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ConnollySteele
Mar 19, 20243 min read
Beware of a stealth tax on Social Security benefits
Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the...
ConnollySteele
Mar 19, 20243 min read
Maximize the QBI deduction before it’s gone
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear....
ConnollySteele
Mar 6, 20243 min read
A job loss is bad but the tax implications could make it worse
Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain...
ConnollySteele
Mar 6, 20243 min read
Better tax break when applying the research credit against payroll taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break...
ConnollySteele
Mar 6, 20242 min read
New option for unused funds in a 529 college savings plan
With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans...
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
If you didn’t contribute to an IRA last year, there’s still time
If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there...
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