It’s almost that time of year again! If you’re not ready, file for an extension
The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by...
top of page
The lastest news and advice for your business + personal financial needs.
Search
ConnollySteele
Mar 23, 20223 min read
The tax rules of renting out a vacation property
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting...
ConnollySteele
Mar 16, 20222 min read
When inheriting money, be aware of “income in respect of a decedent” issues
Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain...
ConnollySteele
Mar 2, 20222 min read
There still may be time to cut your tax bill with an IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it....
ConnollySteele
Feb 23, 20222 min read
Are you ready for the 2021 gift tax return deadline?
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to...
ConnollySteele
Feb 23, 20222 min read
Can you deduct the costs of a spouse on a business trip?
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you...
ConnollySteele
Feb 16, 20222 min read
Married couples filing separate tax returns: Why would they do it?
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax...
ConnollySteele
Feb 2, 20223 min read
The Ins and Outs of IRAs
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed...
ConnollySteele
Jan 26, 20222 min read
Smooth sailing: Tips to speed processing and avoid hassles this tax season
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips...
ConnollySteele
Jan 17, 20220 min read
ConnollySteele
Dec 28, 20212 min read
Gig workers should understand their tax obligations
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center...
ConnollySteele
Dec 27, 20212 min read
Will the standard business mileage rate go up in 2022? Yes!
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for...
ConnollySteele
Dec 10, 20212 min read
How are court awards and out-of-court settlements taxed?
Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive...
ConnollySteele
Dec 4, 20212 min read
With year-end approaching, 3 ideas that may help cut your tax bill
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are...
ConnollySteele
Nov 30, 20213 min read
Small businesses: There still may be time to cut your 2021 taxes
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to...
ConnollySteele
Nov 27, 20213 min read
New digital asset reporting requirements will be imposed in coming years
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting...
ConnollySteele
Oct 26, 20213 min read
Thinking about participating in your employer’s 401(k) plan? Here’s how it works
Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a...
ConnollySteele
Oct 19, 20213 min read
You may owe “nanny tax” even if you don’t have a nanny
Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other...
ConnollySteele
Oct 15, 20213 min read
Vacation home: How is your tax bill affected if you rent it out?
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The...
ConnollySteele
Oct 6, 20213 min read
Navigating the tax landscape when donating works of art to charity
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to...
bottom of page