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…
Investing in qualified small business stock now offers expanded tax benefits
By purchasing stock in certain small businesses, you can diversify your investment portfolio. You also may enjoy preferential tax treatment, some of which is getting even better under the One Big Beautiful Bill Act (OBBBA) that was signed into law in July: Qualified small business (QSB) stock now offers more tax-saving opportunities. QSB defined A…
Lower your self-employment tax bill by switching to an S corporation
If you own an unincorporated small business, you may be frustrated with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation. SE tax basics Sole proprietorship income, as well as partnership income that flows through to partners (except certain limited partners), is subject…
The next estimated tax payment deadline is coming up soon
If you make quarterly estimated tax payments, the amount you owe may be affected by the One Big Beautiful Bill Act (OBBBA). The law, which was enacted on July 4, 2025, introduces new deductions, credits and tax provisions that could shift your income tax liability this year. Tax basics Federal estimated tax payments are designed to ensure…
A tax guide to choosing the right business entity
One of the most critical decisions entrepreneurs make when starting or restructuring a business is choosing the right entity type. This choice directly impacts how the business is taxed, the level of administrative complexity and regulatory compliance obligations. While legal liability considerations also matter, we will focus on tax implications. For liability advice, consult a…
