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...
top of page
The lastest news and advice for your business + personal financial needs.
Search
ConnollySteele
Sep 27, 20223 min read
Year-end tax planning ideas for individuals
Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the...
ConnollySteele
Sep 21, 20223 min read
Don’t forget income taxes when planning your estate
As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal...
ConnollySteele
Aug 30, 20223 min read
The Inflation Reduction Act: what’s in it for you?
You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether...
ConnollySteele
Aug 10, 20223 min read
Estimated tax payments: Who owes them and when is the next one due?
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This...
ConnollySteele
Aug 2, 20222 min read
Is your withholding adequate? Here’s how to check
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so...
ConnollySteele
Jul 27, 20222 min read
How to avoid the early withdrawal tax penalty on IRA distributions
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early...
ConnollySteele
Jul 20, 20223 min read
The kiddie tax: Does it affect your family?
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income...
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...
ConnollySteele
Jun 22, 20222 min read
Five tax implications of divorce
Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to...
ConnollySteele
Jun 17, 20220 min read
ConnollySteele
Jun 15, 20223 min read
Your estate plan: Don’t forget about income tax planning
As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal...
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...
ConnollySteele
May 25, 20222 min read
The ins and outs of Series EE savings bond taxation
Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on...
ConnollySteele
May 11, 20222 min read
Caring for an elderly relative? You may be eligible for tax breaks
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax...
ConnollySteele
May 9, 20222 min read
Inflation enhances the 2023 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates...
ConnollySteele
Apr 25, 20220 min read
ConnollySteele
Apr 20, 20223 min read
Thinking about converting your home into a rental property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing...
ConnollySteele
Apr 12, 20222 min read
Once you file your tax return, consider these 3 issues
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS,...
ConnollySteele
Apr 6, 20223 min read
Selling mutual fund shares: What are the tax implications?
If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment...
bottom of page