CONTACT INFORMATION:

Manhattan Location

225 W35th St, 5th FL New York, NY 10001
Phone: (212) 736-0055

Stamford Location

350 Bedford St, Ste 303 Stamford, CT 06902

Phone: (203) 356-1061

Long Island Location

487 Jericho Turnpike, Syosset, NY 11791

Phone: (212) 736-0055

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Accounting for Retail Businesses

ACCOUNTING & CONSULTING for RETAIL

Presti & Naegele serves a wide range of retail and consumer product businesses, from boutique shops to household names. At P&N, we understand that the retail landscape extends far beyond mere transactions.  It’s a dynamic ecosystem with intricate demands. 


Retail is one of the fastest evolving industries. Faced with changing consumer preferences, e-commerce expansion, and regulatory hurdles, retail business owners must find ways to innovate to keep up with the competition. Our seasoned team of advisors brings a personalized approach to the table, offering comprehensive accounting, tax and advisory services that go beyond the basics.

At Presti & Naegele, we empower retail companies to achieve growth and profitability by leveraging our extensive experience in the consumer products sector.  Whether our clients own a single store or many, our team ensures that retail business owners have the tools necessary to achieve financial success.


P&N understands that retail businesses face a myriad of challenges aside from buying and selling products. By applying a tailored approach to accounting, tax, and advisory solutions, we guide our clients through every business stage and life cycle — from initial strategic planning to acquisition and disposition. Our overall goal is to assist our retail industry clients to operate more efficiently and exceed their expectations.

common recommendations for your retail business

Sales Tax Collection and Remittance

  • Determine where you have sales tax nexus (physical presence or economic activity) and how it works.
  • Register for a sales tax permit in each state where you have nexus.
  • Know your sales tax exemptions and apply them appropriately.
  • Collect, report, and file your sales tax returns accurately and on time.

Income Taxes



  • Keep track of your gross sales and report them on your tax return.
  • Understand the tax implications of different business structures (e.g., sole proprietorship, LLC, corporation).


Self-Employment Taxes


  • As a business owner, you’re responsible for both the employer and employee portions of Social Security and Medicare taxes.
  • Calculate and pay self-employment taxes based on your net income.


Quarterly Estimated Tax Payments


  • If you expect to owe more than $1,000 in taxes annually, make quarterly estimated tax payments to avoid penalties.
  • Estimate your income and self-employment taxes for the year and pay accordingly.


1099 Forms for Contractors


  • If you work with independent contractors, issue Form 1099-MISC to report payments made to them.
  • Ensure compliance with reporting requirements to avoid penalties.


TAX PLANNNING AND ADVISORY SERVICES

The tax planning and advisory services we provide is based on substantial experience in the consumer products and retail arena. We have guided firms of all types, including:


  • Apparel, footwear and accessories
  • Durable medical equipment
  • Electronics
  • Food and beverage
  • Fragrances and cosmetics
  • Home furnishings
  • Jewelry
  • Sporting goods

SOLUTIONS THAT REFLECT YOUR OBJECTIVES AND ADDRESS YOUR PRIORITIES

Our team serves as trusted advisors to help clients identify, structure and implement proactive strategies to drive ongoing, sustainable success. We assist with:

CONTACT US
Presti & Naegele Accounting Offices

For inquiries or expert financial guidance, contact Presti & Naegele Accounting Offices. Your success awaits!

Retail - Website Form

Presti & Naegele Accounting Offices

CLIENT REVIEWS

WHAT OUR CLIENTS ARE SAYING

Stacey L.

HAPPY CLIENT

I have had my business for more than 10 years and struggled through several *truly awful* accountants in the early years. I found Presti & Naegele about five years ago and have never looked back. They are a life-changing breath of fresh air and they will be my accountants for as long as I live. Donald Sager brings me confidence, peace and calm in an area of the business that would otherwise be stressful. He knows what he's doing and is always extremely responsive and ready with a plan of action and to explain anything at all. I am so grateful for him!

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Eager to collaborate with Presti & Naegele?

We welcome the opportunity to understand your financial needs and tailor solutions for success. Join our distinguished clientele who have experienced the excellence of our services. Let's embark on a journey toward financial prosperity together.

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