Accounting Services
From start-ups to established businesses, we all rely on accurate financial information to maintain profitability.
Financial & Retirement Planning
Susan M. Martin, CPA, PC's function in this area is to assist you in accumulating the funds to maintain financial independence in retirement.
Estate & Trust Planning
Effective estate and trust planning is essential to minimize estate taxes and maximize the financial security of your beneficiaries.
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Susan M Martin, CPA, PC is a full-service accounting firm serving clients throughout the area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.
On this website, you will find information about Susan M Martin, CPA, PC, including our list of services. We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include financial calculators, news and links to other useful sites. Whether you are an individual or business in or around Bethpage, Susan M Martin, CPA, PC has years of valuable experience assisting professionals with their accounting needs.
"Inspirational Thought of the Month"
“Poor is the man whose pleasures depend ont the permission of another.”
- Madonna
New York State Mandatory Retirement Plan
A business acquaintance of mine, Cody Creenfield (This email address is being protected from spambots. You need JavaScript enabled to view it.) provided me with some relevant information I want to share with you.
On Oct. 22, 2021 NYS Governor Kathy Hochul signed a law making a workplace retiremnt plan mandatory for businesses with 10 or more in-state employees that have been in business for at least 2 years AND don't presently offer a plan.
NYS provides a state-facilitated IRA savings program, The New York State Secure Choice Savings Program, to private sector businesses. Companies do not have to use the NYS plan as long as they implement a plan. NYS has not formally established a deadline as of yet.
2022 Tax Brackets
The seven brackets remain the same: 10%, 12%, 22%,24%,32%,35%,37%. However, the income thresholds for tax brackets are adjusted to reflect inflation or the cost of living. For example, instead of 10% being applied to the first $9950 of income, it will now be applied to the first $10,275.00 for a taxpayer filing individually.
Also, the standard decuction will increase in 2022 by $400 to $12,950 for single filers or married but filing separately. It will increas to $19,400 for head of households and $800 to $25,900 for married taxpayers filing jointly.
There is also an additional standard deduction of $1,400 that will apply to those wo are either 65 and older or blind. The amount doubles if both apply to a taxpayer in 2022.