Accountants can provide a broad variety of services for individuals and businesses. These services include compiling and filing taxes as well as managing income streams from rental property and other investments. When an individual or business operates in different states or countries, utilizing the services of an accountant can also be beneficial.
Accountants maintain awareness of the different laws and regulations that will apply in a specific area and/or situation. New York can provide an excellent example to illustrate this. According to the U.S. Census Bureau, the median per-household income in New York City was estimated at roughly $50,711.00. In 2017, New York’s personal income tax rate ranged from four percent to 8.82%. If you have lived and/or worked in this area, then your accountant will be able to determine the level of income tax that you need to pay as an individual or business.
If you own property in New York, you may be interested to know that during 2017’s fiscal year, the property taxes that were collected represented 45% of all tax revenue for the area. This year also marked the sixth consecutive fiscal year in a row where there was an increase in property market values. In terms of taxable property, the city-wide market value exceeded one trillion dollars. This represented a 9.8% increase from 2016, which is a solid increase.
Whether you’re a part of full-time resident of New York, you may be interested to know how tax dollars are allocated. More than $35.8 billion in revenue is collected by the Department of Finance for New York City alone. After being collected, tax dollars are allocated for the following purposes:
- Uniform Agencies such as the police and fire departments: 31%
- Education: 29%
- Health and Welfare: 19%
- Other Agencies such as parks and transportation: 21%
When you need accounting services, it’s important to work with a professional firm that has extensive experience. It’s possible that you may not be aware of all the different accounting services that are available to you and/or your business. Once you contact a tax accountant, you will be able to learn more about how an accounting firm can assist you with your financial matters.