Inflation Reduction Act provisions of interest to small businesses
The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy...
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ConnollySteele
Aug 24, 20223 min read
Home sweet home: Do you qualify for office deductions?
If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office...
ConnollySteele
Aug 17, 20222 min read
An “innocent spouse” may be able to escape tax liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s...
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...
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 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...
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 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
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...
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 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
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
Is it a good time for a Roth conversion?
The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA,...
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 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
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 3, 20222 min read
Valuable gifts to charity may require an appraisal
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to...
ConnollySteele
Apr 27, 20222 min read
Want to turn a hobby into a business? Watch out for the tax rules
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business...
ConnollySteele
Apr 18, 20222 min read
Tax considerations when adding a new partner at your business
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit...
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