DeFreitas & Minsky Accounting Blog

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

Asset Protection Strategies for Small Business Owners

Posted by thallissey on Jul 20, 2016 10:00:00 AM

Owning a small business can be a risky proposition, but there are many effective ways to protect yourself financially. Setting up an asset protection plan will insulate you from financial ruin in the event of lawsuits or other legal claims against your company.

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Topics: Business Accounting, Financial Planning

Keeping Accounting Records for a Small Restaurant

Posted by thallissey on Apr 28, 2015 6:00:04 AM

Keeping accounting records for a small restaurant

Small restaurants, if they last any length of time, are always super busy preparing and serving meals, pouring drinks and cleaning up the mess. With customers continually coming in and out, a small restaurant owner’s time is at a premium. But when it comes to accounting a restaurant shouldn’t skimp. Our helpful hints for keeping accounting records for a small restaurant detail the right way to keep track of your books.

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Topics: Business Accounting, Tax Laws, Financial Planning, Tax Planning

Interest Expense Deductions You May Be Missing

Posted by thallissey on Apr 23, 2015 6:00:14 AM

interest expense

Businesses and individuals begrudgingly pay interest, because it appears little is to be gained. This is not entirely true. Interest expense, in certain cases, is tax-deductible.

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Topics: Business Accounting, Tax Laws, Financial Planning

5 Ways to Invest a Tax Return for Your Future

Posted by thallissey on Apr 9, 2015 8:43:53 AM

ways to invest a tax return for your future

Don’t allow your tax refund check to burn a hole in your pocket. Instead, let your money grow. If you receive money back from the government this year, try one or more of our five ways to invest a tax return for your future.

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Topics: Business Accounting, Financial Planning, Tax Planning