E&R Tax and Business Services, Inc.

E&R Tax and Business Services, Inc. No annoying tax professional lingo. Just straight, authoritative and friendly expert advice. Local, Additionally, we serve international clients, both U.S.

E&R started in 1967 as a small family operation, and has grown today to a staff operation of eight people, each offering top-notch credentials and experience. Whether you need bookkeeping, tax return preparation, personal financial planning, estate and trust planning, small business consulting, or a full complement of other individualized services, we will give you the full resources you would exp

ect only from a large accounting firm while maintaining the personal touch. E&R Tax and Business Services provides tax and accounting assistance to individuals, small businesses and non profits, not only in New York but across the U.S. and non-U.S. citizens across the world, including Europe, Asia, Africa and Latin America. We have extensive consulting services which assist with business plans for start-ups and small businesses, as well as retirement planning for retirees and those soon to be retired. Our staff works with the IRS and state authorities regarding audit issues, installment payment plans, offers in compromise, and waiver of penalties.

11/18/2016

Expertise Outweighs Software

Maybe it doesn’t take a genius to prepare taxes. But it does take an expert.

Regardless of how popular they’ve become, boxed software programs simply cannot measure up to the importance of having a respected, well-versed and trusted tax preparer. As you know, turning to a tax preparer is the smartest thing a taxpayer can do to ensure accuracy, security and peace of mind.

11/10/2015

Changes in the Tax World
The tax world is changing….big time. No longer is it merely filling out a form once a year and mailing it in with a check if money is due. Now it has to be prepared and filed electronically. Additionally the various government agencies prefer you giving them your checking account information so they can withdraw the amount due directly from your account. For individuals it is an option but for businesses with sales tax payments it’s a requirement.
Have you tried calling the IRS lately? Did you have to wait an hour or two and then get disconnected? Or did you get through only to find out you had to be transferred to another department and you are back on line for another half hour or more? Once you get through and you finally agree you owe more money and you need to go on an installment payment agreement, do you know how to fill out a form 433A (or B or D or F or etc.)?
Are you also aware that the IRS is drastically cutting staff (12,000 staff in the last two years) because of budget constraints? One is a lower amount of dollars appropriated to the IRS to do its job while at the same time being given more responsibilities including granting of various tax credits including solar power, earned income credits, and oversight of various aspects of the Affordable Care Act.
That’s why one doesn’t need just a tax return preparer or your self-prepared on-line software, but a tax professional who can represent you before the various taxing agencies including the IRS. With Powers of Attorney, Tax Professionals can directly via computers search the IRS data base for past year tax transcripts, wage and income information, your payment account history and a wide range of other information. Various state and local government agencies are following suit.
Yes, there are fees for this service. But it can save you from having your bank accounts levied, or a lien place on your home or other properties. Think of it this way, just as you need a lawyer to protect you from a lawsuit, taxpayers need tax professionals trained in representation to protect them.
The staff of E&R Tax and Business Services is trained to help represent you. Individuals of the firm have passed the IRS exams to be enrolled agents. Not agents to defend the government position but agents trained and accepted by the IRS and other agencies to defend individual taxpayers and the small businesses of Main Street USA. To find out more give us a call at (631) 475-3322 or e-mail us at [email protected].

10/16/2015

Don't Forget About Year-End Investment & Tax Planning
You Can Raise your Income & Lower Your Taxes

As the year draws to a close, there might be many tasks on your to-do list. One task to consider is to schedule before the year end a meeting with your tax and financial advisors to review your financial situation. If you take the time to get organized now, it may help you accomplish your long-term goals more efficiently and save you tax money during the upcoming tax filing season. Here are some steps that might help.

1) You can increase your cash flow while making a gift to support the work of worthy non profit organizations by contributing proceeds from maturing CDs, money market funds, bonds, or bond mutual funds for a gift annuity. The payments you receive from a gift annuity could be three or four times the interest you are now receiving, a substantial portion of the payments would be tax free and you would receive a charitable deduction. Gift annuity rates vary for different ages.

2) Re-balance your investment portfolio to reflect your present age and the needs of your family for the next year or two. As one ages, one should increase their investments in more stable financial instruments such as preferred stock, government and corporate bonds, municipal bonds, and annuities so as to insure a constant cash flow in retirement.

3) Consider selling securities that have lost value to offset the capital gains to be reported to the IRS by your brokerage house or mutual funds.

4) Complete home improvements that provide tax credits on your tax return. This includes insulation of homes, new improved windows, solar panels, upgraded heating systems, etc.

5) Pay your property tax bill in the tax year which will most benefit your tax deductions. You can pay three payments in one year and only one the next.

6) Maximize your pension payments either through your employer benefits program or by purchasing your own Individual Retirement Account. Various plans have various maximum contribution levels but will result in lower reportable income on your return.

7) Consider opening a 529 college fund to benefit your children or grandchildren. Such payments can lead to a lower income on state returns, and therefore a lower tax.

8) Make sure you have paid sufficient estimated taxes during the year (last payment due January 15th) to avoid paying penalties and interest come April 15th.

Don’t be shy, give a call and talk to a tax or financial professional for advice.

09/03/2015

What's an Independent Contractor: 5 Key Facts You Need to Know

Posted by HR Solutions Blog Team on August 17, 2015. This is a short synopsis of a larger document that is of vital interest to many who do not issue or receive a W-2.

When a worker qualifies as an independent contractor, the employer is generally relieved of obligations related to payroll taxes, minimum wage and overtime requirements, benefits, workers' compensation, and unemployment costs for that individual. However, only a small fraction of workers qualify for independent contractor status.

Here are five key facts you need to know before classifying a worker as an independent contractor:

Fact #1: Workers are presumed to be employees.
The presumption is that a worker is an employee, unless he or she meets certain criteria established by federal and state tests. If an independent contractor classification is ever challenged, you will need to show that the worker meets these criteria.

Fact #2: Several tests assess status.
Employers can use a number of tests to evaluate a worker's status. The most common is the Internal Revenue Service (IRS) Common Law Test, which is used for federal tax purposes. This test generally looks at the extent to which the employer has the right to control the worker. Other tests include:
• The Department of Labor (DOL) "economic realities" test to determine whether workers are covered by the Fair Labor Standards Act (FLSA). The FLSA regulates minimum wage, overtime, and other wage and hour issues.

Fact #3: The DOL recently provided new guidance on its test.
Under the DOL's "economic realities" test, an employee is someone who, as a matter of economic reality, is dependent upon the business to which he or she renders service. An independent contractor is generally not economically dependent upon the services they provide to one particular business.

Fact #4: The existence of a contract or Form 1099 does not prove independent contractor status. The DOL has made clear that an agreement between an employer and a worker designating or labeling the worker as an independent contractor is not indicative of the worker's status.

Fact #5: Misclassification is a major focus of enforcement.
Misclassification can deny workers the rights and protections to which they are entitled and reduce tax revenue collected by the federal government and states.

The penalties for misclassification can be significant. In addition to owing back pay, overtime, and benefits to a misclassified worker, the employer may be ordered to pay back taxes, interest, and fines. In some states, employers that intentionally misclassify a worker may also face criminal charges or stop-work orders. Likewise misclassification may cause the self employed to be subject to higher taxes and fees.

Conclusion:
For employers before classifying a worker as an independent contractor, make sure to satisfy all applicable federal and state tests. If you are an independent contractor make sure you qualify or you may need to pay more in taxes or be the subject of audits, etc. Contact E&R at 631-475-3322 and let us help you through the thicket of being an independent contractor.

08/24/2015

In case you're not sure how hard the staff at E&R works for you, we are just following in the steps of our fellow citizens. You can agree or disagree with the article, but at E&R with the internet, e-mails and the phones we work a 50 hour week and are available 24/7. Let us know whether you agree or not.

Most New Yorkers Are Convinced They Work Harder Than Everyone Else (Even though they probably don't.)

Business Insider Jul 30th 2015, By Shana Lebowitz

New York Magazine recently conducted a 100-person poll to learn more about New Yorkers' attitudes toward work.

As it turns out, most Big Apple residents see themselves as more industrious than other Americans. A whopping 82% said they think New Yorkers work more than most people.

But that's probably an exaggeration. According to a recent report, New York City ranks 11th on the list of the 30 biggest US cities for average hours worked weekly in 2013. San Francisco ranks first, and Washington, D.C., ranks second.

On average, people in all of those 30 cities work about 42.2 hours per week. New Yorkers work 42.5 hours.

So yes, they do work more than other Americans in big cities, but only by 18 minutes.

Of course, if you factor in commute time, New York City does indeed come in first. In addition to those 42.5 hours of work, the average New Yorker spends 6.18 hours commuting every week, which is higher than the average in any other state.

Interestingly, most people (61) in this admittedly small sample thought they worked less than their coworkers. That implies that most New Yorkers think they work in more competitive environments than people in other parts of the country.

And of the New Yorkers polled, 60% think they should be earning more for the work they do.

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08/15/2015

WIth the basic federal tax return handling more than just income taxes (Affordable Care Act, Earned Income Credits, Education Credits, Solar Energy Credits, Foreign Assets Reporting, etc) the skill of a tax preparer, not just the price of an internet computer program, is the most important factor when preparing one's taxes. E&R is more than just a tax preparatiion firm, it is also a client representation firm that helps you through the maze of IRS and state government tax forms as well as helps you when you receive those dreaded computer generated letters after you have filed. Year round education serminars keep the E&R staff up to date on all the changes to the code and cut backs in IRS services.

01/16/2014

Parking in Patchogue
The parking in Patchogue has changed, if you haven't heard. We now have parking meters! Please remember we still have free parking in the lot between our building and the church. If you don't find a spot in the lot, don't forget to feed the meter.

01/16/2014

It's hard to believe that January is half gone already! All the Christmas decorations are gone from the streets and our homes and it's back to business. Our Annual letter to all our clients and friends has been mailed noting some of the important tax updates that might affect your taxes and our tax seaon hours. If you didn't get one and would like a copy please send us an email at [email protected] or facebook message us with your email address and we will send you one.
Have a Great Day! It's another warm one here, even without the sun!

01/13/2014

Call us at 631-475-3322 or make an appointment right on our page by selecting the down arrow next to the map of our location.

01/09/2014

January has started with a rush of snow, cold and rain! It has also started in a rush at our tax office. This morning we have our tax season staff hussling about making appointments for clients, pulling files, and inputting data. The season has started!

Be sure to call and get your appointment set as they are filling up. Due to the shutdown of the IRS systems we cannot start E-filing until January 31st but we are getting the input in our system now.

Give us a call today.

12/31/2013

E&R Tax and Business Services staff wish you a Happy, Healthy, and Prosperous New Year.

As the holidays come to a close we will all be here to help you with your tax preparation questions. Our tax software helps us through the complicated rules and policies. Follow us on Facebook and Twitter for helpful information.

Call us at 631-475-3322 or make an appointment right on our page by selecting the down arrow next to the map of our location.

We thank all our clients for their trust in our services over the

12/02/2013

Happy December folks! Can't believe 2014 is right around the corner... If you still haven't come in for your tax planning or a business review, make sure you call us before your window of opportunity is officially closed and we ring in the new year (along with it's new tax policies). Call us today!

Address

197 E Main Street
Patchogue, NY
11772

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm
Saturday 9am - 3:30pm

Telephone

+16314753322

Website

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