John F. Dennehy Jr., CPA, PC

Category Archives for Small Business

Disadvantages of C-Corp

Should the Disadvantages of C-Corp Make You Reconsider Starting a Business?

Starting a business is an exciting venture and can be a viable pathway to fulfilling your dreams. However, before you choose a C-corporation, it’s imperative you have a clear understanding of the benefits of a C-Corp as well as the disadvantages of a C-Corp.  Failure to understand and consider the potential disadvantages of C-Corp can […]

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Benefits of C-Corps

How Do the Benefits of C-Corps Make Business Easier

The benefits of C-Corps are one of the primary reasons these types of business entities dominate American business. Simply put, there are far more C corporations than any other type of business in the U.S. While there are numerous reasons to explain their popularity, the main and most attractive benefits of a C-Corp include: Limited […]

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S-Corp vs C-Corp

S-Corp vs C-Corp: Which Business Structure Is Best?

Differences Between an S-Corp vs C-CorpThere are several important differences between these kinds of corporations. One of them has everything to do with taxation. C-corporations are widely regarded as tax-unfriendly entities, the primary complaint being “double taxation.” The business entity is taxed by the government with corporate income taxes, and the personal income of the […]

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5 Disadvantages of an S Corporation That Can Seem Like Advantages

If you’re at a point of deciding what kind of business structure to form for your new enterprise, it’s important to know your options. LLCs and S corps have a lot in common, and also a lot of differences. The tax differences between these two are especially important to understand. Any entrepreneur can appreciate the benefits […]

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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 […]

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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 […]

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Simple Small Business Guide for Managing Payroll Reconciliation

Payroll reconciliation involves verifying all of your employees have been properly paid. At the same time, payroll reconciliation ensures taxes are paid and reported correctly. In the end, this meticulous checks-and-balances process will guarantee all the expenses are applied to the proper account. Even so, how you reconcile payroll can be based on a variety […]

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Small Business Tax

Develop Small Business Tax Strategies

Save time and money with these small business tax strategies from John F. Dennehy Jr. CPA, PC. Contact us today for innovative small business tax planning strategies. Researching small business tax strategies is a year-round event – if you are interested in saving money and minimizing your overall tax bill. Whether it’s finding tax-friendly ways to […]

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tax tips and bookkeeping tips for small businesses

Mastering Accounting with Small Business Bookkeeping Tips

Accounting and bookkeeping can be an arduous and tedious task for any business. However, if your small business doesn’t keep a tight ship in regards to bookkeeping, taxes can be a true nightmare. Without an effective system for your small business, several things can and will fall through the cracks and end up costing you money. The […]

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