Tyler & Martin LLC

Tyler & Martin LLC No annoying tax professional lingo. Just straight, authoritative and friendly advice. Visit: www.tylermartinllc.com
Or call: (212) 255-7604

We offer a very personal experience for the individual and business owner. Established in 2010 by Nicole Tyler & Frederick Martin, we take the time to explore and explain available tax and financial options that best suit our clients. Our team is here to take the stress out of tax season, so that you can focus on the many other tasks in life and business that require your attention. We make our cl

ients a top priority, and strive for accurate and efficient service. Let us use our knowledge and experience to help you with your tax needs.

05/20/2024

The IRS's take on cryptocurrency has changed frequently, but right now crypto is considered property for tax purposes (and subject to gain and loss reporting requirements on a tax return).

They've been getting steadily stricter about reporting crypto transactions. It’s a fair bet they’ll be even more so in years to come.

Make sure you know your obligations and plan for them.
And if you have any questions, drop them in the comments below and we'll do our best to answer them.

Are your tax documents from this past tax season sitting on your desk waiting to be filed away?When it comes to holding ...
05/17/2024

Are your tax documents from this past tax season sitting on your desk waiting to be filed away?

When it comes to holding onto tax documents, hit a balance of complete and adequate records stored neatly.

⏭️ Most obviously, keep the state and federal tax returns you filed.
⏭️ Save anything that backs up what’s on your return (Forms 1099, W-2s, and other income statements).
⏭️ Keep any 1099-Bs or 1099-INTs that you got from banks, brokerages, and investment firms.
⏭️ Organize and file confirmation slips or statements for any mutual fund shares, stocks, or other securities you bought or sold.

A thought for you...Perhaps you enjoy building things and have turned your hobby into a side hustle building decks and f...
05/16/2024

A thought for you...

Perhaps you enjoy building things and have turned your hobby into a side hustle building decks and fences on the weekends (or some such). Get your kids involved in the process as they grow older, and perhaps you can pass along a valuable trade. Even if they become accountants or nurses, having the knowledge and experience of a trade to fall back on could be incredibly valuable to them over a lifetime.

05/15/2024

Here's your friendly reminder if you own a privately held business. You are required to report your beneficial ownership information to FinCEN by December 31 this year.

Here's what you need to report for your small business:
➡️ Your company's full legal name.
➡️ The actual business address - remember, P.O. boxes or addresses of lawyers/advisers won't cut it.
➡️ The state or Tribal jurisdiction where your company was founded or first registered.
➡️ Your taxpayer identification number along with an identity document like your filed Articles of Incorporation or Organization.

You'll also need to provide details about beneficial owners if you are required to file corporate transparency reports:
1️⃣ Their full legal name and date of birth.
2️⃣ Their home address - just like before, P.O. boxes or lawyer's/adviser's offices won't fly.
3️⃣ And don't forget to include a photocopy of their U.S. driver's license or passport.

05/14/2024

Buy Now, Pay Later is an increasingly popular means of making larger purchases when money is tight. But, before you jump into a BNPL for that anniversary gift to your spouse, stop and consider whether you're ready to follow-through on your repayment commitment.

Yes, you may get the benefit of "stretching out your cash flow," but if you miss a payment, debt racks up quickly.

It gets even worse if you need to return the item.

Be sure to budget for that extra payment every month and don't stack up your BNPL purchases so you can't make your payments.

Article link: https://www.bankrate.com/loans/personal-loans/buy-now-pay-later-statistics/

Pssst.. Mother's Day is this Sunday.In case you forgot, here are some celebrating suggestions: https://www.countryliving...
05/10/2024

Pssst.. Mother's Day is this Sunday.

In case you forgot, here are some celebrating suggestions: https://www.countryliving.com/life/g4228/mothers-day-activities/

But honestly, the best gift of all is just spending some quality time with her.

Happy Mother's Day to all the amazing moms out there who nurtured and raised us.

We know you could probably still lift a burning car off of us if we needed it, but we know you do that kind of heavy lifting regularly just by loving us.

05/09/2024

The SECURE 2.0 Act recently changed how you need to fill out W-2s for your employees this year.

The biggest thing to keep in mind is how you report contributions to retirement plans. There are some new options, like Roth SIMPLE and Roth SEP IRAs, and some special rules for incentives you might offer to get employees saving more.

Let's chat if you want to discuss specifics for your business.

After an influx of cash (like a big tax refund), the smart cookie starts thinking about reducing their debts... such as ...
05/08/2024

After an influx of cash (like a big tax refund), the smart cookie starts thinking about reducing their debts... such as high-interest credit cards.

Think about it: You pay a lot for this credit and the balances on your high-interest accounts build up fast, making the stuff you buy more expensive.

Chip away at this debt whenever you get an influx, and you’ll do your wallet and your credit score a BIG favor.

05/07/2024

These TWO things you're doing in your business might make you feel like you're saving money, but they could actually be killing your cash flow when you need it the most:

🗓️ Annual vs Monthly Subscriptions – Annual subscriptions are cheaper. But is that annual subscription cost gutting your cash flow when you need it most?

Beware the cash flow trap on this one. That big chunk of money upfront might come at a time when you need it most, like for seasonal inventory spikes or unexpected repairs.

Consider switching to monthly payments if the cost difference is negligible or less important than your need for positive cash flow. Or stagger annual subscriptions throughout the year.

🚛 Buying in Bulk – We all know inventory buying gets cheaper the more you buy. But is that bulk deal hindering your ability to pay your other bills or make important investments?

A different idea: consider just-in-time inventory management. This strategy allows you to order inventory closer to when you actually need it, minimizing storage costs and keeping your cash flowing freely.

Address

New York, NY
10001

Opening Hours

Monday 9am - 8pm
Tuesday 9am - 8pm
Wednesday 9am - 8pm
Thursday 9am - 8pm
Friday 9am - 5pm

Telephone

+12122557604

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