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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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 […]
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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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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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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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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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If you failed to previously achieve your financial resolutions for the New Year, you’re not alone. According to the Journal of Clinical Psychology by the University of Scranton, a mere 8% of people actually achieve their resolutions for the New Year. However, this doesn’t mean you can’t refocus, rehone, and reinvigorate your financial resolutions for the […]
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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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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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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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