DeFreitas & Minsky Accounting Blog

How to Calculate Taxable Income for your Business

Posted by thallissey on Mar 21, 2018 10:00:00 AM

A business’ taxable income is the portion of its profits that are subject to Federal and State income tax. This can be calculated by subtracting permissible tax deductions from gross sales. It’s an important figure to know, because it helps you determine how much of your business’ profits you will ultimately be able to keep.

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Topics: Business Accounting

2018 Business Tax Return Checklist

Posted by thallissey on Dec 20, 2017 10:00:00 AM

As the book closes on 2017, it’s time to time to think about taxes again. If you own a business, you will need to start preparing your paperwork soon. Whether you choose to hire a local accountant or not, this business tax return checklist provides an overview of what you will need to have in hand.

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Topics: Business Accounting

How to Improve Data Security at your Small Business

Posted by thallissey on Nov 8, 2017 10:00:00 AM

In the wake of the massive Equifax breach, data security has become a major issue small businesses cannot afford to ignore. According to one survey, 61 percent of those companies who fell victim to cyberattacks in 2016 had less than 1,000 employees. If you think your business might be vulnerable, there are many steps you can learn to take to protect your data.

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Topics: Business Accounting

Definitive Signs your Business needs a Certified Accountant

Posted by cmcgorty on Oct 19, 2017 10:00:00 AM

When a small business starts out, bookkeeping may not seem like a difficult task. But as your business evolves and your client base expands, you may not have the necessary time, money or know-how to properly manage it all. At a certain point, any growing company should seriously consider hiring a full-time certified accountant. Besides payroll and tax returns, they can be of great assistance when it comes to compliance and legal issues.

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Topics: Business Accounting, Tax Laws, Tax Planning

How Savvy Companies Avoid Check Fraud Scams

Posted by thallissey on Sep 20, 2017 10:00:00 AM

Chase bank has called check fraud “one of the greatest challenges facing business today.” With more than 500 million checks forged every year, this fast-growing problem is estimated to cost the American financial system $10 billion annually, according the National Check Fraud Center. Despite these sobering statistics, many businesses still do not have an effective fraud-prevention strategy. If you may be one of these vulnerable businesses, use these tips to safeguard your bank account.

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Topics: Business Accounting

How to Understand Business Financial Statements

Posted by thallissey on Aug 16, 2017 10:00:00 AM

Whether you run a restaurant, an auto body shop or another type of Long Island business, it’s important to periodically examine the financial health of your company. Although it may seem tricky at first, learning how to fill out and analyze financial statements is a great way to help your business become more profitable.

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Topics: Business Accounting

Long Island Accountants Help Family Owned Businesses Thrive

Posted by thallissey on Jul 14, 2017 10:00:00 AM

Since your family owned businesses is built on the strength of its lasting relationships, you need a qualified accounting partner you can trust. The objective input and counsel of Long Island accountants can help you set and reach all your financial goals.

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Topics: Business Accounting, Financial Planning, Tax Planning

What Business Owners Need to Know about Tax Return Forms

Posted by thallissey on Jun 16, 2017 10:00:00 AM

If you run a business, you know taxes can be tricky. With profits to tally and W-2s to distribute, it’s hard to know where to begin. A good first step is to learn which tax return forms you will need based on your business type.

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Topics: Business Accounting

5 Small Business Tax Credits that Add up to Big Savings

Posted by thallissey on Apr 19, 2017 10:00:00 AM

Tax preparation is a complex process for small business owners. As a result, many first-time filers or even some experienced executives miss out on big tax credits. Before you file your tax return or plan a big business expense, learn more about how these tax breaks could help your company financially.

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Topics: Business Accounting, IRS

Simple Answers to all your Payroll Tax Questions

Posted by thallissey on Feb 21, 2017 10:00:00 AM

Small businesses often perform bookkeeping and payroll tax duties in house to cut costs. But, many make mistakes that cost them time and money. According to one survey, 26 percent of small businesses spend three to five hours a month on these type of tasks. This time can add up significantly over the course of a year.

If you are new to payroll or could use a refresher, our answers to common questions will help guide you through the process.

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Topics: Business Accounting, Tax Planning

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These questions are usually from our clients.  If you would like to send us a question, please email us at info@dmaccountingfirm.com or ask on one of our social accounts.

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