Satty, Levine & Ciacco, CPAs, P.C. Blog

Paying business taxes for the first time can be an intimidating and arduous process. From choosing a business entity to learning about applicable tax breaks, there’s a lot to digest. To make your tax planning and preparation smoother, Satty, Levine, & Ciacco created a list of tips for new business owners.

During tax planning and preparation, you must first decide whether to take the standard deduction. Even if you elect not to itemize on your Federal return, you should be aware that you can still claim New York State tax deductions for medical expenses, interest and some other personal expenditures.

The United States government rewards businesses with tax credits for taking certain actions that help to strengthen the economy, improve people’s lives or even just benefit society at large. Unlike tax deductions, business tax credits cut down the actual amount of your tax bill. Before beginning tax planning and preparation, check to see if you might be eligible to cash in on these options for savings.

With tax season 2020 about to begin, it’s time to get those calculators out of the closet. It’s smart to start preparing today, because April 15 will be here before you know it.

For small business owners, preparing for tax season is often stressful and time-consuming. With forms to fill out and receipts to track down, there’s a lot to do in a little time. Before tax season starts, pick up a few tips that will help your business file on time.

The IRS tax code is constantly in flux. From major overhauls to minor tax law changes, each year there are new opportunities to earn a larger tax refund check. As you begin planning your tax preparation, learn about what’s new for 2020.

Tax season is still a few months away, but it is never too early to start personal income tax preparation. What you do today will help reduce stress when April rolls around.

The IRS and the Treasury Department have finalized new business depreciation deduction regulations that allow companies to write off most of their depreciable assets in the year that they were used.

Between work responsibilities and family obligations, it’s often tough to find the time to track investments or even follow a monthly budget. To make life easier, many people are now relying on a simple digital solution: money management apps. If you need help with financial planning, consider downloading one of these five apps to your phone.

Even though an organization doesn’t earn a profit, it is not exempt from financial reporting. 501(c)3s must also submit tax returns and follow IRS rules. From internal polices to tax regulations, these four nonprofit accounting tips will help any agency be better prepared to manage its finances.