Vince_Iannello ! Vince Iannello Professional Corporation
                     
About Vince Iannello
Vince Iannello Professional Corporation 
was founded in 2016.  Founder Vince 
Iannello wanted to dedicate his 
professional life to helping 
entrepreneurs succeed.  At Vince 
Iannello Professional Corporation, we 
support small business owners by 
unifying tax, estate, and financial 
planning into one integrated 
service. Over the years, we have found 
satisfaction in helping hundreds of 
individual small business owners and 
real estate enthusiasts achieve their 
financial goals through an integrated 
approach to tax and financial planning. 
Accounting For A Business
Accounting for a business is the process of 
recording and analyzing financial transactions 
in a consistent, accurate way. It involves 
tracking income and expenses so that you 
have a clear picture of your company’s 
financial performance. The information 
generated from accounting is extremely 
important because it helps you make better 
business decisions. You can set goals, identify 
risks and manage your cash flow with the 
information generated by your accounting 
software. There are several types of 
accounting methods, but the most common 
is Cash Basis Accounting and Accrual Basis 
Accounting. In Cash Basis Accounting, you 
record revenue when it’s received and 
expenses when they’re paid. 
How Tax Works For A Business
The first thing we must know is how tax 
works for a business. Taxes are charged 
based on the income of a business. This is 
called the corporate income tax. It’s 
important to note that businesses (not just 
corporations) have to pay taxes on their 
earnings as well. Businesses have a few 
options for how they can be taxed. The most 
common option is being taxed as a 
corporation. This means that the company 
itself is taxed as if it is a separate entity. 
There are other options are a sole 
proprietorship and a partnership. Chartered 
Accountant Vince Iannello, President of 
Iannello & Associates Professional 
Corporation, can help you determine which 
business model will be best for your 
business.
Importance of Bookkeeping 
and Accounting  Together
The most significant thing to know about 
accounting and bookkeeping is that they go 
hand in hand. They are both important for 
your business because they provide accurate 
financial information. If you’re not keeping an 
accurate record of your financial transactions, 
you have no way to know how profitable your 
business is. One is the process of recording 
financial transactions consistently, accurately, 
and timely. The other is to analyze financial 
transactions for patterns, trends, and 
variances consistently. There are journals, and 
there are ledgers. Journals are where you 
record transactions as they happen. 
Accounting Professionals like Vince Iannello 
can help set up your business and get in on 
the right track for success.
Understanding The Tax 
Process
The first thing to remember is that there 
is a difference between tax planning and 
tax advice. Tax planning is the process of 
identifying your business’s tax 
obligations and managing these as best 
you can. Tax advice, on the other hand, 
occurs when someone has already 
completed this process and is providing 
you with a set of recommendations to 
follow. Tax planning is a more involved 
process since it requires you to consider 
your business’s circumstances. This is 
why you must have an accountant who 
can assist you with the planning process.
For More Information Visit Our 
Website and Social Profiles
https://viprocorp.org/
https://vinceiannello.co/
https://iannellocpa.com/
https://www.linkedin.com/in/vince-iannello-4604a4262/
https://twitter.com/vince_iannello/
https://www.pinterest.com/vinceiannello/
https://muckrack.com/vinceiannello/
https://flipboard.com/@VinceIannello/