- Medical & professional practicesEntity structure, owner pay, payroll and books for physicians, dentists, attorneys and consultants.Learn more about practice accounting →
- Commuting to New YorkNew Jersey and New York returns prepared together, so the credit is claimed correctly.Learn more about multi-state returns →
- Rental propertyDepreciation, passive loss rules and records for condo and multifamily owners.Learn more about rental property taxes →
- NJ BAITThe pass-through election that can lower federal tax for practice and business owners.Learn more about NJ BAIT →
Tax work that fits Morristown
Morristown is the Morris County seat. The county courthouse, Morristown Medical Center and the law, medical and financial offices around the Green make it the county's professional center, and the Morristown station puts Midtown Manhattan a direct train ride away. Those three things, practices, commuters and property, shape most of the tax questions we hear from the area.
Physicians, dentists, attorneys and other practices
- Structure and owner pay. Whether your practice is best run as an S corporation, a partnership or a professional corporation, and what a reasonable salary looks like for the owners.
- NJ BAIT. New Jersey's Business Alternative Income Tax lets a partnership or S corporation pay state tax at the entity level, so the owners can work around the federal cap on deducting state and local taxes. The election is made each year, and it doesn't help every practice.
- Retirement plans. For high-earning owners, a 401(k) with profit sharing or a cash balance plan can shelter far more than an IRA.
- Books and payroll. Monthly bookkeeping and payroll, so the numbers are ready when you need them for a loan, a new partner or a tax plan.
Commuting into Manhattan
If you live in Morristown and work in New York, you file a New York nonresident return for your New York wages and claim a credit on your New Jersey return for the tax paid to New York. You don't owe New York City income tax: it applies only to city residents. Days you work from home can still be taxed by New York under its "convenience of the employer" rule, and bonuses and equity compensation are allocated by where you worked when you earned them. We prepare both returns together and check withholding for both states, so April doesn't bring a surprise.
Condos, apartments and rental property
If you own a rental unit in or around Morristown, we handle the depreciation, the passive activity loss limits and the records that support them. When you sell, we look at whether a 1031 exchange makes sense, and for larger buildings whether cost segregation is worth the study.
One ZIP code, two towns
The Town of Morristown and Morris Township share the 07960 ZIP code, but they're separate municipalities with their own assessors and property tax rates. It doesn't change your income tax return, but it matters if you appeal your assessment or apply for ANCHOR, Stay NJ or the Senior Freeze.
How we work
Most of our work happens through our secure client portal, by phone and by video call, so you don't need to take time off to drop off documents. In-person meetings are available by appointment. We respond within one business day, and we're available Saturdays as well as weekdays.
Frequently asked questions
Do I owe New York City income tax if I live in Morristown and work in Manhattan?
No. New York City income tax applies only to city residents. You file a New York State nonresident return for your New York wages and claim a credit on your New Jersey return for the tax paid to New York.
Can a Morristown medical or law practice benefit from NJ BAIT?
Often. A partnership or S corporation that elects BAIT pays New Jersey tax at the entity level, the owners receive a credit on their New Jersey returns, and the federal deduction isn't limited by the cap on state and local taxes. The election is made each year, and we run the numbers first.
I live in Morris Township, not the Town of Morristown. Does that matter?
For income taxes, no. For property taxes, yes: the two municipalities have separate assessors and tax rates, and an assessment appeal is filed for the municipality where the property sits.
Do you meet with clients in person?
Yes, by appointment. Most clients work with us by video call and phone, and share documents through our secure client portal, so an office visit is never required.