specialization is just as important to us as those that we choose to serve. For example, we will not audit a school district or municipality. It is our contention that those engagements are best left to the professionals that work in those fields everyday.
So business is strong and successful. That's grand! Are you maximizing your tax savings by moving money into a retirement fund? Which type of retirement plan will help you get the best deduction? Which plan fits your current budget? What will you do if your company outgrows your current plan? There are many options available. Some may have unavoidable administrative costs, but give you an opportunity to save much more in your retirement each year. Will the benefit exceed the cost? Others have no administration costs, but they have lower limits for yearly contributions. Whether it is a 401(k), an IRA Simple, Roth, or even a Profit Sharing Plan, we will help you understand your choices.
Even a small business, or a company with only a few employees can benefit significantly by setting up a no admin cost IRA Simple plan. Consider the benefits of a loyal employee (priceless). Offering an IRA Simple will help your employee plan and save for their future, while the only cost to the employer is a matching contribution to the employee's retirement of no more than 3% of the salary.
"Please don't get your business or tax advice from a website (Not even this one). Please consider contacting our office for advice specific for your situation and needs."
Federal Income Tax Forms -
Federal Tax Publications -
New York State Tax Forms -
New Jersey Tax Forms -
Connecticut Tax Forms -
If you are not finding the answers you need, please call our office. We will be happy to help.
It's a done deal. The "Tax Cuts and Jobs Act" is the law beginning in 2018. Some things may seem to be worse than before like limited deduction for State taxes such as withholding and taxes we pay on our homes. On the other side of these changes, we find increases in the standard deduction which may simplify filing for some taxpayers. Also, we now have reduced tax rates for all taxpayers.
Will you pay more or less tax than under the old law? Sorry. The best answer is "it depends." Each case will be different. Make your tax appointment early this year.
Federal income tax withholding tables were updated for the 2018 tax laws in February of 2018. As a result, many have seen the net take home pay increase. Net withholding on retirement income is also affected by these changes. While that may have been grand news, my question remains, is it the right change for your specific tax situation? As we worked our way through the last tax season, we finished our work by attempting to project tax matters for 2018 for each of our clients. In many cases we found that our clients would save money under the new law. HOWEVER (sorry for being so emphatic), we have encountered some surprises as well. In some circumstances, the withholding was being reduced by more than the actual anticipated 2018 tax savings. Even more unsettling, we have found that for some, the withholding would be less, and the actual tax will be more. YIKES!!! Please make sure to plan accordingly. You may need to change your withholding rates to compensate for these new tax tables.
Are you familiar with the new IRS Section 199A deduction? The new tax law makes changes that will apply to owners of LLC / Partnerships, S-Corporations, and Proprietorships. Tax cuts for the so-called "Big Businesses" are also available for smaller closely held businesses under Section 199A. Don't miss out on this new opportunity.