John F. Dennehy Jr., CPA, PC

5 Distinct Disadvantages of Forming an LLC

Although most people understand the vast benefits of limited liability companies (LLCs), significantly less are aware of the disadvantages of forming an LLC. And while the benefits may outweigh the costs, it’s only fair to look at both sides of the coin and explore the disadvantages of forming an LLC. to learn more […]

Continue reading

4 Outstanding Benefits of an LLC That Can Impact Your Bottom Line

Running a business can be difficult due, especially when you consider complex tax rules and the possibility of opening yourself up to liability lawsuits. Anyone who has ever run a business would agree. If you’re thinking of starting a new business – or if you’ve been making money and need to create a business for […]

Continue reading

Tax Difference Between LLC & S-Corp

If you’re setting up a business in Long Island or anywhere in the surrounding area, you’ll have several options regarding to how you structure it — especially if you’re just one individual. The default option for many Americans is the a sole proprietorship (SP), which is a good choice over working as yourself as an […]

Continue reading

6 of the Best Tax Deductions for S-Corps Used by the Pros

As the owner of a business, you may be eligible for the best tax deductions for S Corps. The S corporation is a unique creature of federal tax law wherein you initially form an LLC or corporation and then elect taxation of an S Corp. While your legal entity will remain an LLC or corporation, […]

Continue reading

7 Essential Items to Include on the Year End Accounting Checklist

Having a year end accounting checklist and closing procedures is critical to the long term success of your business. It’s important to start the new year with a fresh, clean slate that is correct and organized, so you’ll be poised for success. Whether you have an accountant on staff or use the expertise of an […]

Continue reading

Watch Out! Don’t Get Burned by the Hottest Tax Topics for 2017

It’s extremely hard to fathom tax season is almost here, and the hottest tax topics for 2017 are now in the conversation. Whether you operate a small business or you’re an individual, it’s always important to take advantage of the tax benefits available to you. It’s even more important for you to accurately pay Uncle […]

Continue reading

4 Healthy Accounting Tips for Your Medical Practice

Your primary focus as a physician is patient care, but it makes dollars and sense to pay special attention to accounting for medical practices. In addition to being a physician, you’re also an entrepreneur tasked with running a profitable medical practice.This requires keeping accurate financial records and maintaining tax compliance. for a few […]

Continue reading

Simple 5-Step Partnership Tax Return Checklist Used by the Pros

Although no one likes taxes, a partnership tax return checklist can help simplify and expedite your tax returns. The IRS defines a partnership as a “relationship existing between two or more persons who join to carry on a trade or business.”People often join partnerships, instead of venture out alone because it allows for greater resources, […]

Continue reading

5 Basic but Essential Property Management Accounting Best Practices

Property management accounting can be painful — but it doesn’t have to be. Most new landlords are surprised to learn managing rental properties goes far beyond finding new renters and repairing leaky taps.These business owners must employ sound property management accounting practices to ensure the business runs smoothly and profitably. Failure to pay attention to […]

Continue reading

Alternative Tax Planning Strategies for Small Businesses Used by the Pros

While some tax planning strategies for small businesses may be aimed at the small business itself, others can be aimed at the owner’s individual tax situation. Regardless of how complex or simple the strategy is, tax planning for small businesses should revolve around: Minimizing the amount of taxable income Managing when the taxes must be […]

Continue reading
1 2 3