How important are credit cards to new business owners? Credit cards are important for new business owners because they can save a business from dire straits, but they can also (unfortunately, more often than not) put a small business in…
College Students and Taxes
It is that time of year when two things are sure – tax returns need to be filed and most college students are broke or in need of money for spring break. After preparing the tax return for my children,…
Tax Tips and Insights for Small-Business Owners
Being a small-business owner can be challenging, especially during tax season. Whitman School of Management Professor of Accounting Practice John Petosa offers tips for small-business owners filing their taxes. 1. Put aside enough money to pay all the required taxes such…
Being Audited? What You Should Do
The receipt of a letter with the IRS’s insignia instills fear into anyone who receives that fateful letter indicating that you have been selected for audit. It is uncomfortable for everyone even if you believe you have nothing to hide.…
Tax Expert Discusses Five Things to Consider Before Filing a Tax Extension
John J. Petosa, CPA, J.D., professor of accounting practice at the Martin J. Whitman School of Management at Syracuse University, says tax extensions are necessary for many taxpayers. He is available to discuss some of the reasons for filing an extension, including:…