Personal Financial 4/11

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

There still may be time to make an IRA contribution for last year

ConnollySteele

Feb 22, 20232 min read

There still may be time to make an IRA contribution for last year

If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to...

Child Tax Credit: The rules keep changing but it’s still valuable

ConnollySteele

Feb 15, 20232 min read

Child Tax Credit: The rules keep changing but it’s still valuable

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have...

Answers to your questions about 2023 limits on individual taxes

ConnollySteele

Feb 7, 20232 min read

Answers to your questions about 2023 limits on individual taxes

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable...

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

ConnollySteele

Feb 2, 20232 min read

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal....

Why you might want to file early & answers to other tax season questions

ConnollySteele

Jan 24, 20232 min read

Why you might want to file early & answers to other tax season questions

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and...

Tax-saving ways to help pay for college — once your child starts attending

ConnollySteele

Jan 19, 20233 min read

Tax-saving ways to help pay for college — once your child starts attending

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for...

ConnollySteele

Jan 10, 20233 min read

Tax-wise ways to save for college

Parents often hear that their children “grow up so fast.” Before you know it, youngsters will be heading to college. Here are some...

Renting to a relative? Watch out for tax traps

ConnollySteele

Dec 28, 20222 min read

Renting to a relative? Watch out for tax traps

If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules...

Save for retirement by getting the most out of your 401(k) plan

ConnollySteele

Dec 21, 20222 min read

Save for retirement by getting the most out of your 401(k) plan

Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your...

2023 Q1 tax calendar: Key deadlines for businesses and other employers

ConnollySteele

Dec 19, 20222 min read

2023 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 2023. Keep in mind...

Selling stock by year-end? Watch out for the wash sale rule

ConnollySteele

Dec 14, 20222 min read

Selling stock by year-end? Watch out for the wash sale rule

If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for...

Answers to your questions about taking withdrawals from IRAs

ConnollySteele

Dec 7, 20222 min read

Answers to your questions about taking withdrawals from IRAs

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA...

Strategies for investors to cut taxes as year-end approaches

ConnollySteele

Dec 1, 20223 min read

Strategies for investors to cut taxes as year-end approaches

The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some...

Year-end giving to charity or loved ones

ConnollySteele

Nov 25, 20222 min read

Year-end giving to charity or loved ones

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before...

ConnollySteele

Nov 16, 20223 min read

How savings bonds are taxed

Series EE Bonds dated May 2005 and after earn a fixed rate of interest. Bonds purchased between May 1997 and April 30, 2005, earn a...

Adopting a child? Bring home a tax break too

ConnollySteele

Nov 9, 20223 min read

Adopting a child? Bring home a tax break too

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit...

2023 limits for businesses that have HSAs — or want to establish them

ConnollySteele

Nov 7, 20222 min read

2023 limits for businesses that have HSAs — or want to establish them

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these...

How inflation will affect your 2022 and 2023 tax bills

ConnollySteele

Nov 2, 20222 min read

How inflation will affect your 2022 and 2023 tax bills

The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last...

You may be liable for “nanny tax” for all types of domestic workers

ConnollySteele

Oct 26, 20223 min read

You may be liable for “nanny tax” for all types of domestic workers

You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or...

Employers: In 2023, the Social Security wage base is going up

ConnollySteele

Oct 24, 20222 min read

Employers: In 2023, the Social Security wage base is going up

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for...

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