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James P O'Day, CPA, PC.

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United States
Glen Cove, NY
James P O'Day, CPA, PC.

Looking for a blend of personal service and expertise? You have come to the right place! We welcome you to contact us anytime.

Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness, and quality.

*Professionalism
Our firm is one of the leading firms in the area. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention. Our high standards, service and speci

alized staff spell the difference between our outstanding performance and other firms. We make sure that every client is served by the expertise of our whole firm.

*Responsiveness
Our firm is responsive. Companies who choose our firm rely on competent advice and fast, accurate personnel. We provide total financial services to individuals, large and small businesses and other agencies. To see a listing of our services, please take a moment and look at our services page. Because we get new business from the people who know us best, client referrals have fueled our growth in the recent years. Through hard work, we have earned the respect of the business and financial communities. This respect illustrates our diverse talents, dedication and ability to respond quickly.

*Quality
An accounting firm is known for the quality of its service. Our firm's reputation reflects the high standards we demand of ourselves. Our primary goal as a trusted advisor is to be available to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you. We feel it is extremely important to continually professionally educate ourselves to improve our technical expertise, financial knowledge, and service to our clients. Our high service quality and "raving fan" clients are the result of our commitment to excellence. We will answer all of your questions, as they impact both your tax and financial situations.

07/22/2026

💍 Congratulations to all the newlyweds!

Marriage is an exciting new chapter—but it also brings a few important tax and financial changes that shouldn't be overlooked.

If you got married recently, your first tax return as a married couple may affect your tax withholding, filing status, and overall tax strategy. It's a good idea to:
• Review your paycheck withholding and update your Form W-4 if needed
• Notify the Social Security Administration if you've changed your name
• Update financial accounts, insurance policies, and beneficiary designations
• Review your estate plan and long-term financial goals together

Taking care of these items now can help prevent surprises at tax time and ensure you're making the most of the tax benefits available to married couples.

Starting your new life together is the perfect time to make sure your financial plan is working just as hard as you are.

Have questions about how marriage affects your taxes? Contact James P. O'Day, CPA, P.C. at (516) 671-3300. We're here to help you start this next chapter with confidence.

07/20/2026

If your C corporation traditionally makes deductible charitable gifts, make sure you know the rules for 2026 donations. Starting Jan. 1, 2026, corporations can only deduct charitable gifts in excess of 1% of the company’s taxable income, with a 10% of income cap. Amounts exceeding the 10% cap can be carried forward — as can amounts that aren’t currently deductible due to the 1% floor — for up to five years. You may want to execute a multiyear charitable deduction strategy if your company’s income varies from year to year.

Contact us at (516) 671-3300. We can help by projecting income and other deductions so you can support your community while maximizing long-term tax benefits.

07/17/2026

If you’re thinking about financing a new vehicle, you may be able to deduct up to $10,000 per year of interest paid. The deduction is available for certain personal auto loans originated after Dec. 31, 2024 — even if you don’t itemize deductions. Modified adjusted gross income (MAGI) limits apply, and only qualifying vehicles assembled in the U.S. are eligible. Before purchasing, consider whether eligibility for the deduction should factor into your vehicle choice. We can help run the numbers. Call us at (516) 671-3300.

07/15/2026

Planning a home renovation? Your project may offer more than just a beautiful new space—it could also provide valuable tax benefits.

Depending on the improvements you make, you may be able to:
• Deduct mortgage interest on debt used for certain qualifying home improvements
• Increase your home's tax basis, which could help reduce capital gains tax when you sell
• Deduct certain medically necessary home modifications, subject to IRS rules
• Claim missed energy-efficiency tax credits by filing an amended return, if you made qualifying improvements in 2025

Not every renovation qualifies for a tax benefit, but with the right planning, your investment could pay off in more ways than one.

Before you begin your next home improvement project—or if you've recently completed one—contact James P. O'Day, CPA, P.C. at (516) 671-3300. We'll help you determine which tax benefits may apply to your situation.

07/13/2026

Renting out your vacation home can be a great way to generate extra income—but it can also have important tax implications.

One key rule to know is the 14-day rule:
• If you rent your vacation home for 14 days or fewer during the year, the rental income is generally tax-free and doesn't need to be reported on your tax return.
• If you rent it for more than 14 days, the rental income is generally taxable—but you may be able to deduct a portion of eligible expenses, including maintenance, utilities, insurance, and depreciation.

The amount of time you personally use the home also plays a major role in determining which deductions you're allowed to claim and whether rental losses may be deductible.

Because vacation home tax rules can be complex, proper planning is essential to maximize your tax benefits and avoid surprises.

If you own a vacation home or are considering renting one out, contact James P. O'Day, CPA, P.C. at (516) 671-3300. We'll help you understand the rules and make the most tax-efficient decisions.

07/10/2026

Looking for an affordable way to help your employees save for retirement?

Small business owners have several retirement plan options that can provide valuable tax benefits while helping attract and retain great employees. One popular choice is a Simplified Employee Pension (SEP) IRA, which offers easy setup, minimal administrative requirements, and tax-deductible employer contributions.

Depending on your business, other options—such as SIMPLE IRAs and SIMPLE 401(k) plans—may also be worth considering.

The right retirement plan can:
• Provide tax advantages for your business
• Help employees build long-term financial security
• Enhance your employee benefits package
• Require less administration than many traditional retirement plans

Choosing the best plan depends on your business size, cash flow, and long-term goals.

If you're considering offering retirement benefits or want to review your current plan, contact James P. O'Day, CPA, P.C. at (516) 671-3300. We'll help you find the solution that's right for your business.

07/08/2026

Business owners: Are you familiar with the IRS backup withholding rules?

While businesses generally aren't required to withhold taxes from payments made to independent contractors, there are situations where backup withholding is mandatory.

For example, backup withholding may apply if a contractor:
• Fails to provide a valid Social Security Number or Employer Identification Number (EIN)
• Doesn't properly complete or certify Form W-9
• Is otherwise subject to IRS backup withholding requirements

When required, businesses must withhold 24% from payments, remit those funds to the IRS, and report the withholding on both Form 945 and the appropriate Form 1099.

Failing to comply with these rules can result in penalties and unnecessary complications, so it's important to verify contractor information before issuing payments.

Not sure whether backup withholding applies to your business? James P. O'Day, CPA, P.C. can help you stay compliant and avoid costly mistakes.

Call our office at (516) 671-3300 with any questions.

07/06/2026

Caring for an aging parent or loved one can bring both emotional and financial challenges—but there may be tax benefits available to help ease some of the burden.

If your parent or another qualifying family member moves into a nursing home, certain long-term care expenses may be tax deductible. In many cases, costs for medical care provided by the facility can qualify as an itemized medical expense, provided your total eligible medical expenses exceed 7.5% of your adjusted gross income.

If your loved one qualifies as your dependent, you may also be able to include the medical expenses you pay on their behalf when calculating your deduction.

Because the rules surrounding long-term care, dependency, and deductible medical expenses can be complex, it's important to understand what qualifies before filing your return.

If you have questions about elder care expenses or would like to explore potential tax-saving opportunities, contact James P. O'Day, CPA, P.C. at (516) 671-3300. We're here to help you navigate every stage of life with confidence.

07/04/2026

Today we celebrate the freedoms, opportunities, and enduring spirit that make our nation strong.

As we gather with family and friends to enjoy fireworks, barbecues, and summer traditions, let us also take a moment to reflect on the courage and sacrifice of those who fought to secure our independence.

From all of us at James P. O'Day, CPA, P.C., we wish you and your family a safe, happy, and memorable Fourth of July.

Happy Independence Day! 🇺🇸

07/03/2026

A summer job is a great way for teens to earn money, build responsibility, and gain valuable work experience—but it can also come with tax obligations.

Here are a few important things to know:
• Teens who earn more than $400 in self-employment income (such as babysitting, lawn care, or other freelance work) are generally required to file a tax return and may owe self-employment tax.
• Teens who work for an employer and receive a W-2 have a higher filing threshold. For 2026, the filing requirement generally begins at $16,100 of earned income.
• Even if a tax return isn't required, filing may be worthwhile if federal income taxes were withheld, as the teen could be entitled to a refund.

Every situation is different, so it's important to understand the rules before tax season arrives.

If you have questions about your teen's summer earnings or filing requirements, contact James P. O'Day, CPA, P.C. at (516) 671-3300. We're happy to help.

Address

70 Glen Street, Suite 270
Glen Cove, NY
11542

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Telephone

(516) 671-3300

Website

http://www.odaycpa.com/

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