Three offices across New YorkTax planning and accounting for people who run things.

Marine Park

Bookkeeping and accounting in Marine Park, Brooklyn

The bookkeeping here is mostly trade contractors working out of the house they own.

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 principals in the office

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
  • Brooklyn Office at 1684 E 18th St, Brooklyn, NY 11229

In Marine Park

Bookkeeping and accounting for Marine Park

Job costing that ties back to the general ledger, materials against labor margin, vehicle and equipment depreciation, and payroll once the first crew is hired.

The point at which a one person operation takes on employees is the point at which the file has to change, and it is usually noticed a year late.

Scope

What is included in bookkeeping and accounting

The same work wherever you are. Scoped to what you actually need.

  1. Monthly close

    • Bank and credit card reconciliations
    • Accruals and adjusting entries
    • A close calendar you can rely on
  2. Reporting

    • Profit and loss, balance sheet and cash flow
    • Management reports for owners and lenders
    • Budget against actual, and the variance explained
  3. Payroll and sales tax

    • Payroll processing and payroll accounting
    • Federal, New York State and local payroll filings
    • Sales tax registration and returns
  4. 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

Homeowners and the people who work on their houses

With that ownership rate and incomes above the citywide median, the state and local tax deduction cap is a live annual frustration here rather than a theoretical one. Alongside it: mortgage interest, tracking improvements into basis so the principal residence exclusion works properly on an eventual sale, and the energy credits that attach to a lot of the work being done on these houses anyway.

For the contractors, the recurring question is when to elect S corporation status, which turns on reasonable compensation rather than on revenue alone. Vehicles and equipment bring section 179 and bonus depreciation into play, and the one that catches people is the Unincorporated Business Tax: crossing $95,000 in gross business income creates a New York City filing obligation that most trade businesses do not know exists until it is late.

Zone 1 for MCTMT at 0.60%. Note that landlords here are exempt from UBT under the real property exclusion, even though the contractors are not.

How it works

How bookkeeping and accounting runs

Four stages. Most of the value sits in the first two, before anything is filed.

  1. Look at what exists

    The current file, the bank feeds and the last month anyone actually reconciled.

  2. Clean up the history

    Past months reconciled and categorized before anything new gets built on top of them.

  3. Close every month

    A fixed schedule, with statements that arrive without being chased.

  4. Review the numbers with you

    Reports walked through, so they answer the question you actually have.

Questions

Frequently asked questions

Should my contracting business be an S corporation?

It depends on profit after you pay yourself a defensible salary, not on revenue. The saving comes from the portion of profit taken as distribution rather than wage, so it only works once there is meaningful profit above a reasonable wage for the work you actually do. Electing too early creates payroll obligations and no benefit.

I renovated. Does that help my taxes?

Not immediately, in most cases, but it adds to basis, which reduces the gain when you sell. Keep the invoices. The principal residence exclusion covers a lot of gain but not all of it, and basis is where people lose money through poor records rather than bad advice.

Is there anything to do about the SALT cap?

For an employee, very little directly. For a business owner, New York’s pass through entity tax is worth modeling, because it can move state tax from the capped personal deduction to the entity level. Whether it helps depends on your specific numbers.

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 Marine Park

Our other services here

Talk to us about bookkeeping and accounting in Marine Park

Book a time online, or call the Brooklyn office directly.

Nearest office

Brooklyn Office
1684 E 18th St, Brooklyn, NY 11229

Office hours

Sunday to Friday, 11am to 8pm Eastern.
Closed Saturday.