Tax Tips Archives - John F. Dennehy Jr., CPA, PC
John F. Dennehy Jr., CPA, PC

Category Archives for Tax Tips

Business Entities

What Are the Most Common Types of Business Entities?

If you’re looking to start a business, it behooves you to understand the most common types of business entities. Understanding and choosing the right type of business entity can help you achieve your short term and long term goals, such as: Keep your personal and business assets separate Establish and build business credit Enjoy the […]

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How to Form an S Corporation in New York & Other FAQs?

Are you looking to learn how to form an S Corporation in New York? If so, the experts at John F. Dennehy CPA offer several decades of experience helping business owners make the most intelligible decision. We will work closely with you to help you understand all of your options, and we’ll provide tailored suggestions […]

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Tax Return

How to File and Read a Tax Return Like a Seasoned Pro

Looking to learn how to read a tax return and tax forms like a pro? If so, you’ve come to the right place. We understand how preparing your individual tax returns can be a daunting, challenging and downright intimidating process. Execution of this mandatory financial undertaking requires a significant degree of focus, legwork, and comprehension.  The slightest […]

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Bookkeeping Mistakes

Beware Don’t Make These Common Bookkeeping Mistakes

Common bookkeeping mistakes can easily drive business owners crazy! Similar to common tax mistakes for small businesses, bookkeeping mistakes can be expensive and have long-running implications. Instead of falling victim and dealing with the ramifications, the experienced accounting experts at John F. Dennehy CPA have you covered! We are a team of professional accounting specialists […]

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Prepare for Next Year’s Taxes

4 Simple Tips to Prepare for Next Year’s Taxes

Savvy business owners understand tax season is a year-round event; and as soon as the tax deadline passes, they’re able to shift their focus more toward preparing for next year’s taxes. Failure to prepare for next year’s taxes early often results in you paying Uncle Sam way more than you should.  However, when you proactively […]

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Common Tax Mistakes

5 Expensive Common Tax Mistakes for Small Businesses

While few businesses enjoy doing taxes, making common tax mistakes can turn an already painstaking process into a nightmare. In either case, your business is your livelihood, and you’ve worked tirelessly to put best practices in place to ensure your success. Because you wear so many hats each and every day, the chances of you […]

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Tax Returns

Watch Out! Don’t Raise These 5 IRS Red Flags on Tax Returns

It’s tax season, which means it’s imperative for you to know the most popular IRS red flags on tax returns. Whether you have a sole proprietorship, S-Corp, partnership, corporation, or any other type of business, the Internal Revenue Service will utilize an array of human and automated processes to quickly select which tax returns should […]

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Tax Deductions

5 Little Known Tax Deductions That Can Make a Big impact

If you’re like most of us and are looking to increase your tax refund or lower your tax bill, you should make sure you pay special attention to little known tax deductions. Failure to do so means you could be leaving hundreds or thousands of dollars on the table when you file your tax return. […]

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Quarterly Taxes

Do I Need to Pay Quarterly Taxes for My Business?

At John F. Dennehy CPA, one of the most common questions we receive from businesses is “Do I need to pay quarterly taxes?” Unfortunately, the answer to this question depends on the type of business you own as well as other factors.  Even though April 15th is the well-publicized tax deadline, certain types of business […]

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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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