Attaining GAAP compliance is as simple as 1,2,3 with the simple GAAP compliance checklist. Contact John F. Dennehy Jr. CPA, PC today to get started. Traditionally, achieving GAAP compliance has been a daunting and overwhelming process for businesses. GAAP or the generally accepted accounting principles serve as the standardizing accounting rule book for several businesses across […]
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Understanding how to track business expenses is one of the most important facets of accounting and bookkeeping. The premise behind tracking your expenses is simple: the higher number of tax deductions your business can take, the lower your overall taxable profit and tax bill will be. However, in order to qualify for these deductions, you must […]
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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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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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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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Contrary to popular belief, your accountant should mean more to your business than a simple number cruncher or tax preparer. In addition, your accountant should provide you with an incomparable level of insight in your business. With this insight, you will be able to better notice trends, understand business lines, and operate more efficiently. However, […]
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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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With the proliferation of the Internet and popular tax software options, everyone asks “should I get my taxes done professionally or do them myself?” While painting the back deck may be a great weekend do-it-yourself project, your taxes involve complicated financial and tax codes. As a result, it’s always best to have a tax professional […]
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In choosing the proper accountant for your business, it’s vital they not only save you money but help your brand avoid problems with the Internal Revenue Service. At the same time, your accountant must be able to help you understand your brand more effectively with vital information. Simply put, a great accountant does much more […]
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