Tax Services for NYC Businesses Needing Clarity

From compliance to planning, we’ll help you navigate the city’s tax maze and keep more in your pocket.

In NYC, taxes can feel like a labyrinth.

Whether you’re looking to ensure tax compliance or ready to start strategically planning your taxes, we understand the NYC playbook inside out.

Make tax season easy:

Understand what you have to pay and why
Navigating the NYC tax laws can be stressful; we help you understand the specific rules for your business.
Clear tools that help you file on time
We help you set up your QuickBooks and ensure your data is ready for filing on time, every time.
Keeping ahead of upcoming deadlines
We’ll keep you up-to-date with any upcoming deadlines, so you can stay calm and focus on your business.

This is what tax compliance should feel like

MFO helped us restructure our pay model and tax filings. It’s saved us hours—and anxiety

MFO helped us restructure our pay model and tax filings. It’s saved us hours—and anxiety.
Doug Wingo
Founder, Wingo NYC

Tax planning services to reduce your NYC tax bill:

We help you understand your tax obligations so you know exactly what you’re paying and why.
We craft a plan and adjust it over time to minimize your taxes and keep them low for the long haul.
We give proactive estimated payment guidance so you’re not caught off guard by an unexpected bill.
We use every rule in the NYC playbook so you master the system and not pay more than you need to pay.

How we’ve helped other NYC businesses

One of our clients had a total revenue of $150,000, with $35,000 of expenses, and was staring down a hefty New York City Business Tax bill of over $8,000 – here’s how we leaped into action.

We suggested the company elected for S-Corp status for the upcoming year, enabling the owner to receive payment via payroll.

The client's NYC tax bill plummeted from $8,000 to $2,000 - a $6,000 savings!

With most taxes now deducted from the paycheck, quarterly estimated payments would no longer be a recurring hassle.

How we make this possible

Led by NYC accountants Ken and Stephen, our team knows the challenges NYC businesses face day in and day out. We’ve been there, and we’re ready to support you with clear answers and lots of space to ask questions.

We help you navigate complex NYC tax laws

We know the nitty-gritty of NYC tax law, labor law, and business realities, so we can better support your day-to-day and long-term plans in the city you love.

We don’t just tick boxes; we stay proactive in our partnership

You’ll feel the stress slip away when you’ve got clean books and compliance support from one of the safest pairs of hands in the city.

We help you plan ahead

Transition from catching up to ongoing strategic bookkeeping that helps you fuel your next big move, purchase, or hire.

FAQs

What’s the difference between tax compliance and tax planning?

At My Fiscal Office we do both:

Tax Compliance

Tax compliance is about keeping everything accurate and on time. It includes preparing and filing your tax returns, reporting income and deductions correctly, and meeting all IRS and state requirements. In short, compliance ensures you stay in good standing and avoid penalties.

Tax Planning

Tax planning looks ahead. It’s about finding smart, legal ways to reduce future taxes through thoughtful decisions about how income is earned, how your business is structured, and when transactions take place. Effective planning helps you keep more of what you earn by making taxes part of your overall financial strategy—not just a once-a-year task. Both are essential. Compliance keeps you protected; planning helps you grow efficiently.

Do I need tax planning if I already have tax compliance?

The answer really depends on your situation. If you’re a W-2 employee with straightforward investments, tax planning can still be helpful — but the biggest benefits usually come for business owners, individuals earning over $250,000, and anyone going through a major life or financial change.

Having tax compliance means your returns are accurate, filed on time, and meet all IRS and state requirements. That’s essential for staying in good standing and avoiding penalties.You might benefit from proactive planning. Here’s why:

You could be paying more tax than necessary without realizing it.
Your financial situation may be changing — new income sources, investments, or a growing business.
There are legal tax-saving opportunities available through timing, entity structure, and strategic deductions.
Planning helps you** avoid year-end surprises** by knowing what to expect before filing season.

We have a blog post that outlines a strategy that we’ve implemented for several business clients regarding SALT taxes. Another blog post outlines how to reduce capital gains tax bill when selling a home

Can you help if I get audited?

At My Fiscal Office, we don’t just help you file your taxes — we make sure you’re prepared for any questions from the IRS or state tax authorities.

What We Do

Review and explain notices so you know exactly what’s required
Respond to IRS or state inquiries on your behalf
Prepare thorough audit information packages

Audit-Ready Planning

Some tax positions carry a higher chance of scrutiny. We work with clients to ensure they’re ready before an audit ever happens.

For example, one client invests in Broadway productions — not every show is a winner. There are very specific rules around using passive losses against earned income. We help this client document compliance with those rules and keep that documentation ready. When the IRS comes calling, we’re prepared.

Real Results Through Planning

Proactive planning can make a big difference. Another client took a large deduction when miscellaneous itemized deductions were allowed. When the IRS challenged it, we already had all the paperwork showing how the deduction met the rules — saving them over $10,000 in taxes.

With the right preparation, audits don’t have to be stressful — they can be handled smoothly and confidently.

Looking for more than Accounting?

Bookkeeping Services

Proactive bookkeeping designed for small businesses.

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Accounting Services

Get strategic financial guidance to grow your business with confidence.