John F. Dennehy Jr., CPA, PC

Category Archives for Tax Tips

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 […]

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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, […]

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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 […]

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Tax Planning Tips to Make Taxes Easier Next Year

Use These Simple Tax Planning Tips to Make Taxes Easier Next Year

Although everyone’s tax situation is different, most people are interested in how to make taxes easier next year. With a few powerful tips, you can be more efficient and less frustrated when it comes to filing your taxes.Whether you’re an individual tax filer, a contractor, or small business owner, use the following simple tax tips […]

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How to Request a Customized Partnership Tax Return Checklist

Ensure you have everything you need for a smooth, on time tax return with a customized partnership tax return checklist from John F. Dennehy Jr. CPA, PC. Regardless of your state or line of business, every partnership is required to report expenses and revenue with the Internal Revenue Service Form 1065. This form must be […]

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Simple Guide to Section 179 Tax Deduction for Small Businesses

While most people think they need the Rosetta Stone to decipher the Section 179 tax deduction, it’s actually not complicated. Basically, this tax deduction for businesses allows owners to deduct the full price of qualifying software and/or business equipment financed or purchased during the respectable tax year.In other words, if you lease or purchase a […]

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Calculating Home Office Depreciation & Deductions

If you work from home as a freelancer or operate your business in a home office, you may be eligible to use home office depreciation. When preparing your taxes, you can typically take a deduction for your home office expenses as well as the cost of the assets you purchase. to learn more […]

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how to file quarterly taxes for sole proprietor

Step-By-Step: How to File Quarterly Taxes for Sole Proprietors

If you’re a sole proprietor, you are fully responsible for the complete control of your business, which includes being liable for all business debts and financial obligations. As a result, sole proprietors must keep excellent records to meet federal tax regulations.Because sole proprietors do not have income taxes regularly withheld from their business income, they […]

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Maximizing taxable deductions without receipts

Guide to Maximizing Your Taxable Deductions Without Receipts

Expense deductions for businesses can save you a boatload of money on income tax liability. However, if the IRS ever audits you, it’s imperative you are able to produce receipts to prove those expenses actually occurred. The IRS allows taxpayers to make certain deductions without receipts. The agency also allows paid bills and credit card […]

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Checklist: 8 Most Common Items To Include On A Personal Tax Return

A tax return is a document you are required to file with the federal and sometimes state government on an annual basis to show how much income you earned during the year. In general, you will file on either the Form 1040, Form 1040A and Form 1040EZ for personal tax returns. Although everyone can choose […]

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