Tax preparation and planning in Midwood, Brooklyn

Only if gross business income passes $95,000, and even then the credit usually wipes it out at that scale. The return still has to be prepared to show it. Partnerships and sole proprietorships are in scope; S corporations are not, because they fall under the Business Corporation Tax instead.

Very likely. FBAR reporting is triggered by the aggregate balance across all foreign accounts, not by any one of them, and it catches accounts people think of as dormant or family held. It is a disclosure form rather than a tax, so the cost of filing is low and the cost of not filing is not.

Tell us what you need when you book and we will arrange the meeting accordingly.

Any time other than April. Moving mid-year gives us room to fix the books and act on what we find before the year closes. Moving in filing season means we file what already happened and start planning for next year.

Yes. Prior-year and delinquent returns are routine. Filing voluntarily before the IRS contacts you nearly always produces a better outcome than waiting, both on penalties and on what options remain open.

Yes, including exchange activity, staking and the reporting that follows. Bring whatever transaction history you can export. Reconstructing it later costs more than keeping it as you go.

As a nonresident, no New York City resident income tax. The nonresident earnings tax was repealed in 1999 and the partial version was struck down in 2000. But if you carry on an unincorporated business within the city, the Unincorporated Business Tax can still apply regardless of where you live. Westchester residents with city clients are the usual case.

Yes. Foreign income, international reporting and FBAR filings for foreign accounts. The penalties for missing an FBAR are disproportionate to the effort of filing one, so it is worth checking even if you think you are under the threshold.