business finance | Connolly Steele

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

Choosing a business entity? Here are the pros and cons of a C corporation

ConnollySteele

Dec 5, 20222 min read

Choosing a business entity? Here are the pros and cons of a C corporation

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the...

Is your business closing? Here are your final tax responsibilities

ConnollySteele

Nov 21, 20222 min read

Is your business closing? Here are your final tax responsibilities

Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration,...

Work Opportunity Tax Credit provides help to employers

ConnollySteele

Sep 26, 20222 min read

Work Opportunity Tax Credit provides help to employers

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and...

2022 Q4 tax calendar: Key deadlines for businesses and other employers

ConnollySteele

Sep 19, 20221 min read

2022 Q4 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 fourth quarter of 2022. Keep in mind...

Separating your business from its real estate

ConnollySteele

Sep 12, 20223 min read

Separating your business from its real estate

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the...

Why an LLC might be the best choice of entity for your business

ConnollySteele

Aug 15, 20222 min read

Why an LLC might be the best choice of entity for your business

The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is...

Is your business required to report employee health coverage?

ConnollySteele

Aug 8, 20222 min read

Is your business required to report employee health coverage?

As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business...

How to treat business website costs for tax purposes

ConnollySteele

Aug 1, 20223 min read

How to treat business website costs for tax purposes

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted....

ConnollySteele

Jul 27, 20222 min read

Three tax breaks for small businesses

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger...

Interested in an EV? How to qualify for a powerful tax credit

ConnollySteele

Jul 13, 20222 min read

Interested in an EV? How to qualify for a powerful tax credit

Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources....

The tax obligations if your business closes its doors

ConnollySteele

Jul 11, 20222 min read

The tax obligations if your business closes its doors

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can...

How do taxes factor into an M&A transaction?

ConnollySteele

Jul 6, 20223 min read

How do taxes factor into an M&A transaction?

Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and...

How disability income benefits are taxed

ConnollySteele

Jul 5, 20223 min read

How disability income benefits are taxed

If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends. The key issue is: Who...

Vehicle expenses: Can individual taxpayers deduct them?

ConnollySteele

Jun 28, 20223 min read

Vehicle expenses: Can individual taxpayers deduct them?

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain...

2022 Q3 tax calendar: Key deadlines for businesses and other employers

ConnollySteele

Jun 27, 20221 min read

2022 Q3 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 third quarter of 2022. Keep in mind...

Businesses will soon be able to deduct more under the standard mileage rate

ConnollySteele

Jun 22, 20222 min read

Businesses will soon be able to deduct more under the standard mileage rate

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide...

Is your corporation eligible for the dividends-received deduction?

ConnollySteele

Jun 13, 20223 min read

Is your corporation eligible for the dividends-received deduction?

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed...

Help when needed: Apply the research credit against payroll taxes

ConnollySteele

Jun 6, 20222 min read

Help when needed: Apply the research credit against payroll taxes

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits,...

ConnollySteele

May 31, 20222 min read

Calculating corporate estimated tax

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for...

These benefits enable key employees to earn more and defer taxes.

ConnollySteele

May 25, 20220 min read

These benefits enable key employees to earn more and defer taxes.

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