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.
introducing our team
Our Accountants
source of good ideas
Top of the News
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…
Discover if you qualify for “head of household” tax filing status
When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some people are eligible to file a return as a head of household. But if you’re one of them, it’s more favorable than filing as a single…
6 essential tips for small business payroll tax compliance
Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all…
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…