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    Our Team
     
    More than 25 Years of Service Together

    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 Warren

    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.

    Our Services

     

    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

     

     

     

     

    Contact Us

    FOR A FREE CONSULTATION

    845-673-6770

    Ronald W. Thorn, CPA

    90 Crystal Run Rd, Suite 103

    Middletown, NY 10941

    EMAIL:

    thorncpa@yahoo.com

     Tax Deadlines to Remember for 2020

    • If you need to pay 2019 individual estimated taxes, your fourth quarter payment is due January 15th, 2020.
    • Payroll tax reports and W-2 Forms must be filed no later than January 31st.
    • If your Company paid anyone $600 or more for services, file Form 1099-MISC by January 31, 2020. You will need the address and social security number of the payee to complete these forms.
    • MARCH 16th -This is an important deadline (for calendar year end companies) if your business is formed as an S-Corporation or a Partnership (including LLCs that file as either of these tax entities). Your 1120S or 1065 Forms are due March 16th, or you must file for extension.
    • MARCH 16th - C Corporations in New York State will need to pay the first quarter Corporate Estimated Tax (Form CT-300).
    • APRIL 15th - Companies filing C-Corporation business tax returns for a calendar year end are due April 15th.
    • APRIL 15th - Personal income tax returns are due. If you need to file for an extension, please keep in mind that an extension is only to file the return at a later date. The extension is not to pay your tax later.  If you think you make owe tax, pay the amount projected to be due no later than April 15th, 2020.
    • April 15th (again) - If you still need to file your 1040 for year 2016, you must file no later than April 15, 2020. No refunds will be made by the government for returns filed beyond that date.

    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.

     

     

    Retirement Planning

    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."

    Ron Thorn

    Helpful Tax Links

    Federal Income Tax Forms   -   https://www.irs.gov/forms-instructions

    Federal Tax Publications   -   https://www.irs.gov/forms-pubs/ebook/irs-tax-publication-ebooks-duplicate

    New York State Tax Forms   -   https://www.tax.ny.gov/forms/income_cur_forms.htm

    New Jersey Tax Forms   -   https://www.state.nj.us/treasury/taxation/prntgit.shtml

    Connecticut Tax Forms   -   https://portal.ct.gov/DRS/DRS-Forms/Current-Year-Forms/Individual-Income-Tax-Forms

    If you are not finding the answers you need, please call our office. We will be happy to help.

    News & Publications

    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.

    Hudson Sunset Cal