Potter & LaMarca LLP

Do you know the difference between PERMANENT tax savings and DEFERRING taxes? The basic concept is this: With permanent savings, you get the deduction which lowers your taxes, and never have to pay it back.... With a tax deferral, you take the deduction now which helps with cash flow, but will ultimately pay it back. They are both important planning items, but you want to always use up the permanent savings strategies first and then go after the deferral. #potterandlamarca #taxes #expense #irs #accountants #accounting #cpa #cpas #business #taxplanning #nyc #statenisland

If your business uses the cash method of accounting instead of the accrual method, this tip is for you. The cash method requires that you calculate your income and expenses based on when the cash goes in and out of your bank account. By paying bills in December, even if they are not due until January, you can decrease your taxable income in the current year, which in turn reduces your tax liability.

The line between business and personal expenses can get a little blurry, but you should take care to make the distinction as sharp as possible. Not separating expenses once or twice might not be a big deal, but if you get into a habit of doing so, your business expenses may end up being completely inaccurate. #accounting #business #finance #accountant #tax #bookkeeping #taxes #cpa #smallbusiness #entrepreneur #payroll #startup #accountingservices #accountants #audit #taxseason #management #accountinglife #consulting #businessowner #marketing #incometax #money #quickbooks

Have you spoke to your accountant lately? If not you should. Carving out a few minutes every January to make sure you’re making things easy for your accountant can help reduce the risk of a mistake come April or an audit later. Its recommended that you speak with your accountant more often than twice a year. In fact, you should be speaking regularly even monthly. You’ll have a better handle on your business and can plan for any tax law changes. ... #accounting #business #finance #accountant #tax #bookkeeping #taxes #cpa #smallbusiness #entrepreneur #payroll #startup #accountingservices #accountants #audit #taxseason #management #accountinglife #consulting #businessowner #marketing #incometax #money #quickbooks

Just as it’s crucial to bring in some expert help with taxes, you should consider getting some assistance with payroll. A payroll service provider such as Potter and LaMarca will be able to calculate and remit those taxes accurately and on time, alleviating a headache for you and your employees. #accounting #business #finance #accountant #tax #bookkeeping #taxes #cpa #smallbusiness #entrepreneur #payroll #startup #accountingservices #accountants #audit #taxseason #management #accountinglife #consulting #businessowner #marketing #incometax #money #quickbooks