FOR BREAKING NEWS VISIT WWW.QNS.COM FEBRUARY 7, 2019 • THE QUEENS COURIER 25
You outgrew your current
tax person one career
move, two dependents, and
three investments ago.
PERSONALIZED TAX EXPERTISE | AVERAGE 15 YEARS' EXPERIENCE | YEAR-ROUND SUPPORT | PRIVATE SETTING
If your life has evolved, your taxes have too. When you choose Block Advisors, you'll be matched
with a tax advisor who will guarantee an accurate tax return for your unique situation.*
41-18 Crescent St., Long Island City, NY 11101
T: 718-707-0295 • F: 718-707-0299
E: hernan@savignano-cpa.com
www.savignano-cpa.com
47-46 Vernon Blvd Second Floor
Long Island City, NY 11101
T: 718-707-0955 • F: 718-707-0959
Hernan Barona, E.A
hernan@savignano-cpa.com
www.savignano-cpa.com
ObtainMyRefund.com
18-0898
GET MATCHED blockadvisors.com
Your personal tax specialist will see you now.
41-18 CRESCENT ST, LONG ISLAND CITY, NY 11101 | 718-707-0295
*If you discover a Block Advisors error on your return that entitles you to a larger refund (or
smaller tax liability), we'll refund the tax prep fee for that return and file an amended
return at no additional charge. Refund claims must be made during the calendar year in
which the return was prepared. OBTP#B13696 ©2018 HRB Tax Group, Inc.
SAVIGNANO
accountants & advisors
ACCOUNTING AND TAX SERVICES THAT BENEFIT YOUR PERSONAL
JOHN SAVIGNANO
CPA, CGMA
AND BUSINESS NEEDS
• Multiple LIC Office Location • One Stop Shopping
• Over 25 Years of Professional Experience
• Special Offers and Promotions Available
• All Services Guaranteed
OUR SERVICES INCLUDE:
For Individuals…
• Income Tax
• Tax Planning
• Audit Defense
• Bookkeeping
• Insurance
• Financials
• Estates/Trusts
• Net Worth Statements
• Budgeting
• Offer-In-Compromise
For Businesses…
• Income Tax
• Sales Tax
• Payroll Tax
• Retirement
• Accounting
• Investments
• Audit Defense
• Tax Planning
• Valuations
• Formation/Structures
www.LIC-CPA.com
www.savignano-cpa.com
bestaccountantinlic.com
ObtainMyRefund.com
Our Certified Public Accountants
are here to serve clients in a variety of industries. Whether you are looking for tax preparation
services, risk management advice, or assistance with a retirement plan, the team at
SAVIGNANO accountants & advisors is here to help.
47-46 Vernon Blvd., 2nd Fl. LIC, NY 11101
718.707.0955 (F) 718.707.0959
41-18 Crescent St. LIC, NY 11101
718.707.0295 (F) 718.707.0299
PLEASE CALL OR VISIT US FOR FREE CONSULTATION
TAX TIPS
Nothing I Can
Put My Hands
Around Financially
BY JOHN SAVIGNANO, CPA
It’s no joke saying that in small business the owner is the
bank of last resort. In addition, banks lend on hard assets.
Keep in mind that the more you lend out to your clients,
by allowing them accounts receivable terms, the less
money you’ll have in your bank account as an asset you
can use to accomplish your goals.
Banks will also look for assets that the owner holds
personally. When it comes to building up a portfolio of
assets, make a priority list. Banks look for security to back
up lending,
The bank is not your business partner, taking risks for
you. They’re a vendor looking to insure they get their
money back, no matter what.
Most companies have accounts receivables, and banks
will usually lend against accounts receivables that are less
than 60 days from invoice. Anything over 45 days past
due starts looking pretty risky to a lender and anything
over 60 days is probably not worth much as a security.
But don’t put your business at risk carrying paper for an
excessive period of time for another company just to get a
shot of doing business with them, unless you can secure
the outstanding money, and charge enough to pay for the
carrying costs on the amount outstanding.
If you have personal investments to lend against, make
your banker aware of those. Personal assets do count as
security, as long as you have more in assets than you owe.
Home equity is a big category to consider as are personal
investment accounts.
Make sure you have enough income to make the down
payment and monthly loan payments without getting
caught short in terms of cash flow. Consider whether it’s
best to invest in growing sales first and hold off on buying
a building until cash flow improves. Investing in personnel
is most likely to be on your dime, so invest first in
people who can help to grow revenue and profits. Growing
profits will result in more cash on hand, the ultimate
lendable asset.
John Savignano is a partner with Savignano Accountants
& Advisors located at 47-46 Vernon Blvd., Second Floor, in
Long Island City. If you have any questions or require additional
information, please call John at 718-707-0955.
link
/www.savignano-cpa.com
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