#braj aggarwal cpa pc

[accountantinnewyork]

Choosing Between QuickBooks Online and QuickBooks Desktop

In today's digital world, picking the right accounting software can make a big difference for a business. One common challenge is choosing between QuickBooks Online and QuickBooks Desktop. Each has its strengths depending on what your business needs.

QuickBooks Online lets you work in the cloud, which means you can access your financial info from anywhere with internet. This is great if you work with accountants who aren't in the same place as you, or if you need to work from different locations.

QuickBooks Desktop, on the other hand, is for businesses that prefer to keep their software on their own computers. It's good if you have complex needs, like managing lots of inventory, and you want the stability of having everything stored on your own system.

Understanding these differences can help you decide which one is best for your business, based on what you need to achieve and how you like to work.

Necessity in Different Businesses: QuickBooks Online vs. QuickBooks Desktop

QuickBooks Online: QuickBooks Online lets you access your financial info through the internet, which is great if you need to work with accountants who aren't in the same place as you. It allows you to share data in real-time and you can use it from anywhere with internet. There's also a mobile app for doing things like sending invoices and tracking expenses on the go, which makes it flexible for businesses.

Advantages of QuickBooks Online:

Access Anywhere: You can reach your financial data and collaborate with others in real-time.

Flexible Pricing: Offers different price options and has features for tracking projects and managing inventory.

Automatic Sales Tax: Automatically calculates sales tax rates, making it easier to stay compliant.

QuickBooks Desktop: QuickBooks Desktop is for businesses that prefer to have their software on their own computers rather than in the cloud. It's good for businesses with complex inventory needs because it has advanced features like tracking inventory across multiple locations and using barcodes, which are important for industries that need detailed control over their inventory.

Advantages of QuickBooks Desktop:

Works Offline: You can use it without needing internet, so you always have access to your financial data.

Advanced Inventory Features: Includes tools for tracking inventory in multiple places and using barcodes, which are helpful for managing detailed inventory.

Industry-Specific Tools: Has specialized features for different industries like manufacturing, retail, and professional services.Bottom of Form

Comparing Preferences: QuickBooks Online vs. QuickBooks Desktop

The comparison between QuickBooks Online and QuickBooks Desktop reveals distinct differences across various aspects.

User Interface: QuickBooks Online features a user-friendly interface that simplifies managing customers and vendors, while QuickBooks Desktop employs a traditional interface that may require more training to navigate effectively.

Accessibility: QuickBooks Online is cloud-based, allowing access from anywhere with an internet connection. In contrast, QuickBooks Desktop requires installation on a local computer, limiting accessibility to specific locations.

File Sharing: QuickBooks Online enables effortless sharing with accountants, streamlining bookkeeping tasks. On the other hand, QuickBooks Desktop's file sharing may be less seamless, dependent on local network configurations.

Invoicing: QuickBooks Online offers strong invoicing capabilities, supporting on-the-go invoicing needs. Meanwhile, QuickBooks Desktop provides comprehensive invoicing features suitable for detailed invoicing requirements.

Managing Multiple Companies: QuickBooks Online shows limited effectiveness in managing multiple companies compared to QuickBooks Desktop, which is capable of efficiently handling multiple company accounts.

Project Costing: QuickBooks Online provides basic project costing capabilities, while QuickBooks Desktop offers more advanced tools for detailed project costing needs.

Integration: QuickBooks Online integrates well with various online applications, enhancing flexibility and connectivity. QuickBooks Desktop, however, may face challenges in integrating with other software solutions, potentially complicating interoperability.

Conclusion

Deciding between QuickBooks Online and QuickBooks Desktop depends on what your business really needs. QuickBooks Online is great if you want flexibility—you can access it from anywhere using the internet, and it's good value, especially for smaller businesses.

On the other hand, QuickBooks Desktop is faster and more reliable because it doesn't need the internet to work. It's better for businesses that need advanced features like detailed inventory tracking. However, it costs more per user.

In the end, if you prioritize being able to work from anywhere, teamwork, and getting good value, QuickBooks Online is probably best for you. But if your business needs strong offline capabilities and specific advanced tools, QuickBooks Desktop might be worth the higher cost. Thinking about these things carefully will help you choose the right one for your business

How Braj Aggarwal, CPA, P.C Can Help in Accounting?

Braj Aggarwal, CPA, P.C. provides specialized expertise in offering bookkeeping and accounting services through both QuickBooks Online and QuickBooks Desktop, tailored to meet the unique needs and demands of each client. Our experienced team excels in resolving complexities and technical challenges efficiently. Partnering with us ensures strategic benefits for your company, including cost and time savings, enhanced financial analysis, scalability, and improved data security.

Feel free to reach us and let us be your partner in success – contact Braj Aggarwal, CPA, P.C. today!

[accountantinnewyork]

Benefits of Outsourcing Payroll Processing to CPA Firm

Benefits of Outsourcing Payroll Processing to CPA Firm. If you are a business owner, you may be wondering if outsourcing your payroll processing to a CPA firm is a good idea. As a business owner, you understand the importance of keeping your finances in order. With so many important tasks to handle on a daily basis, it can be difficult to stay on top of everything. This is where outsourcing payroll processing to a CPA firm can be extremely beneficial.

By working with a professional CPA firm, you can free up your time to focus on other aspects of running your business. In addition, you can rest assured knowing that your payroll is being handled by experts.

There are a number of reasons to consider outsourcing your payroll, and we’ve listed a few of them below.

1. Save Time & Money

Outsourcing payroll processing can save your company time and money. You no longer have to worry about managing employee records, calculating pay checks and paying taxes. Instead, you can focus on running your business. One of the biggest advantages of outsourcing payroll is that it can save you a lot of time. Dealing with payroll can be extremely time-consuming, especially if you have a large staff. By outsourcing this task, you can focus your time and energy on other areas of your business.

2. Cost-Effective

Another great benefit of outsourcing payroll is that it can be cost-effective. When you outsource your payroll, you don’t have to worry about the cost of hiring in-house staff to handle this task. In addition, you can avoid the cost of purchasing payroll software.

3. Reduce Risk

If you outsource payroll processing, you eliminate the risk of human error. If you were to make a mistake while entering data into your own system, you could lose thousands of dollars in tax revenue.

4. Improve Accuracy

By outsourcing payroll processing, you can ensure accuracy. Your employees’ information is entered correctly and consistently, resulting in accurate payments.

5. Increase Employee Morale

When employees know that they are being paid accurately, on time, and without hassle, they feel valued and appreciated. This leads to higher productivity and better work quality.

6. Hassle-Free

Outsourcing payroll can also help to make your life much easier. When you outsource this task, you don’t have to worry about the hassle of dealing with payroll yourself. This can be a huge weight off your shoulders, and it can allow you to focus on other areas of your business.

7. Accurate and Timely Payroll Processing

Hiring a CPA firm to handle your payroll processing can actually save you money in the long run. This is because they can help you take advantage of tax breaks and other savings opportunities

8. Reduce risk and avoid paying IRS penalties

As we know that employers are required to pay many types of taxes like federal, state and local, income taxes, social security and health taxes need to be paid monthly, quarterly and annually.

If you outsource your payroll services to experience CPA firm like Braj Aggarwal CPA, P.C. they can help you to avoid paying IRS penalties and make your payroll process properly.

Why outsource your payroll to Braj Aggarwal CPA, P.C.?

Business and companies who want to outsource their payroll to Braj Aggarwal CPA, P.C. get some of the best comprehensive services and an assurance that their business is protected. As per our recent client feedback 8/10 clients feel Braj Aggarwal CPA, P.C. helps their business and company better comply with payroll taxes and regulations.

Below are the what business and companies can expect with our payroll outsourcing services:

Our payroll processing quick and error-free

Monthly, Quarterly and annual reporting

Employee Time tracking capabilities

Compliance monitoring across all 50 states

Taxes calculated, deducted and paid automatically

Overall, there are many benefits to outsourcing your payroll processing to a CPA firm. If you are looking for ways to save time and money, reduce your stress levels, and focus on other areas of your business, this may be the right solution for you to choose Braj Aggarwal, CPA, P.C.

Get Started Today!

Start saving time and money today by outsourcing payroll processing. Contact us at www.aggarwalcpa.com to learn how we can help your business. 

[accountantinnewyork]

How to Set Up a US Company as a Non-Resident

How to Set Up a US Company as a Non-Resident from India. Setting up a US company as a non-resident is more than just filing legal paperwork. You also have to understand and comply with the many tax and other requirements of doing business in the USA.

If you are a non-resident looking to set up a US company, you have even more hurdles to go through than a US resident. First, there are more income tax issues for non-residents who want to take their income out of the US, such as reporting requirements and filing returns. Second, obtaining an appropriate US work visa and opening a bank account are also problems.

Setting up an American company as a non-resident of the United States is not only complicated but involves making sure that you follow the correct procedures to avoid potential problems. There are many different forms and documents required, as well as tax considerations that need to be made before starting.

As a non-resident, setting up a larger business, such as a corporation or LLC, can be more complicated and expensive than for citizens and green card holders. Most states do not permit non-residents to incorporate, even though there are exceptions in some states and you may have good reason to set up a US company as a non-resident. If you must open bank accounts for your US company in other countries (such as offshore accounts), the US government will consider this creating an offshore account for the purpose of evading US taxes and reporting requirements.

Whether you're an entrepreneur looking to start up a business in the US or an executive looking to do some consulting or contract work in the US, if you are a non-resident of the US, there are several things that you need to take into consideration before establishing yourself in the US.

For non-residents setting up a US company, you are required to obtain an EIN (Employer Identification Number), pay all the taxes and other due tax, file paperwork with the IRS and state authorities. It is possible to do this yourself but it is highly advisable that you have an accountant handling it for you at least in setting up your LLC or corporation.

Creating a US company as a non-resident can be a complex and expensive process. You have to meet strict guidelines and make sure you do everything right. It is fortunate that there are Braj Aggarwal, CPA, P.C. Firm Who know how to set up a US company within the US tax, legal and economic framework.

[accountantinnewyork]

Braj Aggarwal, CPA, P.C Accounting and Taxation Services are at The Top of the Industry

Braj Aggarwal CPA PC Accounting and Taxation Services are at The Top of the Industry. Financial and accounting services are industries wherein companies can only be successful if they do ordinary things extraordinarily. This is because, at their cores, both of these industries are fairly simple. It’s the people that make them special.

This is why we here at Braj Aggarwal, CPA, P.C are very fortunate to have a team of the best financial experts in the business. Every single one of our accounting professionals have proven themselves not only to us but to our clients under some of the most demanding circumstances imaginable.

Their experience and expertise over the years have made significant contributions to our growth as a company and we wouldn’t be where we are today without them. In fact, it’s recently come to our attention that we were placed among the top accounting services in Staten Island by the independent B2B platform Clutch.

While we are very proud of achieving this unique milestone, we can’t say that we’re that surprised. Our clients have been consistent in showing their support of our work since day one. This is evident from the high-scoring reviews they’ve been writing about us for the last couple of years.

None of these accolades will mean we’ll get complacent though. On the contrary, we’re extremely motivated to see where we can go next. Our team recognizes that the expectations placed on us from now on will be much higher because of our new standing. But we are confident we can meet and exceed any and all challenges we might face in the near future.

Braj Aggarwal, CPA, P.C. is a top-rated CPA and tax accounting firm in New York and provides services like Bookkeeping, Accounting, Taxation, Payroll, Partime CFO, Audit and Assurance, SEC, Incorporation Business, and Wage Parity Audit Services.

We have experienced and dedicated accountant and tax preparation teams who serve a wide range of clients in a variety of specialized industries likes, Startups, nonprofits, middle-market companies, multimillion-dollar corporations, Doctors, Dentists, Medical Professionals, Restaurants, Bars, Nightclubs, eCommerce, IT Companies, Fashion Models, and Realtors and Real Estate Brokers.

When it matters most, they want BAC at the table. Braj Aggarwal, CPA, PC, a leading tax accounting firm in Manhattan New York.

We are located in Queens, New York City, and Long Island. Please visit our website to learn more about our services. We hope to hear from you soon.

[accountantinnewyork]

Does Your Business Need a Part-Time CFO?

Does Your Business Need a Part-Time CFO? Is your company going through some growing pains? Are you unsure of the next measures to take in order to grow and nurture your business? Are you trying to figure out how to make crucial financial decisions based on your cash flow and forecast? If you responded yes to any of these questions, a part-time CFO may be necessary.

A part-time CFO is a cost-effective choice for developing companies. A part-time CFO, unlike a full-time CFO, can give financial analysis and advice at a cost you can afford. Here are a few reasons why employing a part-time CFO is a great approach to expand your company. Most CFOs are in charge of a company's financial growth, but their responsibilities extend far beyond bookkeeping.

Braj Aggarwal, CPA, P.C. is an indian desi CPA and tax accounting firm in New York and provides services like Bookkeeping, Accounting, Taxation, Payroll, Virtual CFO, Audit and Assurance, SEC, and Setting up Business in the USA. We have experienced and dedicated accountant and tax preparation teams who serve a wide range of clients in a variety of specialized industries. Startups, nonprofits, middle-market companies, and multimillion-dollar corporations.

We provide part-time CFO services to businesses in the United States at Braj Aggarwal, CPA, P.C. We are dedicated to offering professional, timely, and cost-effective part-time CFO services to assist your company in growing and prospering. To learn more, contact us today.

[accountantinnewyork]

What is the difference between Revenue Account and Capital Account?

Revenue and Capital Account are the two main accounts of the government.

Revenue account is an account that includes all the revenue receipts and expenditures of business and government whereas Capital Account includes all the capital receipts and expenditures of the government and business.

Let us discuss about Revenue Receipts and Capital Receipts first:

Revenue Receipts: Revenue receipts are those receipts that are received in the conduct of day to day business activities or we can say that they are generated from operating activities of a business and are recurring in nature.  The Government can take such receipts in the form of Tax or Non Tax Income. These receipts have a direct impact on the profits and are shown on the Credit side of the Profit and Loss Account. To survive for longer period, such receipts are very useful.

For example: Sales, Interest received , bad debts recovered, Income Tax, Corporate Tax, GST, etc.

Capital Receipts: Receipts other than revenue receipts are called Capital Receipts and these receipts do not affect the profit of any business. Such receipts are non-recurring in nature. They are shown as Liability or Reduction from the Asset in the Balance Sheet.

Capital receipts can be received from Loans and Borrowings, sale of any government asset, issue of shares/debentures, etc.

Now, Let us talk about Revenue Expenditures and Capital Expenditures;

Revenue Expenditures: These are such expenditures which occur in maintaining any asset and after commencement of the business. Such expenditures can take place either in developmental or non-developmental works.

For example : Maintenance of various infrastructures, interest payment, defense, subsidies, grants, salaries, pension, law and order, etc.

This type of expenditure charged fully in the Profit and Loss Account and is recurring in nature.

Capital Expenditure : Such Expenditures occurs when we buy or create any asset. These expenditures increase the earning capacity of the business. It may be incurred before or after the commencement of business and is non-recurring in nature.

For Example : Expenditure on fresh infrastructure, repayment of loan (Principal Amount), Loan to state government, etc.

Capital Expenditure is displayed as asset in Balance Sheet.

In short, we can say that if any expenditure increasing capacity, capability, efficiency and performance of something then it will come under Capital Expenditure and if not then it fall under Revenue Expenditure.

Lets take an example to understand this better:

Suppose you buy any vehicle for your business and after sometime you find out that this vehicle needs to get repaired or maintenance needs to be done so the expenditure that will take place in this process will be considered as revenue expenditure because it did not increase its efficiency or capability. It’s just become normal to use because we have just repaired the damaged item. Similarly if we do some expenditure and that can increase the capacity or capability of any vehicle then that expense would be considered as Capital expenditure.

Want to know more about Revenue Account and Capital Account. Connect with Braj Aggarwal, CPA, P.C team today by filling the below form or you call us on (+1) 718-426-4661 or email us at connect@aggarwalcpa.com

[accountantinnewyork]

Braj Aggarwal, CPA, P.C Year In Review on Clutch for 2021

Looking for a trusted CPA and accounting team? Struggling with your bookkeeping and taxation efforts? Fret not because Braj Aggarwal, CPA, P.C is here to help you! Founded in New York back in 2007, we are a team of experienced and dedicated professionals that offer a wide range of services for companies of all sizes.

Throughout the years, we’ve helped clients keep their accounts in check through bookkeeping, accounting, taxation, payroll, auditing and other services. In honor of their outstanding support, we’re going to take a look at our 2021 Clutch Year In Review!

For those of you who don’t know, Clutch is an independent B2B review and market research platform designed to help clients connect with the right solutions providers. In their latest Year In Review, we can see how our team stacks up and the quality of reviews we earned throughout the year.

2021 was a great year for us! We average 5-star ratings and bagged a perfect NPS score. To give you more context, the NPS score on Clutch refers to the overall willingness of a vendor to refer or endorse a vendor to friends, colleagues, and other potential clients. The awesome results we obtained are testaments to the success and appreciation of our clients.

Braj Aggarwal, CPA, P.C is proud to be a five-star service provider! We’re honored to rank on Clutch as one of the best-performing accounting firms!

Thank you so much to each and every one of our beloved clients who chose us! We are excited to start another chapter with you. May 2022 be prosperous and full of possibilities.

At Braj Aggarwal, counting is our passion. Let us help you transform your business through our personalized services. Send us a message today and let’s connect!

Outsource accounting and tax prepartion services. Our team will be glad to help you achieve your financial goals. To learn more, call our accounting firm in New York at (718) 426-4661 today or request for free consultation now.

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The Additional Child Tax Credit

The Additional Child Tax Credit (ACTC) was a separate reduction, but it applied only to families with earned income above $3,000. Earned income can come from salaries and wages, self-employment, some, and disability payments. Now, what does not consider earned income if you have income coming from interest, dividends, pensions, social insurance, unemployment, alimony, or support payment. you are not qualified if of those apply to you. Families received a refundable credit capable 15% of their earned income over that threshold, up to $1,000 per child.

Understanding the Additional Child Tax Credit begins with the Child Tax Credit (CTC). Like other tax credits, the Child Tax Credit may be a dollar-for-dollar reduction in your tax. This tax credit is for individuals who get less than the total amount of the Child Tax Credit. The ACTC may offer you a refund if you do not owe any tax. The Child Tax Credit is worth up to $2,000 for every child who meets the subsequent requirements: The dependent must be younger than age 17. You must be related to the dependent. You claim the Child as a depends. The dependent must have lived with you for at least 6 months. The child must have valid social Security. The child could be a U.S. citizen, U.S. national, or U.S. resident alien. The child can’t file income tax return with somebody else except for a refund of taxes withheld.

The maximum Additional Child is $1,400 per child. To find out if you are eligible for the additional child tax credit, you will be able to fill out the Child tax credit Worksheet, which is often included within the instructions for form 1040. If you qualify for the credit, the worksheet can also direct you to use Schedule 8812 to see if you are eligible for the Additional child Tax Credit.

Both the Child Tax Credit and therefore the Additional Child tax credit is not for high-income taxpayers. According to the IRS, Married couples with modified adjusted gross income (MAGI) greater than $400,000 and other filing statuses with modified adjusted gross income greater than $200,000 will have their credit reduced by $50 for every $1,000 or a part of $1,000 that their modified adjusted gross income exceeds those amounts.

While the foundations are different for divorced or separated parents, the parent who claims the qualifying child as a dependent on their return is the parent who may claim CTC and ACTC (if they meet all other qualifications for claiming the credit). These credits can help reduce your federal tax obligation and potentially increase any refund you are owed.

The Child Tax Credit and therefore the Additional Child Tax Credit are meant to assist working parents with low to moderate incomes. To claim the ACTC, taxpayers must have a minimum of $2,500. Earned income can come from salaries and wages, self-employment, and a few disability payments. Individuals with unearned income does not qualify.

Want to know more about Additional child tax credit or accounting and bookkeeping services. Connect with our team by filling the below form or you call us on (+1) 718-426-4661 or email us on connect@aggarwalcpa.com

[accountantinnewyork]

Taxation: Most Common Tax Forms used in Business

For a business, filing tax-return could be a multi-step activity. Basic steps to be considered are

1.Gathering necessary information / inputs / records.

2.Identifying the applicable forms.

3.Filling out the forms.

4.Tracking deadlines.

5.Submitting the forms to the appropriate department / state / agency.

Below is the list of most commonly used US Tax Forms by different business entities to file their returns.

Note: We have collected the below information from IRS. (https://www.irs.gov/)

Want to know more about tax prepartion forms or any other accounting services. Connect with our team by filling the below form or call us on (+1) 718-426-4661 or email us on connect@aggarwalcpa.com

[accountantinnewyork]

Tax Filing Status

It is very important to know choose the right filing status options as filing your tax return. Choosing the wrong filing status will have you hold accountable for penalties and more.

Tax Filing Status Options

Head of the Household

Married Filing Separately

Married, Filing Jointly

Qualified Widow or Widower

Head of the Household

Individuals that are never been married and are paying at least half of the cost to keep the house and other expenses. They also are at least supporting one person financially.

Married couples can also use this status if their spouse have not lived together for at least six months, and they are supporting the cost of household expenses. Even though you have a child can still use this filing status if the child is living with you. The cost of keeping up the house could include property rent or insurance, food and other domestic expenses.

In order to use this status, you must have qualifying person. The qualifying person could be 19–24-year-old if student, who have lived in your house for at least six months. It also could be your parents and living separate from you. Must provide supporting documents that you are providing them.

Married Filing Separately

You must be legally married to file as married filing separately. Individuals who only wants to be responsible for their taxes can use this. As a couple if you don’t agree to file a married joint return you can use this option. Usually, taxpayer who use this often ended up more taxes then if they would if they file jointly. If you file separately, you can’t deduct followings:

Student Loan Interest

Child Tax Credit

Earned Income tax credit

Only able to take half the standard deductions

Itemize can get complicated because you and your spouse both must decide who gets each deduction

Married, Filing Jointly

Married individuals who choose to fill joint return. This can get you more refund than any other filing status. You can repot your combined earned income and expenses deductions. You can still fill joint return even though you have no earned income. Also, you can file married, filing status even if you don’t have any children.

Filing joint return will hold you and your partner accountable for any interest and penalties. If you were divorced last year, you can’t use this status. But if your spouse died recently, you could file joint tax return for that tax period.

Qualified Widow or widower

Individuals who lost their spouse and have children to support at home. This filing status will allow the taxpayer to use the married filing jointly tax rates on their tax return. According to the IRS to be eligible for qualified widow(er) status, the survivor must remain unmarried for at least two years following year of the spouse’s death.

To file for this status, you must have qualified child living with you. You must be the responsible person to provide at least half of the cost to keep up with household expenses.

Single

Individuals who are not married and not qualified for any other status. They paid more than half of the cost of keeping up the house and have no dependents. Even though you been divorced you still considered as single. This filing status will not bring you much refund back.

Still you have questions about tax filing status and looking for the best cpa and accounting firm in new york? Then you are at the right place Braj Aggarwal CPA PC is the best cpa firm in new york they have expert tax professionals who can help you to fill your tax. Don't hesitate to email us at connect@aggarwalcpa.com or connect with our team by filling the form below.