Practical guidance on taxes, bookkeeping, and IRS notices — from the CPAs at Li CPA Group.
Launching a business in NYC comes with real tax responsibilities from day one. This guide walks entrepreneurs through entity choice, startup deductions, bookkeeping basics, and what to expect in your first year.
Read more →Setting up payroll for the first time in NYC involves more than cutting checks—there are federal and state filings, withholding rules, and tight deadlines to manage. This guide walks you through every step so you get it right from day one.
Read more →The IRS treats hobbies and businesses very differently — and misclassifying your side income can cost you real money in disallowed deductions and unexpected tax bills. Here's what NYC freelancers, self-employed workers, and small-business owners need to know.
Read more →Set aside 25% to 35% of every 1099 payment. Here is where it goes, when to pay, and the safe harbor that protects you from penalties.
Read more →One part-time paycheck, no 941, no NYS-45. What it costs, how to file late the right way, and how first-time abatement can wipe the penalties.
Read more →Choosing the wrong accounting method can distort your profits, trigger IRS problems, and cost you at tax time. Here's what NYC small-business owners need to know before picking — or switching — their method.
Read more →If you're a freelancer, consultant, or solo operator in New York City, understanding your sole proprietor tax obligations can save you from surprises—and serious penalties. Here's what you need to know.
Read more →Owning rental property in New York City comes with real tax obligations—and real opportunities to reduce what you owe. This guide breaks down what NYC landlords need to know about reporting rental income, claiming deductions, and staying compliant.
Read more →Hiring your first employee is a major milestone — but it comes with a stack of tax and compliance obligations that can catch NYC small-business owners off guard. This guide walks you through every key step so you start on the right foot.
Read more →Payroll taxes trip up more NYC small-business owners than almost any other tax obligation. This guide breaks down exactly what you owe, when it's due, and how to stay out of trouble with the IRS and New York State.
Read more →S-Corps can save NYC small-business owners thousands in self-employment taxes — but only if you handle payroll correctly. Here's what you need to know to stay compliant and keep the IRS off your back.
Read more →By the time you file in April, it's too late to change much. The real tax savings happen before December 31. Here are the moves to consider.
Read more →An IRS audit letter sets your heart racing — but most audits are narrow and manageable. Here are the first steps, and the mistakes to avoid.
Read more →Messy books don't just cause stress at tax time — they cost you in missed deductions and bad decisions all year. Here are five mistakes to fix now.
Read more →Sales tax is one of the easiest things for a NYC business to get wrong — and the state notices. Here's what you must collect, file, and remit.
Read more →The home office deduction is one of the most misunderstood write-offs. Here's who actually qualifies — and the myth that gets people audited.
Read more →Paying someone as a 1099 contractor when they're really a W-2 employee is one of the costliest mistakes a NYC business can make. Here's how to tell the difference.
Read more →Restaurants have razor-thin margins — so missed deductions hurt. Here are the write-offs NYC restaurant owners most often overlook.
Read more →If you're self-employed or run a business, no one withholds taxes for you — you do. Here's how quarterly estimated taxes work, and how to avoid the underpayment penalty.
Read more →Just launched a business in NYC? Congratulations — now here's the first-year tax checklist that keeps you out of trouble and out of overpaying.
Read more →What should a small business actually pay a CPA in NYC? Here are honest price ranges for tax returns, bookkeeping, and ongoing support — and how to avoid overpaying or underbuying.
Read more →"Should I be an LLC or an S-corp?" is the question we hear most from NYC owners. Here's the honest answer — and the income level where an S-corp actually starts saving you money.
Read more →Received an IRS CP162A notice? It's one of the most common penalties the IRS sends partnerships and S-corps. Here's what it means, what it costs, and how to respond.
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