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,...
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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...
ConnollySteele
Mar 29, 20223 min read
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...
ConnollySteele
Mar 28, 20221 min read
2022 Q2 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in...
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 14, 20222 min read
Establish a tax-favored retirement plan
If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow...
ConnollySteele
Mar 9, 20223 min read
Lost your job? Here are the tax aspects of an employee termination
Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are...
ConnollySteele
Mar 7, 20223 min read
Does your business barter? Here are some facts you should know
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services...
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 28, 20223 min read
The election to apply the research tax credit against payroll taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break...
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 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 14, 20223 min read
Making withdrawals from your closely held corporation that aren’t taxed as dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a...
ConnollySteele
Feb 8, 20222 min read
Did you give to charity in 2021? Make sure you have substantiation
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations....
ConnollySteele
Feb 7, 20222 min read
Important tax aspects of operating your business as a sole proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects...
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 24, 20222 min read
Entrepreneurs and taxes: How expenses are claimed on tax returns
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a...
ConnollySteele
Jan 20, 20222 min read
Numerous tax limits affecting businesses have increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown...
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