On this website, you will find information about DiGennaro & Palumbo, LLP, 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 financial calculators, news and links to other useful sites. Founded in 1999, DiGennaro & Palumbo, LLP is a full service CPA firm dedicated to the needs and success of our diversified clientele.
Whether it is a personal tax client, a small sole proprietor or a large corporation, our hands on approach and commitment to personal service has led to our solid reputation and growth over the years.
Whether it is a personal tax client, a small sole proprietor or a large corporation, our hands on approach and commitment to personal service has led to our solid reputation and growth over the years.
Services
Founded in 1999, DiGennaro & Palumbo, LLP is a full service CPA firm dedicated to the needs and success of our diversified clientele.
Whether it is a personal tax client, a small sole proprietor or a large corporation, our hands on approach and commitment to personal service has led to our solid reputation and growth over the years.
In addition to traditional tax and accounting services, our firm has developed an expertise with business insolvency matters, shareholder dispute resolution, and business loan negotiation and restructuring.
Whether it is a personal tax client, a small sole proprietor or a large corporation, our hands on approach and commitment to personal service has led to our solid reputation and growth over the years.
In addition to traditional tax and accounting services, our firm has developed an expertise with business insolvency matters, shareholder dispute resolution, and business loan negotiation and restructuring.
DiGennaro & Palumbo, LLP provides a wide range of services to individuals and businesses in a variety of industries.
At DiGennaro & Palumbo, LLP, 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.
From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities.
DiGennaro & Palumbo, LLP's accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans.
At DiGennaro & Palumbo, LLP, 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.
From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities.
DiGennaro & Palumbo, LLP's accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans.
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.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
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