O'Connell & Company LLC is a full-service accounting firm dedicated to providing our clients with professional, personalized services, and guidance for a wide range of financial and business matters. On this website, you will find information about O'Connell & Company LLC, including our list of services. We have also provided you with online resources to assist in the tax process and financial decision-making.
These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business, O'Connell & Company LLC has years of valuable experience assisting professionals with their accounting needs.
These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business, O'Connell & Company LLC has years of valuable experience assisting professionals with their accounting needs.
Services
O'Connell & Company is a continuation of Robert A. O'Connell & Co. which was founded by George R. O'Connell's father during the 1930's.
Our objective is to provide quality accounting services to a broad spectrum of clients at reasonable fees.
We pride ourselves on the personal service we bring to each and every client.
Over the last decade, O'Connell & Company has grown primarily through client referrals.
Since 2015, O'Connell and Company has successfully acquired two accounting firms focused on providing tax and business services to individuals and closely held private companies.
Our objective is to provide quality accounting services to a broad spectrum of clients at reasonable fees.
We pride ourselves on the personal service we bring to each and every client.
Over the last decade, O'Connell & Company has grown primarily through client referrals.
Since 2015, O'Connell and Company has successfully acquired two accounting firms focused on providing tax and business services to individuals and closely held private companies.
O'Connell & Company LLC provides a wide range of services to individuals and businesses in a variety of industries.
At O'Connell & Company LLC, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
O'Connell & Company's financial statement services comprise all three levels of assurance depending on your company's needs.
Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions.
At O'Connell & Company LLC, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
O'Connell & Company's financial statement services comprise all three levels of assurance depending on your company's needs.
Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions.
Have you just started a new business?
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
It's possible there could be additional extensions, so check with your tax advisor for the latest information.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
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