For startups in Chicago’s bustling entrepreneurial ecosystem, from the innovation hubs of the West Loop to the tech corridors of River North, managing finances effectively can make the difference between success and failure. Professional bookkeeping services aren’t just a luxury – they’re a crucial investment in your startup’s future. Here’s why Chicago startups need to […] Read more “Why Chicago Startups Need Bookkeeping Services”
Author: Pasquesi Partners LLC
In today’s fast-paced business environment, maintaining accurate and up-to-date accounting records isn’t just good practice—it’s essential for survival and growth. While many small business owners might be tempted to handle their books independently or put off accounting tasks until tax season, this approach can lead to costly mistakes and missed opportunities. Let’s explore why investing […] Read more “Why Current and Accurate Bookkeeping is Essential for Your Business Success”
An asset sale is a transaction where a company sells some or all of its tangible and intangible assets rather than its stock. This type of sale can include physical assets like equipment and inventory, as well as intangible assets such as patents, trademarks, and customer lists. In an asset sale, the buyer selectively purchases […] Read more “What is an Asset sale and tax benefits?”
Planning for retirement involves more than just saving money; it also requires strategic thinking about taxes. By employing tax-efficient strategies, you can maximize your after-tax income and ensure a more comfortable retirement. Here are some key strategies to consider, updated with the 2024 tax year amounts: 1. Utilizing Tax-Advantaged Accounts Roth IRAs: Contributions to Roth […] Read more “Tax-Efficient Retirement Strategies: Maximizing Your After-Tax Income”
When managing business expenses, understanding how to depreciate a vehicle used for business purposes can significantly impact your tax benefits. This blog post will guide you through the key concepts and rules surrounding auto depreciation, including the Section 179 deduction, special depreciation allowance, and Modified Accelerated Cost Recovery System (MACRS) depreciation. Section 179 Deduction Special Depreciation Allowance MACRS […] Read more “Understanding Auto Depreciation: A Guide for Business Owners”
I’ve always had an interest in investments. Whether it’s in the form of stocks, a 401k, certificates of deposit, or any other investment vehicle, I firmly believe the key to preparing for your future is investing early. With that being said, I feel there is a significant lack of education on the topic. So, I’ve […] Read more “Invest Early to Jumpstart Your Financial Journey”
Deciding to close an S-corporation is a complex and emotional process that requires careful consideration of the accounting and tax implications. This blog post aims to guide you through the essential steps an S-corporation must take from an accounting and tax perspective to ensure a smooth, legally compliant closure. Conclusion: Closing an S-corporation requires careful […] Read more “Accounting and Tax Steps for Closing an S-Corp”
Closing a C-corporation involves a complex process that includes addressing specific accounting and tax requirements. This blog post will provide a comprehensive guide to help C-corporations navigate the essential accounting and tax steps to ensure a smooth and legally compliant closure. Conclusion: Closing a C-corporation requires careful attention to accounting and tax matters to avoid […] Read more “Accounting and Tax Steps for Closing a C-Corp”