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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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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Differences Between an S-Corp vs C-CorpThere are several important differences between these kinds of corporations. One of them has everything to do with taxation. C-corporations are widely regarded as tax-unfriendly entities, the primary complaint being “double taxation.” The business entity is taxed by the government with corporate income taxes, and the personal income of the […]
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If you’re at a point of deciding what kind of business structure to form for your new enterprise, it’s important to know your options. LLCs and S corps have a lot in common, and also a lot of differences. The tax differences between these two are especially important to understand. Any entrepreneur can appreciate the benefits […]
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Running a business can be difficult due, especially when you consider complex tax rules and the possibility of opening yourself up to liability lawsuits. Anyone who has ever run a business would agree. If you’re thinking of starting a new business – or if you’ve been making money and need to create a business for […]
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If you’re setting up a business in Long Island or anywhere in the surrounding area, you’ll have several options regarding to how you structure it — especially if you’re just one individual. The default option for many Americans is the a sole proprietorship (SP), which is a good choice over working as yourself as an […]
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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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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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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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