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ConnollySteele
Sep 7, 20222 min read
Is your income high enough to owe two extra taxes?
High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and...
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...
ConnollySteele
May 23, 20222 min read
Partners may have to report more income on tax returns than they receive in cash
Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more...
ConnollySteele
Mar 21, 20222 min read
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions
Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But...
ConnollySteele
Nov 15, 20213 min read
Many factors are involved when choosing a business entity
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will...
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