Acountant Neil

Five reasons why our clients keep coming back to us to do their tax returns! 1. Services are done by a U.S. educated & licensed NY CPA with many years of tax experienced. 2. We prepare individual and business tax returns nationwide 3. Reasonable fees and free E-filing ... 4. Free consultation provided to our clients 5. English & Tagalog spoken See more

Do you qualify?

Do you know if you qualify for these credits?

Unemployment income VS. Self-employment income. Hi Neil, I notice that in 2019 when I 've filed a $20K of self-employment income as a caregiver, I've paid more than $2K from the Federal. But in 2020 with an unemployment income of $20K, I didn't have to pay anything? Why? A self-employment income ( also known as earned income) triggers you to not only pay the federal taxes but also self-employment taxes ( also know as FICA -Medicare and SS ) ... An unemployment income however ,(also known as unearned income) only requires you to pay the federal income and no FICA taxes. And with the $10,200 unemployment tax waiver and standard deduction of $12,400 for a total of $22,600. you will end up paying no federal taxes.

The first batch of stimulus payment of $1,400 has been sent out today via direct deposit. I have clients already got theirs. I am happy for them!!!!!!!!!!