Our approach is to deliver Certified Public Accountant services on the personal, one-on-one level that our client and the industry expects. In today's complex business landscape, it's vital to have an experienced professional providing clear and relevant advice in a timely and professional manner.
Joseph A Schiano CPA, a Long Island native, earned a Bachelor of Science degree in Public Administration and Accountancy from Long Island University, Southampton Campus. Joseph has 15 years of tax and accounting experience, 9 of these years in public accounting firms (small, mid-size and national accounting firms) in the areas of small business, individual and corporate tax preparation, auditing, payroll services and bookkeeping.
Read more...When it comes to tax planning, most individuals make the mistake of thinking more about the tax benefits of their transactions than the impact of their net cash flows. Tax deductibility can make your tax preparer look like a star by getting a higher tax return refund, but because federal and state (if applicable) tax rates will never be 100%, unnecessary spending for the sake of a tax deduction is not a good cash flow strategy. In essence, it's like spending dollars to get back dimes and nickels.
By making a charitable contribution or purchasing a second home, rental property or land purchase solely for the tax deductibility/benefit, in most cases, the total cash outflows will be in excess of any tax deductibility/benefit.