Outdated financials can cost you funding.
Banks reject sloppy statements, even from profitable businesses.
CPA-prepared reports boost lender trust instantly.
Accurate bookkeeping is your foundation for approval.
Timely reporting shortens loan approval timelines.
Every year, small business owners across Long Island leave thousands of dollars on the table, all because of missed deductions and poor tax timing. With smart, year-round tax planning, you can keep more of what you earn and avoid last-minute surprises. At Heritage Accountants & Advisors , we help businesses in Hauppauge and throughout Suffolk and Nassau counties take control with proactive tax strategies that protect profits and support long-term growth.
Tax preparation in Long Island is more than just filing in April. It includes quarterly check-ins, income timing
strategies, and ongoing deduction tracking.
With expert business tax planning, you can reduce your taxable income, delay unnecessary payments, and take full
advantage of IRS-approved deductions, all before year-end.
We specialize in helping closely held businesses and high-net-worth individuals align tax planning with your broader
financial goals, so you keep more of what you’ve built.
Waiting until tax season limits your options. Decisions made in December cannot be reversed in April. Year-round planning gives you time to adjust strategies based on income changes, new tax laws, and business growth.
The IRS reports that the average annual gross tax gap exceeds $696 billion per year for Tax Year 2022. Business income
underreporting makes up a large portion of this gap. According to IRS data,
sole proprietors misreport income at rates close to 55 percent
. Proper record-keeping and ongoing tax planning help avoid these compliance failures.
At Heritage Accountants & Advisors, we perform quarterly reviews of your financial position. These reviews identify opportunities to reduce your tax burden. They also flag potential issues before they become costly problems.
Year-round business tax planning in Hauppauge, NY, provides several advantages:
Income timing control
: You can defer income to lower your current year tax bracket
Expense acceleration
: You can prepay deductible expenses before December 31
Retirement contribution optimization
: You can maximize SEP-IRA or 401(k) contributions
Equipment purchase timing
: You can take advantage of Section 179 deductions
We review these opportunities with clients throughout the year. Our team identifies which strategies will deliver the greatest tax savings for your specific situation.
Tax obligations differ based on your business structure. Sole proprietors, partnerships, S corporations, and C corporations each face different filing requirements. Individual and corporate tax services address these differences.
The IRS categorizes businesses by structure when determining tax obligations. Here is how each structure affects your filing:
Sole Proprietors
report business income on Schedule C of their personal tax return. Self-employment tax applies to net earnings.
Partnerships
file Form 1065 and issue K-1 statements to partners. The partnership itself does not pay income tax. Partners
report their share of income on personal returns.
S Corporations
file Form 1120-S. Income, losses, and deductions pass through to shareholders. This structure can reduce
self-employment tax for qualifying businesses.
C Corporations file Form 1120 and pay corporate income tax. Shareholders then pay tax on dividends received. This creates potential double taxation.
Heritage Accountants & Advisors provides individual and corporate tax services in NY for all business structures. We help you select the right entity type when starting a business. We also evaluate whether restructuring would benefit established companies.
Tax preparation is not just about filling out forms. It involves analyzing your financial data, identifying deductions, and positioning your returns to minimize audit risk.
Our tax preparation services in Long Island include:
Business tax return preparation for all entity types
Gift and estate tax return preparation
Partnership and corporate tax filings
Individual tax preparation for high-net-worth clients
We maintain audit-ready documentation for every return we prepare. Our team members bring years of Big 4 experience to your tax filing. We apply this background to boutique accounting services for closely held businesses.
Many business owners overlook deductions that could lower their tax bills. Here are commonly missed items:
Home Office Deduction
: The
IRS
allows $5 per square foot up to 300 square feet. This equals a maximum deduction of $1,500 for qualifying home
offices.
Professional Development
: Training courses, certifications, and continuing education related to your business are deductible.
Business Insurance Premiums
: Health insurance, liability coverage, and business interruption insurance qualify as deductions.
Marketing and Advertising Costs
: Social media campaigns, print advertisements, and promotional materials reduce taxable income.
Professional Fees : Payments to accountants, attorneys, and consultants are deductible business expenses.
We provide clients with a complete list of commonly overlooked deductions. We review your expenses to capture every legitimate tax break.
Working with CPA tax advisors in Long Island protects your business from costly mistakes. Tax law changes frequently. What worked the previous year may not work this year.
The Tax Cuts and Jobs Act laid the foundation for major tax advantages for small businesses, particularly around equipment write-offs. Section 179 allows businesses to deduct the full cost of qualifying equipment in the year it’s placed in service, rather than depreciating it over time. For tax year 2024, the deduction limit was $1,220,000, with a phase-out starting at $3,050,000 in total equipment purchases.
In 2025, the One Big Beautiful Bill Act (OBBBA) substantially increased Section 179 limits. For tax years beginning in 2025, the maximum Section 179 expense deduction is $2,500,000, giving businesses a much larger opportunity to deduct equipment and qualifying property costs upfront.
Bonus depreciation rules also changed. While businesses could deduct only 60% of qualifying expenses in 2024, OBBBA reinstates 100% bonus depreciation for eligible assets placed in service in 2025. This makes 2025 a critical year for businesses planning major capital investments. Acting early guarantees you take full advantage of these generous tax benefits.
Heritage Accountants & Advisors stays current on tax law changes. We access professional resources and training that keep our guidance accurate. Our CPA tax advisors in Long Island apply this knowledge to your specific situation.
You should speak with a CPA tax advisor when you:
Start a new business and need entity selection guidance
Experience a major change in revenue or expenses
Plan to purchase significant equipment or property
Consider selling your business or bringing in partners
Receive an IRS notice or audit letter
We offer free initial consultations. We assess your current financial situation and identify opportunities for tax savings.
Business tax planning in Hauppauge, NY , requires strategies tailored to local and state tax requirements. New York State has its own tax rules that affect how much you owe.
Here are proven techniques we use with clients:
If your business uses the cash method of accounting, you can reduce your taxable income by delaying invoicing until January, pushing income into the next tax year. This can be effective if you expect to fall into a lower tax bracket next year. We evaluate your accounting method and income outlook to help you time revenue recognition legally and strategically.
Prepaying qualified business expenses, such as rent, insurance, or supplies, before year-end may increase current-year deductions. These expenses must meet IRS criteria for timing and business necessity. We help identify which prepayments are deductible under current tax laws.
Contributions to SEP-IRAs, SIMPLE IRAs, and 401(k) plans can greatly reduce taxable income. For example, self-employed individuals may contribute up to 25% of net earnings to a SEP-IRA, subject to IRS limits. We calculate the optimum contribution for your financial goals and eligibility.
Eligible pass-through entities may deduct up to 20% of qualified business income. However, this deduction phases out at higher income levels and varies by business type. Our corporate and individual tax planning services in NY include a full QBI eligibility review to make sure that you maximize this opportunity.
Accurate records make tax planning possible. Without organized financial data, you cannot track deductions or make strategic decisions.
The IRS recommends that small business owners retain business records for at least three years. This includes:
Bank and credit card statements
Receipts for business expenses
Invoices and payment records
Mileage logs for business travel
Contracts and agreements
We provide bookkeeping services that maintain your records throughout the year. We reconcile accounts, process payroll, and prepare financial statements. This ongoing work makes tax preparation faster and more accurate.
Heritage Accountants & Advisors brings over 40 years of combined experience to tax preparation services in Long Island . Our firm serves closely held businesses ranging from startups to Fortune 50 companies.
Effective January 1, 2025, BSB Associates, LTD. and Ferrera, DeStefano & Caporusso merged to form Heritage Accountants & Advisors. This partnership expanded our resources and service offerings. Clients now have access to a larger team of professionals with diverse backgrounds.
Our approach to business tax planning in Hauppauge, NY, rests on three pillars:
Thoroughness
: We perform an in-depth analysis of your business and its financial needs.
Candor
: We communicate openly and honestly about the health of your business.
Constant Research : We stay current on tax laws and regulations that affect your filing.
Tax planning should start now, not in April. Every month you wait reduces your options for the current tax year.
Heritage Accountants & Advisors offers a simple process:
Schedule an Initial Consultation : We assess your current financial situation and identify immediate opportunities.
Build a Healthy Financial Foundation : We create a plan that aligns with your business goals and tax obligations.
Grow with Confidence : You focus on your business while we manage your tax strategy.
Our CPA tax advisors in Long Island serve businesses throughout Suffolk County, Nassau County, and the greater New York Metro area. We maintain offices in Hauppauge and Southampton for your convenience.
Heritage Accountants & Advisors provides individual and corporate tax services in NY that help you keep more of what you earn. Contact us today to start building your year-round tax strategy.
Schedule your free consultation by calling (631) 543-7700 or emailing info@heritage.cpa .
Heritage Accountants & Advisors is a boutique accounting firm offering tax, accounting, and advisory services to closely held businesses and their stakeholders. As AICPA members with four decades of experience, we help clients build long-term wealth through proactive tax planning.
