Personal Financial 3/11

The lastest news and advice for your business + personal financial needs.

Benefits of a living trust for your estate

ConnollySteele

Oct 17, 20233 min read

Benefits of a living trust for your estate

You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for...

ConnollySteele

Oct 17, 20232 min read

Are scholarships tax-free or taxable?

With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a...

The tax implications of renting out a vacation home

ConnollySteele

Oct 12, 20232 min read

The tax implications of renting out a vacation home

Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in...

Casualty loss tax deductions may help disaster victims in certain cases

ConnollySteele

Oct 12, 20233 min read

Casualty loss tax deductions may help disaster victims in certain cases

This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you...

What are the tax implications of winning money or valuable prizes?

ConnollySteele

Oct 12, 20232 min read

What are the tax implications of winning money or valuable prizes?

If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax...

Evaluate whether a Health Savings Account is beneficial to you

ConnollySteele

Oct 12, 20233 min read

Evaluate whether a Health Savings Account is beneficial to you

With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a...

Investment swings: What’s the tax impact?

ConnollySteele

Oct 12, 20233 min read

Investment swings: What’s the tax impact?

If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is...

Plan now for year-end gifts with the gift tax annual exclusion

ConnollySteele

Oct 12, 20233 min read

Plan now for year-end gifts with the gift tax annual exclusion

Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their...

4 tax challenges you may encounter if you’re retiring soon

ConnollySteele

May 19, 20233 min read

4 tax challenges you may encounter if you’re retiring soon

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax...

Questions you may still have after filing your tax return

ConnollySteele

May 10, 20232 min read

Questions you may still have after filing your tax return

If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions...

The IRS clarifies what counts as qualified medical expenses

ConnollySteele

May 10, 20233 min read

The IRS clarifies what counts as qualified medical expenses

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some...

Tax news for investors and users of cryptocurrency

ConnollySteele

May 10, 20233 min read

Tax news for investors and users of cryptocurrency

If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form...

There’s a favorable “stepped-up basis” if you inherit property

ConnollySteele

May 10, 20232 min read

There’s a favorable “stepped-up basis” if you inherit property

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an...

Paperwork you can toss after filing your tax return

ConnollySteele

Apr 11, 20233 min read

Paperwork you can toss after filing your tax return

Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain...

The tax rules for donating artwork to charity

ConnollySteele

Apr 4, 20233 min read

The tax rules for donating artwork to charity

If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax...

Some taxpayers qualify for more favorable “head of household” tax filing status

ConnollySteele

Mar 29, 20232 min read

Some taxpayers qualify for more favorable “head of household” tax filing status

When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately,...

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

ConnollySteele

Mar 21, 20233 min read

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re...

The 2022 gift tax return deadline is coming up soon

ConnollySteele

Mar 14, 20232 min read

The 2022 gift tax return deadline is coming up soon

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re...

Claiming losses on depreciated or worthless stock

ConnollySteele

Mar 7, 20233 min read

Claiming losses on depreciated or worthless stock

Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you...

Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

ConnollySteele

Mar 2, 20232 min read

Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example,...

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The lastest news and advice for your business + personal financial needs.