Tax Benefits for Education

(Mar, 2010)

With the ever changing times comes an ever changing tax code. And with college tuition on a steady rise to unaffordability, something's got to give. Introducing…the American Opportunity Tax Credit. 

"Taking Credit for Getting Credits"

Beyond the Numbers: Vincent A. Salvagni, CPA

(Mar, 2010)

Vincent A. Salvagni, CPA is a certified public accountant at Dermody, Burke & Brown, CPAs, LLC and has 10 years of accounting experience. He currently manages tax and financial statement engagements while concentrating in DB&B's tax department. His concentrations include corporate taxes - including those with multi-state and international tax issues, individual taxes, and tax planning strategies.

Lesser Known Quickbooks Shortcuts

(Feb, 2010)

Working in the Registers Quickly 

As you know, all balance sheet accounts with the exception of Retained Earnings have registers. Also, all Customers and Jobs have registers. 

The first thing I do when perusing any register is checkmark the box next to “1 Line Display.” That allows me to cover more transactions when browsing through the register. Also, the resulting color-and-white stripes in the 2-line display version of a register usually give me a headache, so the one-color one-line display is easier on the eyes. 

Expiring Tax Provisions Affecting Your Bottom Line

(Feb, 2010)

As the New Year gets underway, having completed our year end planning and seeing our results on financial statements and tax returns, we can look ahead and implement our plans for 2010 and beyond. Investment and hiring decisions are primarily dictated by current business needs and future expectations. Tax considerations are a secondary but important factor.

S Corporation Open Account Debt

(Feb, 2010)

In the November issue of the Focus, Tom Tartaglia, CPA addressed some of the issues surrounding the question of whether a business should decide to be taxed as an S corporation. One of the advantages he discussed was the ability to pass through corporate losses to the shareholders of the S corporation. Those losses can then be deducted on the shareholders' personal tax return to the extent of the shareholders' basis in stock and debt of the S corporation.

Deducting S corporation Pass-through Losses to the Extent of Basis

Beyond the Numbers: James M. Czaplicki

(Feb, 2010)

Jamie M. Czaplicki recently joined Dermody, Burke & Brown with over 8 years of public accounting experience at a regional accounting firm. Jamie has tax and accounting experience with corporations, subchapter S-corporations, partnerships and individuals. He also has experience in the areas of New York State Empire Zone credits along with compilation and review financial statements. Jamie has provided comprehensive consulting services to closely held businesses in various areas including general ledger maintenance and setup, and QuickBooks support.

Records Retention

(Jan, 2010)

Is one of your new year's resolutions to clean out your old file storage? If not, it should be.

The start of a new year is the perfect time to go through all your old financial and business records and purge what is not needed. The question is: what are you required to keep and for how long? If I get audited, what records will I need to provide to the auditor? So, before you have a new year's paper shredding party you should first consider not only what the IRS wants you to keep, but for how long.

Business Tax Planning Ideas (After the Fact)

(Jan, 2010)

When the ball dropped in Times Square on New Year's Eve ushering in the year 2010, some may have thought they dropped the ball on the chance to reduce their 2009 Federal income tax liability. For calendar year taxpayers, most tax planning strategies must have been implemented prior to the end of the year in order to realize the benefits in 2009. However, there are still some opportunities available to accelerate tax deductions back into 2009 that can be utilized after the end of the year.

Beyond the Numbers: Michael A. O'Shea, CPA

(Jan, 2010)

Mike joined Dermody, Burke & Brown in July 2007 after 17 years with a national accounting firm and 2 years working as the corporate tax manager for a high-tech medical manufacturing company. Over the years, Mike has accumulated a broad range of experience in taxation, accounting and finance. At DB&B, Mike advises closely-held businesses and high net worth individuals on all aspects of tax planning, compliance and financial management.

Do You Know Where You Do Business?

(Dec, 2009)