Bridgehampton
Bookkeeping and accounting in Bridgehampton, NY
Farm and equestrian operations need accounts built for what they actually do.
What you get
- Accounts reconciled every month
- Statements you can make decisions from
- Payroll and sales tax filed on time
- QuickBooks set up to fit the business
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 Bridgehampton
Bookkeeping and accounting for Bridgehampton
Feed, boarding income, equipment, land improvements and the difference between a repair and a capital addition. Kept properly, the file is also the evidence that the activity is run as a business.
That evidence is the thing that matters most here, because the losses are only usable if the operation can be shown to be run for profit.
Scope
What is included in bookkeeping and accounting
The same work wherever you are. Scoped to what you actually need.
Monthly close
- Bank and credit card reconciliations
- Accruals and adjusting entries
- A close calendar you can rely on
Reporting
- Profit and loss, balance sheet and cash flow
- Management reports for owners and lenders
- Budget against actual, and the variance explained
Payroll and sales tax
- Payroll processing and payroll accounting
- Federal, New York State and local payroll filings
- Sales tax registration and returns
Cleanup and systems
- QuickBooks setup, cleanup and conversion
- A chart of accounts rebuilt to fit what you do
- Inventory and job costing where they apply
What this covers
- Bookkeeping and general ledger maintenance
- Financial statements and management reports
- Account reconciliation and adjusting entries
- Payroll processing and payroll accounting
- Payroll tax compliance
- Sales tax compliance
- QuickBooks setup, cleanup and conversion
- Financial and accounting analysis
- Budgeting, forecasting and cash flow analysis
- Cost, profitability and performance analysis
- Internal accounting support and advisory
- Inventory control
Local tax
Horses, farmland and the hobby loss rule
The equestrian and agricultural side is a genuine specialty here rather than a line on a list. Farm income runs on Schedule F, agricultural assessment affects property tax treatment, and horse boarding, breeding and showing activities sit in exactly the place the section 183 hobby loss rules were written for. Horse operations are audited on that question more than almost any other activity, and the defense is built from how the operation is actually run and documented, not from the tax return.
On the property side this is one of the most second home weighted areas we cover, which means nonresident and part year filing, Schedule E rental ownership, and high net worth returns where the Bridgehampton house is one of several. Domicile and statutory residency analysis does more work here than deductions do.
Southampton town rules apply: a rental permit for any rental of any length, a 14 day minimum stay, permits valid two years and not transferable on sale. The Peconic transfer tax applies at 2.5% with the $400,000 improved residential allowance, capped at $2,000,000 of consideration. Zone 2 for MCTMT at 0.34%.
Late August brings a concentrated revenue spike for local vendors, caterers and service businesses around the Hampton Classic, which makes estimated payments a timing exercise rather than a quarterly habit.
How it works
How bookkeeping and accounting runs
Four stages. Most of the value sits in the first two, before anything is filed.
Look at what exists
The current file, the bank feeds and the last month anyone actually reconciled.
Clean up the history
Past months reconciled and categorized before anything new gets built on top of them.
Close every month
A fixed schedule, with statements that arrive without being chased.
Review the numbers with you
Reports walked through, so they answer the question you actually have.
Questions
Frequently asked questions
Which rules apply here, East Hampton’s or Southampton’s?
Southampton’s. Bridgehampton is a hamlet within the Town of Southampton, so the 14 day minimum and the rental permit requirement for any rental apply. Getting this wrong is the most common Bridgehampton error, because the postal address reads Hamptons and people assume East Hampton rules.
My horse operation loses money. Can I deduct it?
It depends on whether it is carried on for profit under the section 183 rules, which looks at how the activity is actually conducted: business records, expertise, time spent, and the history of income and losses. Horse activities are examined on this more than most, so the way the operation is documented matters as much as the numbers.
Does agricultural land change my property tax?
It can, through agricultural assessment, which values qualifying farmland on its agricultural value rather than market value. There are eligibility requirements and a recapture charge if the land converts to non agricultural use, so it is worth understanding before relying on it.
Our books are a mess. Is that a problem?
It is the normal starting position. Cleanup is a defined piece of work with an end, and we would rather do it properly once than build a year of planning on top of numbers nobody trusts.
Do you work in QuickBooks?
Yes, including setup, cleanup and conversions from other systems. If you are already on something else that works, we are not going to move you for the sake of it.
Can you run our payroll?
Yes, along with the payroll tax compliance that goes with it. Payroll is also where worker classification gets decided, and getting that wrong is expensive in New York.
How often will I see numbers?
Monthly, as a rule, with the reporting shaped around what you actually decide from. A statement nobody reads is a cost, not a service.
Also in Bridgehampton
Our other services here
Tax preparation and planning
Bridgehampton returns frequently carry land, and land raises the question the IRS cares most about.
Tax preparation and planning in BridgehamptonTrust and estate tax
Land is the complication in a Bridgehampton estate.
Trust and estate tax in BridgehamptonNonprofit accounting
Agricultural, equestrian and land preservation organizations here hold property.
Nonprofit accounting in BridgehamptonIRS representation
The hobby loss rule is the examination we see most often in Bridgehampton.
IRS representation in BridgehamptonTalk to us about bookkeeping and accounting in Bridgehampton
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.