Southampton
Tax preparation and planning in Southampton, NY
Southampton returns split two ways, because the town has a real year round economy alongside the second home money.
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
- Hamptons Office at 30 Lincoln St, Sag Harbor, NY 11963
In Southampton
Tax preparation and planning for Southampton
Contractors, landscapers, restaurant owners and property managers file business income. Second home owners file rental income under a town permit regime with a 14 day minimum stay.
In a town of 71,601 people, more than double East Hampton, there is enough year round work that the planning conversation is about entity structure and retirement rather than about a single season.
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
A permit for every rental, and the U.S. Open question
Southampton town requires a rental permit for any home rented for any period, with a 14 day minimum stay. Anything shorter is a prohibited transient rental. Permits last two years and are not transferable, which means a buyer of a rental house needs their own permit rather than inheriting the seller’s. That one catches people at closing. Advertising, listing or showing a house for rent without a permit in place can bring violations, suspension and a two year rental restriction. Processing takes roughly one to three weeks off season and two to four in summer, so it is not a last minute item.
The 2026 U.S. Open at Shinnecock Hills in June is the live local question. Southampton moved to temporarily relax its short term rental limits for the event, and neighboring Sagaponack waived its two week minimum for 12 to 23 June. Both of those rest on local reporting rather than on a code section we can point you to, so confirm the adopted resolution with the Town before you let anything.
The tax side is clearer. If you rent your home for 14 days or fewer in the year and you use it as a residence, the income can be excluded entirely under the section 280A rule, though no expenses are then deductible. At 15 days it becomes reportable rental activity with allocation between personal and rental use. For a single championship week, that distinction is usually the whole conversation.
The Peconic transfer tax applies at 2.5% across the town with the $400,000 improved residential allowance, again only where consideration is $2,000,000 or less. Zone 2 for MCTMT at 0.34%.
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
I want to rent my house for U.S. Open week. What do I need to know?
Two things. Whether the permit rules allow it, which the town moved to relax temporarily for the event but which you should confirm directly with the Town before committing. And the tax treatment: at 14 days or fewer the income can be excluded entirely, at 15 days it is reportable rental activity. For one week, that usually means it is excludable, but the permit question is separate and comes first.
I just bought a rental house. Does the seller’s permit carry over?
No. Southampton rental permits are not transferable, so a new owner needs their own before renting or even advertising. Allow two to four weeks in summer.
Do you work with the trades out here?
Yes, and it is a large part of this office. Worker classification between 1099 and W-2, seasonal payroll, equipment depreciation and the sales tax treatment of capital improvements are the four that come up every year.
Do you work in Spanish?
Tell us what you need when you book and we will arrange the meeting accordingly.
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 Southampton
Our other services here
Bookkeeping and accounting
Contractors, landscapers and property managers make up most of the bookkeeping work here.
Bookkeeping and accounting in SouthamptonTrust and estate tax
Southampton estates often include both a residence and income property.
Trust and estate tax in SouthamptonNonprofit accounting
With the largest year round population on the East End, Southampton has the most service delivery nonprofits we see.
Nonprofit accounting in SouthamptonIRS representation
Contractor notices here are usually about worker classification.
IRS representation in SouthamptonTalk to us about tax preparation and planning in Southampton
Book a time online, or call the Hamptons office directly.
Nearest office
Hamptons Office
30 Lincoln St, Sag Harbor, NY 11963
Phone
Office hours
Sunday to Friday, 11am to 8pm Eastern.
Closed Saturday.