Tax preparation and planning in Marine Park, Brooklyn

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.

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.

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.

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 The nonresident earnings tax was repealed in 1999 and the partial version was struck down in 2000.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.