Long Island City's Leading Tax and Accounting Firm

Welcome To LIC Tax
& Accounting Services

Here at LIC Tax and Accounting Services, we enjoy educating our clients on “HOW” they can save on their taxes and manage their finances for a wealthier future. Our firm provides the best accounting, taxation, audit representation, and consulting services in Long Island City to both businesses and individuals. The vast services we provide are tailored to the unique needs of each client, ensuring the best possible results. We provide exceptional high-quality service, no matter how large or small your needs may be. Check out LIC Tax & Accounting Services on Yelp

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Recent Video Highlights

🏠💰 The Tax Secret Every Real Estate Investor Should Know: Depreciation If you own rental property, the IRS actually lets you depreciate it over time. What does that mean? Instead of writing off the whole cost at once, you spread it out—usually over 27.5 years for residential properties. ✅ Why this matters: Even though your property might increase in market value, the IRS still lets you treat it as if it’s “wearing down” over time. That creates a paper loss you can use to lower your taxable rental income each year. ✅ What you can depreciate: The building itself (not the land), improvements like a new roof, HVAC systems, or appliances. ✅ Why it’s powerful: Depreciation can turn what looks like a profitable rental on paper into little or no taxable income—sometimes even a loss you can use strategically. ⚠️ Just remember: when you sell, the IRS may “recapture” some of that depreciation, so planning ahead with a tax professional is key. Depreciation is one of the biggest reasons real estate creates long-term wealth. The smarter you use it, the less you pay in taxes and the more money you keep to reinvest. #RealEstateInvesting #RentalProperty #TaxTips #Depreciation #SmartMoneyMoves #TaxStrategy #WealthBuilding
Watch this before investing
YouTube Video VVVtSG5SYlJLRTFtY1A0eDRGT0h1bkhBLlRNTzNkVE5wOWhJ
🍷✨ Is it illegal to take clients somewhere fancy for business? Nope. In fact, it’s smart. A lot of people think you can only expense “ordinary” meals or casual spots when meeting with clients. But the IRS rule is actually about whether the expense is ordinary and necessary for your business. That means if taking a prospective client to a nicer restaurant helps you build trust, close a deal, or create the right impression, it can absolutely qualify. Here’s the key: ✅ The dinner must have a clear business purpose (like discussing work, pitching your services, or maintaining the relationship). ✅ You need to document it—who you met with, what you talked about, and why it was business-related. ✅ And remember, you can usually deduct 50% of meal expenses that qualify. It’s not about where you go—it’s about why you’re there. If the environment helps you grow your business, then yes, even the nicer spots can be a legitimate business expense. 💼 The smartest move? Work with a tax advisor to make sure you’re getting it right and keeping the records you’ll need if the IRS ever asks. #TaxTips #BusinessExpenses #SmartMoneyMoves #EntrepreneurLife #BusinessAdvisor #WriteOffs
This IRS loophole is still open
YouTube Video VVVtSG5SYlJLRTFtY1A0eDRGT0h1bkhBLi1nb0Zxd0pBWlNB
🍽️💵 BIG win for service industry workers! Thanks to the new One Big Beautiful Bill (passed in 2025), if you earn tips, you get to keep more of your money. Here’s the deal: ✨ The first $25,000 of your tips are now TAX-FREE. ✨ Applies to workers in industries where tipping is standard (servers, bartenders, hairstylists, etc). ✨ You still have to report your tips, but now you won’t get taxed on that first chunk. ✨ There are income limits (starts phasing out at $150K for singles, $300K for couples). This is a huge shift that could save service workers thousands of dollars a year. 🙌 📊 Pro tip: Keep accurate records of your tips and work with a tax professional to make sure you qualify and file correctly. Don’t leave free money on the table. 👉 Share this with a friend in the service industry—they’ll thank you later! #NoTaxOnTips #ServiceIndustryLife #TaxBreaks #IRS #BigBeautifulBill #TaxAdvisor #SmartMoneyMoves
Trumps new law gives $25,000 to SOME workers
YouTube Video VVVtSG5SYlJLRTFtY1A0eDRGT0h1bkhBLjdWNWZMRHRkQ2Nz
💼 What Counts as a Business Expense? Let’s Break It Down. ✅ What IS a Business Expense • Ordinary & Necessary Costs: Anything common and helpful for running your business (think rent, utilities, software, supplies). • Travel for Work: Flights, hotels, meals while traveling for business. • Marketing & Advertising: Social media ads, business cards, website costs. • Professional Help: Accountants, lawyers, consultants. • Equipment & Tools: Laptops, phones, vehicles if they’re primarily for business. 🚫 What ISN’T a Business Expense • Personal Living Costs: Your rent, groceries, gym membership (unless there’s a direct, documented business purpose). • Family Vacations Disguised as “Business Trips”: If you can’t prove the business reason, it doesn’t count. • Personal Cars & Toys: If it’s not used for business most of the time, don’t try to write it off. • Clothes: Unless it’s a uniform or required safety gear, your new wardrobe isn’t deductible. ⚖️ The Rule of Thumb If the expense is ordinary and necessary for running your business and you can prove it, it usually qualifies. If it feels like a stretch? The IRS will probably see it that way too. 👉 Want to make sure you’re taking advantage of every deduction (without crossing the line)? Message me and let’s go through it together.
The IRS is jailing more people because of this
YouTube Video VVVtSG5SYlJLRTFtY1A0eDRGT0h1bkhBLkd6ZFVNTTBzTmkw
🚗💼 Should your business really buy that new vehicle? Here’s the truth. A lot of business owners rush into buying a car or truck just because they’ve heard it’s a “tax loophole.” But here’s the thing: a vehicle is only a smart business purchase if it’s going to save you money or make you money. 👉 If the vehicle helps you generate revenue—like making deliveries, transporting clients, or hauling equipment—it can be a powerful investment that pays for itself. Plus, you’ll be able to legally write off the costs tied to running it. 👉 But if you’re just buying it to take advantage of a write-off, you’re actually losing money. Remember, deductions only reduce taxable income—they don’t magically make the purchase free. The smartest move is to think long-term: will this vehicle make my business stronger and more profitable, or am I just spending money to save a little on taxes? 💡 Work with a tax professional before making big purchases. They’ll help you figure out if it’s a good financial strategy—or just hype. #BusinessTips #TaxStrategy #SmartMoneyMoves #EntrepreneurLife #TaxPlanning
This is why most side hustles fail
YouTube Video VVVtSG5SYlJLRTFtY1A0eDRGT0h1bkhBLkxtel9kMG44MXlz
🎒✏️ Back-to-School = Time to Think About Your Kid’s Future 💡💰 Here are a few smart money moves parents should be thinking about right now: ✅ Start (or Add To) a 529 Plan – Tax-advantaged savings for education costs. – Growth is tax-free if used for qualified expenses like tuition, books, or even some K-12 costs. ✅ Look Into a Coverdell ESA – Another option for education savings. – Can be used for both K-12 and college expenses. ✅ Set Up Automatic Contributions – Even small, regular deposits add up over time. – Treat it like a monthly bill you pay to your child’s future. ✅ Review Back-to-School Expenses – Supplies, laptops, activities—some may qualify as tax deductions or credits. – Keep receipts organized for tax time. ✅ Involve Your Kids – Back-to-school is a great time to start teaching them about budgeting, saving, and why planning early matters. 📊 The earlier you start, the more options (and less stress) you’ll have when those big tuition bills come around. A tax or financial advisor can help you find the best plan for your family. 👉 Message me today to get started and make sure you’re setting your kids up for success.
Why college in America is getting crazy
YouTube Video VVVtSG5SYlJLRTFtY1A0eDRGT0h1bkhBLktlUlJyeExabkVN
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Our Services

Business Tax & Accounting Services

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  • Business Tax Preparation
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Testimonials

Our Satisfied Clients

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I’ve entrusted LIC Tax & Accounting Services with both my personal and business taxes for the past six years, and I couldn’t be happier with their service. Giovanni and his team have shown remarkable growth over the last year, and what truly impresses me is that their dedication to excellence keeps getting stronger.

Not only do they handle my taxes with precision and expertise, but they also go above and beyond by sharing valuable tips and insights to improve my financial management. It’s this commitment to continual improvement that sets them apart.

If you’re looking for a reliable and knowledgeable team to handle your tax and accounting needs, look no further than LIC Tax & Accounting Services. Highly recommended!

Luis Munoz




Best decision, not just financially but also mentally. They took care of everything for me, saved me so much time and money and were constantly available for questions, meetings and making sure I’m getting the most out of my finances and their services. Can’t recommend enough. Super happy!

Hannah Driscoll




I am impressed with Giovanni and LIC tax team professionalism. They are instrumental part of my business tax and accounting. They are always available to answer my questions and concerns. They helped me put together my business finances so I can understand my numbers to make better business decisions and be organized.
I look forward to continue working with them monthly and making them part of business financial team.

Koka Tech HVAC




The team at LIC Tax has been incredibly diligent, supportive, and professional while helping me through a complicated tax situation. The transparency and communication from this group has been greatly appreciated and I would recommend them to any friends or family.

Stacey Gomez




LIC Tax has been a huge asset to my business. Their responsiveness truly sets them apart. Anytime I have a question or need guidance, they are quick to reply and always have clear, easy-to-understand answers. LIC Tax is the best choice for any business owner looking for fast, reliable, and professional tax services!

Natasa Gajic Jr.