Corviniti/Local Services/Personal Tax Accountant in New York City
Local Services / New York / New York City
Personal Tax Accountant in New York City
Federal, New York State, and New York City personal returns prepared by a CPA, with the city income tax, residency, and equity income handled, and planning across the year.
What it is. Preparation and planning of your federal (1040), New York State (IT-201), and New York City personal taxes by a CPA, tuned to the city specifics, the city income tax, residency, co-op and condo relief, and equity income.
Who it is for. New York City individuals and families with more than a W-2: business owners, investors, people with equity compensation, multiple-state income, or property, where the return has real decisions in it.
Why local knowledge. New York City taxes residents on top of the state, tests residency aggressively, and offers relief a national chain never claims. Getting the city side right is where the money and the risk are.
Corviniti prepares personal tax returns for New York City individuals and families: the federal Form 1040 and the New York State IT-201, which carries the New York City resident income tax, along with any other states you owe. This is CPA-led preparation and planning for people whose taxes carry real decisions, business owners, investors, equity-compensated employees, and anyone with income across more than one state.
The value in New York City is in the city layer a national chain skips. Unlike most of the country, a New York City resident pays a separate city income tax on top of the state's, roughly 3.078 to 3.876 percent, so the combined marginal rate on city income runs well above the state rate alone. The city also taxes self-employment through the Unincorporated Business Tax, tests residency harder than almost any jurisdiction in the country, and offers relief most filers never claim, from the co-op and condo property tax abatement to STAR. These are the things that move a New York City tax bill.
We work with New York City individuals and families, and because we also serve business owners, we handle the owner's return and the business return together when both apply. Where a personal tax accountant earns the fee is below.
This page sits under Corviniti Accounting in New York City, our New York headquarters. That page covers the full New York City and New York State picture, and links to the rest of our local coverage.
What moves the bill
What changes a New York City tax bill
The city specifics that change what you owe, with the numbers: the city income tax, residency and the 183-day rule, the co-op and condo abatement, STAR, the 529 deduction, and the state credit for city UBT paid.
The levers on a New York City personal tax bill. Illustrative, not tax advice.
Residency
Residency and remote work
Moving, earning across state lines, or working remotely each change where your income is taxed, and New York City tests residency hard. Find your situation.
New York residency and remote-work outcomes. Illustrative, not tax advice.
Filing status
The marriage penalty, federal and New York, by the numbers
Several brackets, caps, and thresholds are not doubled for couples, so two similar earners can owe more married than single. Where it bites, and how it gets managed.
The marriage penalty by the numbers. Current federal and New York law; illustrative, not tax advice.
This is for you if
Your return has outgrown software: business income, equity compensation, or multi-state income.
You moved into or out of New York City and are not sure how the city tax works now.
You own a co-op or condo and suspect you are missing property tax relief.
You want the personal and business sides handled by one team so nothing falls through the gap.
What you get
All three returns, coordinated The federal 1040, the New York IT-201 with the city resident tax, and any other state you owe.
The city tax and residency The city income tax calculated correctly, allocated for part-year moves, with residency documented.
The relief you qualify for The co-op and condo abatement, STAR, the 529 deduction, and the New York additions and subtractions.
Year-round planning Equity compensation and capital gains timed, estimates set, and the plan tied to your business return.
How We Help
What you get
Federal, New York State, and New York City personal returns prepared by a CPA, with the city specifics that change the bill.
All three returns, coordinatedThe federal 1040, the New York IT-201 with the city resident tax, and any other state you owe.
The city tax and residencyThe city income tax calculated correctly, allocated for part-year moves, with residency documented.
The relief you qualify forThe co-op and condo abatement, STAR, the 529 deduction, and the New York additions and subtractions.
Year-round planningEquity compensation and capital gains timed, estimates set, and the plan tied to your business return.
When companies bring us in
Your return has outgrown software: business income, equity compensation, or multi-state income.
You moved into or out of New York City and are not sure how the city tax works now.
You own a co-op or condo and suspect you are missing property tax relief.
You want the personal and business sides handled by one team so nothing falls through the gap.
The Detail
The gaps, and how we close each one
Service 01
When a personal return needs a CPA, not software
A single W-2 and a standard deduction do not need a professional. But the moment income gets more than one source, or a real decision enters the return, self-preparation starts costing more than it saves, and in New York City the city income tax raises the stakes on every one of them.
How we handle it
The returns where we earn our fee have real decisions in them: business owners with K-1s and self-employment income (and possibly the Unincorporated Business Tax); investors with capital gains, dividends, and loss harvesting; employees with equity compensation (RSUs, ISOs, and NQSOs, where the timing and the tax interact); and anyone with income in more than one state. In each of these the return is a set of choices, and the choices are worth more than the preparation costs. We handle the complexity and, more importantly, plan it before the year closes.
What you get: A return where the real decisions are planned before the year closes, not discovered at filing.
Service 02
The New York City resident income tax
New York City is one of the few places in the country where living inside the city line adds a separate personal income tax. Residents pay it on top of the state's, and it is not optional or avoidable by structure the way some taxes are.
How we handle it
A New York City resident pays a city income tax of roughly 3.078 to 3.876 percent, on top of New York State's 3.9 to 10.9 percent, so the top combined marginal rate on city residents is among the highest in the nation. It is reported on the state IT-201 return, and there is no separate city filing for most residents. We make sure the city tax is calculated correctly, that any city credits you qualify for are claimed (including the credit for the Unincorporated Business Tax if you paid it), and, for anyone who moved into or out of the city during the year, that the city tax is allocated to the right period rather than applied to the whole year.
What you get: The New York City resident tax calculated correctly and allocated for any part-year move.
Service 03
Residency and New York City audits
Because the city tax turns entirely on whether you are a New York City resident, the city and state test residency aggressively, and the stakes are high: a wrong answer either overpays the city tax or invites one of the residency audits New York is known for.
How we handle it
We handle the returns where where you live is itself the tax question: people who moved into or out of the city during the year (part-year returns and income allocation), residents earning income in another state (resident credits to avoid double tax), and anyone claiming to have changed domicile away from New York City, where the statutory-residence and domicile tests, including the 183-day count, decide the bill. We allocate income correctly, claim the credits that prevent double taxation, and keep the documentation that answers a residency inquiry before it becomes an audit. This is one of the most error-prone and most valuable areas in New York City personal tax.
What you get: Income allocated, double-tax credits claimed, and the documentation a residency audit asks for.
Moved recently, or holding equity you are not sure how to time? Plan the city tax with a CPA before year-end.
New York City homeowners, especially co-op and condo owners, leave real money on the table because the relief programs are claimed in the wrong form or not at all.
How we handle it
We make sure you are getting the relief you qualify for. The co-op and condo property tax abatement reduces the tax on a primary-residence unit by 17.5 to 28.1 percent depending on the building's assessed value, and it is one owners routinely miss. We also confirm your STAR benefit is claimed in the correct form, since New York shifted many homeowners from the up-front exemption to a STAR credit, and coordinate the property-tax picture with the rest of the return. We also capture the 529 college-savings deduction (up to 5,000 dollars, or 10,000 for a married couple) and the additions and subtractions that only exist in the New York code.
What you get: The co-op and condo abatement, STAR, and the 529 deduction captured in the right form.
Service 05
Equity compensation and investment income
New York City has more equity-compensated employees and active investors than almost anywhere, and both create returns where the timing decisions are worth more than the preparation fee.
How we handle it
For equity compensation, the tax depends on timing: exercising ISOs can trigger the alternative minimum tax, vested RSUs are usually under-withheld and leave a balance due (now with city tax on top), and the holding periods decide capital gains versus ordinary rates. For investors, we handle capital gains and loss harvesting, dividend and interest income, and the 3.8 percent net investment income tax. We model the exercise and sale timing so the combined federal, state, and city tax is planned ahead of the year-end rather than discovered in April.
What you get: Equity compensation and investment income timed so the combined tax is planned ahead.
Service 06
Tax planning across the whole year
By the time a personal return is being prepared, the year is closed and most of the levers are gone. The moves that lower a New York City tax bill have to be made while the year is still open.
How we handle it
We plan across the year rather than meeting you once at filing: projecting your federal, state, and city liability so there are no April surprises, timing capital gains and loss harvesting, sizing retirement and 529 contributions before the deadlines, planning the exercise and sale timing on equity compensation, and coordinating estimated payments for those with business or investment income. Families should also claim what New York now offers, including the expanded Empire State Child Credit. For owners, we tie the personal plan to the business return, including the state and city PTET credits, so the two sides are optimized together.
What you get: A year-round plan across federal, state, and city, tied to your business return when you own one.
FAQ
Frequently asked questions
Do I need a personal tax accountant, or is software enough?
If you have a single W-2 and take the standard deduction, software is probably fine. If you have business income, K-1s, capital gains, equity compensation, or income in more than one state, the return has real decisions in it that are worth more than the fee, and the New York City income tax raises the stakes on each one. That is where we help, especially by planning before the year closes.
How much is the New York City income tax?
New York City residents pay a city income tax of roughly 3.078 to 3.876 percent on top of the New York State tax, reported on the state IT-201 return. It applies because you live in the city, so residency is the whole question, and for anyone who moved in or out during the year it has to be allocated to the right period. We handle both.
I moved out of New York City. Do I still owe the city tax?
It depends on whether you actually changed your domicile and how many days you spent in the city, and New York tests this aggressively. A move during the year means a part-year return and careful allocation; a claimed change of domicile has to be supported. We handle the allocation, claim the credits that prevent double taxation, and keep the documentation that answers a residency audit before it becomes one.
I own a co-op or condo. Is there tax relief I am missing?
Very possibly. The New York City co-op and condo property tax abatement reduces the tax on a primary-residence unit by 17.5 to 28.1 percent depending on the building, and many owners never claim it or claim it in the wrong form. We check it along with STAR and coordinate the property-tax picture with the rest of your return.
Do you handle both my personal and my business taxes?
Yes, and for owners that is the point. We prepare the business return and the personal return together, so the K-1, the state and city PTET credits, the Unincorporated Business Tax credit, and the estimated payments all line up. One team sees both sides.
Do you work with physicians, dentists, and other high-income professionals?
Yes. At your income the moves that matter are the PTET credit if you own the practice, backdoor and mega-backdoor Roth contributions, the net investment income tax and additional Medicare tax thresholds, and managing the practice K-1 alongside the personal return. We plan these while the year is still open.
Do you handle equity compensation, RSUs, ISOs, and stock options?
Yes, and the tax depends on timing. Exercising ISOs can trigger the alternative minimum tax, vested RSUs are usually under-withheld and leave a balance due, and the holding periods decide capital gains versus ordinary rates. We model the exercise and sale timing so the tax is planned ahead of the year-end.
Do you work with real estate investors and landlords on their personal return?
Yes. That means rental income and depreciation, the passive activity loss rules and when the real estate professional status unlocks them, cost segregation, and 1031 exchanges, handled on the personal return where most investors hold property.
Do you handle business owners' personal returns?
Yes, and we prepare the business return alongside it when you have one. The K-1 or Schedule C, the PTET credit, the qualified business income deduction, and the estimated payments connect the two returns, and we keep them lined up so nothing falls through the gap.
Do you work with self-employed tradespeople and independent contractors?
Yes. The items that matter: Schedule C income and the self-employment tax, vehicle, tool, and home-office deductions done correctly, quarterly estimated payments, and whether an S election would lower the self-employment tax as your profit grows.
Do you work with investors and retirees?
Yes. That means capital gains and loss harvesting, dividend and interest income across accounts, required minimum distributions and Roth conversion timing, and New York's favorable treatment of Social Security and pension income. We plan the income timing across the year.
This page summarizes New York State and New York City tax rules for general information, and is not tax advice for your situation. Rates and thresholds change; confirm the current figures with the authority before you rely on them.
