top of page
The lastest news and advice for your business + personal financial needs.
Search
ConnollySteele
Mar 6, 20243 min read
Tax-wise ways to take cash from your corporation while avoiding dividend treatment
If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend....
ConnollySteele
Mar 6, 20243 min read
Taking your spouse on a business trip? Can you write off the costs?
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3Â billion in 2022 and is...
ConnollySteele
Feb 15, 20243 min read
What’s the best accounting method route for business tax purposes?
Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which...
ConnollySteele
Feb 9, 20243 min read
9 tax considerations if you’re starting a business as a sole proprietor
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole...
ConnollySteele
Feb 9, 20243 min read
Update on IRS efforts to combat questionable Employee Retention Tax Credit claims
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash...
ConnollySteele
Feb 9, 20242 min read
Should your business offer the new emergency savings accounts to employees?
As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency...
ConnollySteele
Feb 9, 20242 min read
The Corporate Transparency Act (CTA)
Welcome to 2024! So many changes are in store for us. One of those changes includes the The Corporate Transparency Act (CTA). Many...
ConnollySteele
Jan 18, 20243 min read
Tax-favored Qualified Small Business Corporation status could help you thrive
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible...
ConnollySteele
Jan 18, 20242 min read
Does your business have employees who get tips? You may qualify for a tax credit
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax...
ConnollySteele
Jan 2, 20243 min read
Defer a current tax bill with a like-kind exchange
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on...
ConnollySteele
Dec 22, 20232 min read
The standard business mileage rate will be going up slightly in 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by...
ConnollySteele
Dec 22, 20232 min read
2024 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind...
ConnollySteele
Dec 22, 20232 min read
Giving gifts and throwing parties can help show gratitude and provide tax breaks
The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving...
ConnollySteele
Dec 22, 20232 min read
A company car is a valuable perk but don’t forget about taxes
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results...
ConnollySteele
Dec 22, 20232 min read
There still may be time to reduce your small business 2023 tax bill
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business....
ConnollySteele
Dec 22, 20233 min read
Key 2024 inflation-adjusted tax parameters for small businesses and their owners
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to...
ConnollySteele
Nov 14, 20232 min read
The advantages of using an LLC for your small business
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to...
ConnollySteele
Nov 14, 20233 min read
Divorcing business owners should pay attention to the tax consequences
If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can...
ConnollySteele
Nov 14, 20233 min read
A cost segregation study may cut taxes and boost cash flow
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should...
ConnollySteele
Nov 14, 20233 min read
Choosing a business entity: Which way to go?
If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for...
bottom of page