Wagner and Zwerman LLP

Wagner and Zwerman LLP

Accounting firms are about the numbers, financial statements, tax filings ...it’s true. WZ is also about the numbers. That’s where most accounting firms end.

For WZ, it’s just the beginning!

Operating as usual

Online Payments using QuickBooks!!! Getting paid shouldn't be difficult.

You can accept payments from customers via QuickBooks. All you need to do is turn on the Intuit payment network. You have to enter your bank details that will be required by the customers to pay directly into your bank. A small fee of $0.50 is charged per transaction. he fee is very low when compared to the merchant processing fees on alternative platforms. Using this you send a $50,000 invoice and pay $0.50 only to get that money sent directly to your account.
#accounting #business #accountant #finance #tax #bookkeeping #taxes #smallbusiness #cpa #entrepreneur #payroll #akuntansi #taxseason #accountingservices #accountants #businessowner #money #audit #incometax #accountingsoftware #management #marketing #startup #taxconsultant #covid #bookkeeper #accountinglife #motivation #quickbooks #getpaid

Right now with everything that’s going on, navigating your finances might feel overwhelming. However, there are some strategies that will help you manage cash shortfalls. Mariel Beasley of Duke University’s Common Cents Lab offers ways to help you manage during these trying times.
Read the details here:
https://buff.ly/3tkNuOE

#budgeting #pandemicbudgeting #accounting #taxes #income #expenses #payroll #overhead #taxservicesLI #accountantslife #taxadvice #accounting #business #accountant #finance #tax #bookkeeping #taxes #smallbusiness #cpa #entrepreneur #payroll #akuntansi #taxseason #accountingservices #accountants #businessowner #money #audit #incometax #accountingsoftware #management #marketing #startup #taxconsultant #covid #bookkeeper #accountinglife #motivation #gst #bhfyp

wagnerzwerman.applytojob.com

Senior Administrative Assistant - Wagner & Zwerman - Career Page

wagnerzwerman.applytojob.com Apply to Senior Administrative Assistant at Wagner & Zwerman in Melvile, NY.

If your small business has been struggling because of the COVID-19 pandemic, here are some important way this new package may help. #newstimulusbill #covid19pandemic #smallbusinessloans #eidl #grants #ppp #taxaccountants #bestaccountingadvice #caresact #sba #newlegislation #secondppploan #paylesstaxes #eidlgrant #forgivenessloans

As someone once said, "Behind every successful business is a great accountant."
We are ready, willing and able to help with any of your tax questions!
#business taxes #individualtaxes #taxesdone #taxseason #taxtime #taxpreparer #taxation #success #taxpreparation #refund #Aaccountants #taxprofessionals #taxtips #CPA #Smallbusiness #taxadvisor #incometax #taxfiling

631-777-1000
[email protected]

Despite the fresh start that a new year promises, our world hasn’t changed much since last March. We’re still living in a new normal. We’re masking up, working (and schooling) from home, and social distancing. Furthermore, scores of community events and activities have been canceled. However, there is something that’s never been canceled: it’s called hope. Here is a lighter article on how to lighten up in these uncertain times. #hope #2021 #believe #staypositive #inthistogether #smile #taketimeforyourself
https://buff.ly/3i7Aqqy

In order to survive – and even thrive – during these unprecedented times, small businesses have had to find new ways to make money. The UPS Store’s Small Biz Buzz survey found that 41 percent of small businesses in the United States took steps to modify their businesses in hopes of survival. Fifteen percent provided customers with curbside delivery options, 28 percent moved to online sales as their primary source of sales, and 65 percent made a concerted effort to grow their e-commerce capabilities.

More than 50 percent of those polled by a U.S. Census Bureau Small Business Pulse Survey said it would be at least half a year before pre-COVID levels of business come back. Looking at overall economic recovery, and we could be waiting five years or more for things to return to where they were before. When it comes to small businesses, it might take even more time; however, businesses that adapt will be more likely to succeed.
#businessduringcovid #adaptduringcovid #covid19 #businessupdates #helpbusinesses #accountantslongisland #wecare #accountingbeyondthenumbers
Read more here:
https://buff.ly/3hI65yG

[01/05/21]   In order to survive – and even thrive – during these unprecedented times, small businesses have had to find new ways to make money. The UPS Store’s Small Biz Buzz survey found that 41 percent of small businesses in the United States took steps to modify their businesses in hopes of survival. Fifteen percent provided customers with curbside delivery options, 28 percent moved to online sales as their primary source of sales, and 65 percent made a concerted effort to grow their e-commerce capabilities.

More than 50 percent of those polled by a U.S. Census Bureau Small Business Pulse Survey said it would be at least half a year before pre-COVID levels of business come back. Looking at overall economic recovery, and we could be waiting five years or more for things to return to where they were before. When it comes to small businesses, it might take even more time; however, businesses that adapt will be more likely to succeed.

The Wagner & Zwerman Team would like to wish all of our clients and their families a Healthy and Happy New Year. Thank you for your commitment and loyalty and for choosing US. We are looking forward to a successful 2021 together!
#happyandhealthy #grateful #newyear #moreblessings #thankyou #happyholidays

#tistheseason
#tistheseasontobejolly
#holidaygiftgiving
#holidaycheer
#tistheseasontogive
#tistheseasonofgiving

linkedin.com

Wagner & Zwerman LLP hiring Staff Auditor and Audit Manager in Melville, New York, United States | LinkedIn

linkedin.com Posted 2 minutes ago. Wagner & Zwerman LLP is a dynamic, mid-size public accounting firm located in Melville, Long Island…See this and similar jobs on LinkedIn.

The Social Security Administration recently announced 2021 increases to both benefits and the taxable wage base for FICA taxes.

Increases Announced for 2021

1.Workers are facing a 3.7 percent increase in the taxable wage base subject to Social Security taxes, increasing the amount from $137,700 up to $142,800. This means high earners who make as much as or more than the taxable wage base will pay $8,853.60 of the employee withholding portion or $17,707.20 in total for the self-employed – who pay both employee and employer portions of the tax.

2. Retirees receiving benefits will only garner a 1.3 percent cost-of-living (COLA) raise in 2021, resulting in a raise of $20 per month for the average single beneficiary and $33 per month for the average retired couple. COLA increases for beneficiaries have been low for a long time, with several years seeing zero increases in the past decade or so. You can see the historic trend of COLA increases in the chart below, going back to 1975.

Read more here:

https://www.wzcpafirm.com/2021-social-security-tax-and-benefit-increases-announced/

wzcpafirm.com

Our Top 6 Year-End Tax Planning Tips - Wagner & Zwerman LLP, Certified Public Accountants

This has been a year of economic and tax uncertainty with the impact of the COVID-19 pandemic, potential stimulus bills and the presidential election. As a result, tax planning may be more important than usual this year. To help guide you, we will cover six year-end tax planning strategies – three for individuals and three for businesses.

wzcpafirm.com This has been a year of economic and tax uncertainty with the impact of the COVID-19 pandemic, potential stimulus bills and the presidential election. As a result, tax planning may be more important than usual this year. To help guide you, we will cover six year-end tax planning strategies – three...

The New York City (NYC) Department of Finance has released the interest rates on overpayments and underpayments of tax for the period January 1, 2021 through March 31, 2021. Underpayments remain at 2% for the following taxes: NYC general corporation tax, banking corporation tax, business corporation tax, unincorporated business tax, and the tax on foreign and alien insurers. Overpayments remain at 7.5% for the following taxes: NYC unincorporated business income tax, general corporation tax, banking corporation tax, business corporation tax, commercial rent or occupancy tax, the tax on commercial motor vehicles and motor vehicles for transportation of passengers, foreign and alien insurers tax, utility tax, horse race admissions tax, cigarette tax, the tax on transfers of taxicab licenses, real property transfer tax, the tax on retail licensees of the state liquor authority, and the tax on occupancy of hotel rooms. See the official document here: https://buff.ly/3mEga14

This is the time of year for sharing what you’re thankful for. And you, our customers are at the top of our list.
With Gratitude,
WZ Partners and Team
.
.
.
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#happythanksgivng #weappeeciateyou #gratefulforourclients #thankyou #gratitude #accountants #longislandaccountant #wzcpafirm

Households under financial pressure are finding different ways to generate a few extra dollars, from selling crafts to generating video content. Though independent contractors may get a Form 1099 from the platforms they use to do business, they are required to report all income they receive from their side work and pay taxes on it. Simplify your workload at tax time: Track your income and expenses, and be sure to set aside some money to cover quarterly taxes. You may be eligible for small business deductions, too.
Here are three important tips:
1. Know your obligations
2. Set aside cash for taxes
3. Watch your expenses
4. Hire a pro - call us if you need help at 631-777-1000 or email [email protected]

#masteringtaxes #smallbusinesstaxes #sidebusiness #sideincome #taxtips #taxreporting #income #expenses #hustle #learnyouroptions #hireapro #accountantslongisland #wzcpafirm #pros #accountingtips

https://buff.ly/2HaD2Wx

The latest Paychex | IHS Markit Small Business Employment Watch, released Tuesday, indicated a moderation in its small-business hiring index compared to September, slipping 0.13 percent nationally to 94.32. Hourly earnings growth was 2.88 percent in October, slowing to the kind of pre-pandemic levels last seen in early 2020. Weekly hours worked remained positive, up 0.38 percent from last year, although both one-month and three-month annualized growth posted negative rates in October.
The Small Business Jobs Index provides insight into the small business employment trends driving the U.S. economy. Using aggregated payroll data from businesses with fewer than 50 workers, the index offers a monthly, up-to-date measure of change in small business employment. Use this powerful tool, the only one of its kind to focus exclusively on small businesses, for real-time insights into the health of the economy.

#economyhealth #pandemiceconomy #economy2020 #smallbusinesshealth #hourlywork #negativerates #employmentwatch

With winter around the corner and the threat of seasonal viruses looming, a second wave of COVID-19 poses a real threat to our health and business operations, according to Johns Hopkins Medicine.

Statistics from the Centers for Disease Control and Prevention (CDC) reveal that the 2019-2020 flu season took 24,000 lives and sickened 39 million individuals. Then when we add the fact that there are children who might not be receiving vaccinations – be it for the measles, whooping cough, and others – due to COVID-19, the risk for infections multiply.

Based on these factors, there’s a real possibility of a second wave of COVID-19 and other seasonal illnesses impacting business operations for the worse.

As the State of Washington’s Department of Commerce explains, there are many things that businesses can do to prepare for a second wave of the coronavirus. Here are a few recommendations that can be applied and modified, depending on the type of business.
Read the whole story here:
https://buff.ly/38cRB78

WhoEver said accountants can’t have fun was wrong! Check out our office Halloween parade today! Congrats to @gregknoch @morgansaccwhon Shawn Kolker for the original costumes - igloo box, Disney adult and scary clown respectively! Wagner and Zwerman is wishing you all a happy and safe Halloween! #happyhalloween #covidhalloween #accountantslife #funtimes #officefun #culture #staysafe #havefun

What tax implications will be put in place depending on which party takes office? Are you prepared to act?
The upcoming Presidential election and the possibility of a switch from red to blue in the White House – and blue to red in the House of Representatives – is raising many questions for taxpayers. Many clients are starting to ask what a Biden win could mean for them and what they should be doing to prepare for changes in tax law that may increase their tax burdens. Ask us what you should start preparing for a significant tax policy change if Biden wins and how to complete as much estate planning and gifting as possible before the end of the year.

Eager to know where your PPP and EIDL loan application stands? Use this tool to compare how long it took for other companies of similar size, type and location to get approved and receive funds. #ppploan #eidl #checkapplicationstatus #sbaloastatus
https://buff.ly/2V6Kl5R

zoom.us

Welcome! You are invited to join a meeting: How to do business in uncertain times. After registering, you will receive a confirmation email about joining the meeting.

Join Wagner and Zwerman this Friday, April 17, 10am (ET) at their webinar on "How to do Business in Uncertain Times". The webinar will cover:
Paycheck Protection Loan Program
Economic Injury Disaster Loan (EIDL)
Express Loans
Micro Loans
Individual Tax Issues relating to the C.A.R.E.S. Act
Business Tax Issues relating to the C.A.R.E.S. Act

AS ALWAYS, WAGNER & ZWERMAN IS HERE TO ANSWER ALL OF YOUR QUESTIONS AND CONCERNS. WE ARE ALL IN THIS TOGETHER.

Register here:

zoom.us SBA Loans Available: Paycheck Protection Loan Program Economic Injury Disaster Loan (EIDL) Express Loans Micro Loans Individual Tax Issues relating to the C.A.R.E.S. Act Business Tax Issues relating to the C.A.R.E.S. Act Budgets and Cash Flow

It's Tax Tip Thursday!
Itemize your tax deductions! It’s easier to take the standard deduction, but you may save a bundle if you itemize, especially if you are self-employed, own a home or live in a high-tax area.

Itemizing is worth it when your qualified expenses add up to more than the 2019 standard deduction of $12,200 for singles and $24,400 for married couples filing jointly.
Many deductions are well known, such as those for mortgage interest and charitable donations.
You can also deduct the portion of medical expenses that exceed 7.5% percent of your adjusted gross income for 2019 (10% of AGI beginning in 2020).
PS - Don't shy away from home office tax deduction!
#taxseason2020 #taxdeductions #taxplanning #taxtipthursday #taxdeductible #homeofficedeductions #expenses #charitabledonations #mortgageinterest #planahead #accountingservicesLI #melvilleaccountants #taxplanners #financeadvisors #melvilleaccountants

Here’s a disconcerting and revealing reality. Your accounting firm could be doing your basic accounting work in a timely and accurate manner but failing to focus your attention on any of the issues like the ones mentioned below. These issues and those like them define the broad ‘Accounting Beyond the Numbers’ scope of the WZ relationship.
#aacountantslongisland #CPAfirmslongisland #CPA #financeadvisors #CPAmelville #bestaccountingpractices #IRSletters #accountingbeyondthenumbers #wecare #wepayattention #ourclientsmatter

TAX INSIGHTS FROM YOUR WAGNER & ZWERMAN TEAM
Repeal of the Cadillac Tax and Other ACA Changes
Among the many provisions included in the end-of-year federal budget bill were the eliminations of the following excise taxes imposed in the Affordable Care Act (ACA). The bill, passed into law on December 20, 2019, made the following changes:
• The “Cadillac” tax (Sec. 4980I excise tax) that was scheduled to take effect in tax years beginning after December 31, 2021 has been repealed. This means employers will not be subject to a 40% excise tax on high-cost healthcare plans offered to their employees.
• The 2.3% tax under Sec. 4191 on the sale, use and lease of medical devices was scheduled to return at the end of 2019 but was repealed just in time, much to the relief of medical manufacturers and importers.
• 2020 will be the last year that health insurance providers will be subject to The Patient Centered Outcomes Research Institute (PCORI) fee, which has been repealed for tax years beginning after December 31, 2020.
While these repeals were welcomed enthusiastically by the specific segments of taxpayers affected, it will be business as usual this year for most companies that offer health insurance plans, especially “applicable large employers” (ALEs), who continue to be subject to the employer mandate requirement and significant tax consequences for non-compliance.
#newlaws #taxinsights #wzaccounting #accountingbeyondthenumbers #accountantsmelville #longislandaccountants #bestaccountantslongisland #melvilleaccountants #advisors #cadillactax #acachanges

WZ Difference

Accounting firms are about the numbers, financial statements, tax filings… it’s true. WZ is also about the numbers. That’s where most accounting firms end. For WZ, it’s just the beginning!WZ accounts for the numbers with expertise, accuracy, timeliness and responsiveness. We focus on the issues the numbers point to, but don’t always fully reveal. Issues such as:


  • Emerging Tax Liabilities

  • Inordinate or Excessive Risk

  • Negative Expense Trends
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