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Riding the tax break train: Maximizing employee transportation fringe benefits
There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes,...
ConnollySteele
6 days ago3 min read


Turning stock downturns into tax advantages
Have you ever invested in a company only to see its stock value plummet? While such an investment might be something you’d rather...
ConnollySteele
6 days ago3 min read


Deduct a loss from making a personal loan to a relative or friend
Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to...
ConnollySteele
6 days ago3 min read


Discover if you qualify for “head of household” tax filing status
When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing...
ConnollySteele
6 days ago3 min read


It's April 15th, but there is another essential tax deadline and it’s unrelated to your 2024 return filing
Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline occurs on the same day, and it’s essential...
ConnollySteele
6 days ago2 min read


What tax documents can you safely shred? And which ones should you keep?
Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But...
ConnollySteele
6 days ago3 min read


Do you owe estimated taxes? If so, when is the next one due?
Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you...
ConnollySteele
Sep 13, 20243 min read


Working remotely is convenient, but it may have tax consequences
Many employees began working remotely during the pandemic and continue doing so today. Remote work has many advantages for employers and...
ConnollySteele
Sep 13, 20243 min read


Understanding the $7,500 federal tax credit for buying an electric vehicle
Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in...
ConnollySteele
Sep 13, 20242 min read


6 tax-free income opportunities
Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your...
ConnollySteele
Sep 13, 20243 min read


The tax consequences of selling mutual funds
Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to...
ConnollySteele
Jul 2, 20243 min read


House rich but cash poor? Consider a reverse mortgage strategy
Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could...
ConnollySteele
Jul 2, 20243 min read


Pay attention to the tax rules if you turn a hobby into a business
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing...
ConnollySteele
Jun 18, 20242 min read


When do valuable gifts to charity require an appraisal?
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS...
ConnollySteele
Jun 18, 20243 min read


A three-step strategy to save tax when selling appreciated vacant land
Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of...
ConnollySteele
Jun 18, 20243 min read


You may be entitled to tax breaks if caring for an elderly relative
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life...
ConnollySteele
Jun 18, 20243 min read


Taxes when you sell an appreciated vacation home
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three...
ConnollySteele
May 2, 20243 min read


Watch out for “income in respect of a decedent” issues when receiving an inheritance
Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out...
ConnollySteele
Apr 23, 20242 min read


The pros and cons of turning your home into a rental
If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one-...
ConnollySteele
Apr 23, 20243 min read


Keep these 3 issues in mind after you file your return
The tax filing deadline for 2023 tax returns is April 15 this year. If you need more time, you can file for an extension until October...
ConnollySteele
Apr 9, 20242 min read
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