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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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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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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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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If you own and run a business, it makes dollars and sense to know a few of the top bookkeeping best practices for small businesses. Managing and ensuring your books are in order is an important part of running a successful business. Without proper bookkeeping, you may not know how much is coming in and […]
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Running your own business can be an exceptionally rewarding — but tough — process. However, running a business of any size is simply unimaginable without a reliable system. If you have solid financial records, you’ll be able to streamline the management of debts, deposits, as well as any items you’ve sold on credit. In contrast, […]
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Just as you turn to a mechanic for automotive assistance or a physician for healthcare solutions, the benefits of hiring a professional accountant can’t be understated and shouldn’t overlooked. Besides, your business needs you. From scheduling to hiring to shipping, your business acumen is crucial. You’ve established and built your business, and you know best how […]
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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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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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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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