If you run a business from home, you could qualify for home office deductions
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform...
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ConnollySteele
Feb 21, 20212 min read
Did you make donations in 2020? There’s still time to get substantiation
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations....
ConnollySteele
Feb 21, 20212 min read
Don’t forget to take required minimum distributions this year
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum...
ConnollySteele
Jan 25, 20212 min read
One reason to file your 2020 tax return early
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years...
ConnollySteele
Dec 30, 20203 min read
Your taxpayer filing status: You may be eligible to use more than one
When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on...
ConnollySteele
Dec 30, 20202 min read
The next estimated tax deadline is January 15 if you have to make a payment
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must...
ConnollySteele
Nov 28, 20202 min read
The tax implications of employer-provided life insurance
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit...
ConnollySteele
Nov 28, 20203 min read
What happens if an individual can’t pay taxes
Tax liabilities don’t go away if left unaddressed. Here’s a look at what happens in the event you (or someone you know) can’t pay taxes...
ConnollySteele
Nov 28, 20202 min read
Back-to-school tax breaks on the books
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any...
ConnollySteele
Nov 28, 20202 min read
Tax implications of working from home and collecting unemployment
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common...
ConnollySteele
Nov 28, 20202 min read
Can investors who manage their own portfolios deduct related expenses?
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical...
ConnollySteele
Nov 28, 20203 min read
There may be relief from tax liability for “innocent spouses”
In some cases, a married couple files a joint tax return and one spouse doesn’t disclose all of his or her income. The IRS goes after the...
ConnollySteele
Nov 28, 20202 min read
Buying and selling mutual fund shares: Avoid these tax pitfalls
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already...
ConnollySteele
Nov 26, 20202 min read
Employees: Don’t forget about your FSA funds
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible...
ConnollySteele
Nov 26, 20202 min read
Taking distributions from a traditional IRA
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA),...
ConnollySteele
Nov 26, 20203 min read
How Series EE savings bonds are taxed
Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe...
ConnollySteele
Nov 26, 20202 min read
Disability income: How is it taxed?
Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer...
ConnollySteele
Nov 26, 20202 min read
Divorcing couples should understand these 4 tax issues
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some...
ConnollySteele
Nov 26, 20202 min read
What tax records can you throw away?
October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was...
mconnolly54
Jul 3, 20192 min read
If your kids are off to day camp, you may be eligible for a tax break
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good...
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