celebrating 90 years in business
Embracing the Past
Building for the Future
established in 1934
About Us
Proudly with over 90 years in business, our mission is still to provide professional and quality service that consistently exceeds the expectations of our clients.
Peter Shannon & Co. is committed to open communication and timely responses to our clients throughout the year so we can address any concerns or ideas.
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2024 Tax Considerations
Please click the heading below to jump to the section you like to read! Individual Income Tax Provisions Individual Tax Changes New income tax rates and brackets. For tax years beginning after December 31, 2017 and before January 1, 2026, seven tax rates apply for individuals: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The…
Deduct a loss from making a personal loan to a relative or friend
Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by making a personal loan. That’s a nice thought, but there are tax implications that you should understand and take into account. Get it in writing You…
Planning for the future: 5 business succession options and their tax implications
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different…
Turning stock downturns into tax advantages
Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such an investment might be something you’d rather forget, there’s a silver lining: you can claim a capital loss deduction on your tax return. Here are the rules when a…
Exploring business entities: Is an S corporation the right choice?
Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One benefit of an S corporation One major advantage of an S corporation over a partnership is that shareholders aren’t personally liable for corporate debts. To ensure this protection, it’s crucial to: Handling…
