Riverdale
Tax preparation and planning in Riverdale, the Bronx
Riverdale returns are professional salary returns with complications attached.
What you get
- Every federal form you are likely to need
- New York State, New York City and Yonkers
- Planning done before year end
- Prior years brought current
The MyCleverCPA team
- 25+ years in regulated finance, compliance and audit
- Tax work led by a CPA. Jillian Sinel holds the CPA and the CAA
- Riverdale Office at 331 College Rd, Bronx, NY 10471
In Riverdale
Tax preparation and planning for Riverdale
A co-op, a practice, tuition, and in many cases a spouse working in Westchester. The first thing we confirm on a new Riverdale return is that Riverdale is New York City, because filing as though it is not is the most expensive mistake available here.
Co-op ownership also carries its own deductions, since the maintenance charge includes a share of the building mortgage interest and property taxes that the corporation has to report to you.
Scope
What is included in tax preparation and planning
The same work wherever you are. Scoped to what you actually need.
Individual returns
- Form 1040 and the schedules behind it
- Schedule C for self-employed filers
- Schedule E for rental property
Business returns
- Form 1120 and Form 1120-S
- Form 1065 for partnerships and LLCs
- K-1s issued to owners and partners
State and city
- New York State and New York City returns
- The Yonkers resident surcharge and nonresident earnings tax
- Returns in other states where you have nexus
Planning and cleanup
- Estimated payments calculated rather than guessed
- Amended returns, Form 1040-X
- Prior-year and delinquent returns
Returns we prepare
- Individual income tax, Form 1040
- C corporation returns, Form 1120
- S corporation returns, Form 1120-S
- Partnership and LLC returns, Form 1065
- Self-employed and Schedule C filers
- Rental property and Schedule E
- Multi-state returns
- Amended returns, Form 1040-X
- Prior-year and delinquent returns
- Extensions
- Estimated tax calculations and payments
- Capital gains and investment reporting
- Cryptocurrency reporting
- Real estate tax matters
- Foreign income and international reporting
- FBAR and foreign account reporting
- ITIN applications and renewals
Local tax
Co-ops, and a tax border four miles north
Riverdale is co-op country, and co-ops are taxed differently from the houses and condos most guidance is written for. You do not own real property, you own shares in a corporation with a proprietary lease. The deduction for mortgage interest and real estate taxes comes through as your allocated share of the corporation’s own costs, reported to you annually, not from your own bills. Flip taxes on sale are set by the building. A personally occupied co-op does not generate a Schedule E. These are the errors we see most often on returns prepared elsewhere.
The other Riverdale specific point is geography. You pay New York City resident income tax and sit in MCTMT Zone 1 at 0.60%. Cross into Yonkers four miles north and you pay no city tax at all, you pay a Yonkers resident surcharge of 16.75% of net state tax instead, and your MCTMT rate drops to Zone 2 at 0.34%. People move across that line regularly, and the part year filing that follows is where things go wrong.
The professional practices around the institutional cluster are mostly S corporations and PLLCs, where the S corporation exemption from the Unincorporated Business Tax is the planning lever worth looking at.
How it works
How tax preparation and planning runs
Four stages. Most of the value sits in the first two, before anything is filed.
Read the last few returns
Prior returns show the missed elections, the defensive positions and whether the entity still fits.
Confirm the records
A return is only as good as the trial balance sitting behind it.
Plan before year end
Entity, compensation, retirement and timing decisions, while they can still change the number.
File and stay reachable
Returns prepared and filed, and someone who answers in August when a notice turns up.
Questions
Frequently asked questions
How do I deduct anything on a co-op?
Through your allocated share of the corporation’s mortgage interest and real estate taxes, which the corporation reports to shareholders annually. You do not deduct your maintenance payment as such. Using the maintenance figure instead of the allocated share is the most common co-op error we correct.
Is Riverdale in New York City for tax?
Yes. The Bronx is one of the five boroughs, so city resident income tax applies in full. The neighborhood’s character leads people to assume otherwise, and the assumption is expensive.
I am thinking of moving to Westchester. What changes?
You stop paying New York City resident income tax. If you move to Yonkers you pick up the 16.75% resident surcharge; in most of the rest of Westchester, including Scarsdale, there is no local income tax. Your MCTMT rate falls from 0.60% to 0.34%. In the year you move you will file as a part year resident, which is where the care is needed.
When is the right time to switch accountants?
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.
Can you file returns for previous years I missed?
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.
Do you handle crypto?
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.
I live outside New York City but work in Manhattan. What do I owe the city?
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.
Do you do foreign income and FBAR?
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.
Also in Riverdale
Our other services here
Bookkeeping and accounting
Professional practices around the colleges and private schools need accrual timing, not cash guesswork.
Bookkeeping and accounting in RiverdaleTrust and estate tax
A Riverdale estate is usually a co-op, a brokerage account and a pension.
Trust and estate tax in RiverdaleNonprofit accounting
Riverdale is dense with institutions, which means dense with affiliated nonprofits.
Nonprofit accounting in RiverdaleIRS representation
Riverdale notices often come down to residency.
IRS representation in RiverdaleTalk to us about tax preparation and planning in Riverdale
Book a time online, or call the Riverdale office directly.
Nearest office
Riverdale Office
331 College Rd, Bronx, NY 10471
Phone
Office hours
Sunday to Friday, 11am to 8pm Eastern.
Closed Saturday.