Help safeguard your personal information by filing your 2021 tax return early
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being...
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ConnollySteele
Jan 17, 20220 min read
ConnollySteele
Jan 13, 20223 min read
How will revised tax limits affect your 2022 taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this...
ConnollySteele
Jan 7, 20223 min read
Are you eligible for a medical expense tax deduction?
You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not...
ConnollySteele
Jan 3, 20223 min read
Defer tax with a like-kind exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is...
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 22, 20212 min read
There’s a deduction for student loan interest … but do you qualify for it?
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans....
ConnollySteele
Dec 21, 20212 min read
2022 Q1 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 first quarter of 2022. Keep in mind...
ConnollySteele
Dec 15, 20212 min read
Providing a company car? Here’s how taxes are handled
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax...
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
Nov 23, 20212 min read
Infrastructure law sunsets Employee Retention Credit early
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has...
ConnollySteele
Nov 15, 20212 min read
Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its...
ConnollySteele
Oct 26, 20212 min read
Employers: The Social Security wage base is increasing in 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for...
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 11, 20211 min read
2021 Q4 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 fourth quarter of 2021. Keep in mind...
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...
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