Donofrio Inc. is a full-service accounting firm serving clients throughout the New York metropolitan area dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs. On this website, you will find information about Donofrio Inc., including our list of services. We have also provided you with online resources to assist in the tax process and financial decision-making.
These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business, Donofrio Inc. has years of valuable experience assisting professionals with their accounting needs. We believe your accountant should make your life easier. Our team is committed to providing the highest level of personalized service you should expect from your accountant.
These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business, Donofrio Inc. has years of valuable experience assisting professionals with their accounting needs. We believe your accountant should make your life easier. Our team is committed to providing the highest level of personalized service you should expect from your accountant.
Services
For years, Donofrio Inc. has been providing quality, personalized financial guidance to local individuals and businesses.
Donofrio Inc.'s expertise ranges from basic tax management and accounting services to more in-depth services such as estate planning, financial statements, and financial planning.
By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve.
Our dedication to high standards, hiring of seasoned tax professionals, and work ethic is the reason our client base returns year after year.
Donofrio Inc.'s expertise ranges from basic tax management and accounting services to more in-depth services such as estate planning, financial statements, and financial planning.
By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve.
Our dedication to high standards, hiring of seasoned tax professionals, and work ethic is the reason our client base returns year after year.
Donofrio Inc. provides a wide range of services to individuals and businesses in a variety of industries.
At Donofrio Inc., we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At Donofrio Inc., we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
At Donofrio Inc., we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At Donofrio Inc., we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
Have you just started a new business?
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
It's possible there could be additional extensions, so check with your tax advisor for the latest information.
Trusts and estates need to file an income tax return for the 2020 calendar year (Form 1041) and pay any tax, interest and penalties due, if an automatic five-and-a-half month extension was filed.
Employers must establish a SIMPLE or a Safe-Harbor 401(k) plan for 2020 by this date, except in certain circumstances.
Individuals must file a 2020 income tax return (Form 1040 or Form 1040-SR) and pay any tax, interest and penalties due, if an automatic extension was filed.
Trusts and estates need to file an income tax return for the 2020 calendar year (Form 1041) and pay any tax, interest and penalties due, if an automatic five-and-a-half month extension was filed.
Employers must establish a SIMPLE or a Safe-Harbor 401(k) plan for 2020 by this date, except in certain circumstances.
Individuals must file a 2020 income tax return (Form 1040 or Form 1040-SR) and pay any tax, interest and penalties due, if an automatic extension was filed.
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