Understanding taxes on real estate gains
Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from...
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ConnollySteele
- Sep 13
- 3 min
The possible tax landscape for businesses in the future
Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United...
ConnollySteele
- Sep 13
- 3 min
Cash or accrual accounting: What’s best for tax purposes?
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides...
ConnollySteele
- Sep 13
- 3 min
It’s time for your small business to think about year-end tax planning
With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year...
ConnollySteele
- Sep 13
- 2 min
Reasons an LLC might be the ideal choice for your small to medium-size business
Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal...
ConnollySteele
- Jul 2
- 2 min
Figuring corporate estimated tax
The next quarterly estimated tax payment deadline is June 17 for individuals and businesses, so it’s a good time to review the rules for...
ConnollySteele
- Jul 2
- 2 min
Inflation enhances the 2025 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These amounts are...
ConnollySteele
- Jun 18
- 2 min
Growing your business with a new partner: Here are some tax considerations
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and...
ConnollySteele
- Jun 18
- 3 min
The tax advantages of including debt in a C corporation capital structure
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more...
ConnollySteele
- Jun 18
- 3 min
Tax tips when buying the assets of a business
After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a...
ConnollySteele
- Jun 18
- 2 min
Should you convert your business from a C to an S corporation?
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are...
ConnollySteele
- May 2
- 3 min
When partners pay expenses related to the business
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service...
ConnollySteele
- Apr 23
- 2 min
When businesses may want to take a contrary approach with income and deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But...
ConnollySteele
- Apr 23
- 2 min
Don’t have a tax-favored retirement plan? Set one up now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow...
ConnollySteele
- Apr 9
- 3 min
Scrupulous records and legitimate business expenses are the key to less painful IRS audits
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you...
ConnollySteele
- Apr 4
- 1 min
2024 Q2 tax calendar: Key deadlines for businesses and employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in...
ConnollySteele
- Apr 4
- 3 min
Coordinating Sec. 179 tax deductions with bonus depreciation
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a...
ConnollySteele
- Mar 19
- 3 min
Bartering is a taxable transaction even if no cash is exchanged
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and...
ConnollySteele
- Mar 19
- 3 min
Maximize the QBI deduction before it’s gone
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear....
ConnollySteele
- Mar 6
- 3 min
Better tax break when applying the research 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...
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