If you sell goods or services in Westchester County you will be required in most cases to collect. Sales tax provides state and local municipalities with funding for schools, maintenance projects and other government programs. A business owner in White Plains, NY will have to collect an additional 8.375% for tax. This tax is the sum of: 4% to New York State 1.5% to Westchester County 2.5% to White Plains 0.375% for Metropolitan Transportation...

When should I set up my business as an S-Corp. It’s a common question and something that you should take careful thought before doing. There are benefits to setting up your business as an S-Corp but sometimes the rules and responsibilities may outweigh the benefits. We will discuss the pros and cons here so you can decide whether an S-Corp is right for you. An S-Corp is a tax structure that may allow a business owner to save on Social Security...

For the S-Corp business owner it is smart idea to consider setting up a retirement plan such as a 401k. If you want to attract the best employees you need to offer a competitive compensation package. This not only includes a salary but a benefits package as well. It’s great when the IRS allows an S-Corp small businesses to offer their employees a benefit and still receive a tax deduction. The credit for small employer pension plan...

Are you an S-Corp shareholder? Are you looking to start a new S-Corp or perhaps purchase one? If you answered yes to any of those questions take a few minutes to read this article to find out how the new Beneficial Ownership Information requirements will impact you. Big brother has always been watching but now he wants to zoom in a little bit closer. The U.S. government has made national security a priority and this includes fighting money...

Converting an independent contractor to an employee involves several steps, and when doing so it’s important to comply with relevant labor laws and regulations. This is a general guide so keep in mind that rules may vary depending on your location and industry. It’s always advisable to consult with legal and HR professionals to ensure compliance. Independent Contractor vs. Employee – What’s the Difference? People often...

There are many advantages to starting an S Corp in New York with the main one being tax benefits. However, with that comes forms and requirements that you must meet to set your business up as an S Corp and to stay compliant. S Corp vs. Other Business Structures There are several considerations when choosing a business structure but most owners select the entity that will allow them to pay the least amount of federal or state income tax. A sole...