The advantages of using an LLC for your small business
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to...
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ConnollySteele
- Nov 14
- 3 min
Divorcing business owners should pay attention to the tax consequences
If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can...
ConnollySteele
- Nov 14
- 3 min
A cost segregation study may cut taxes and boost cash flow
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should...
ConnollySteele
- Nov 14
- 3 min
Choosing a business entity: Which way to go?
If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for...
ConnollySteele
- Nov 14
- 3 min
New per diem business travel rates became effective in October
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that...
ConnollySteele
- Nov 14
- 2 min
The Social Security wage base for employees and self-employed people is increasing in 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for...
ConnollySteele
- Oct 17
- 2 min
The IRS has announced 2024 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An...
ConnollySteele
- Oct 17
- 2 min
Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have...
ConnollySteele
- Oct 17
- 2 min
Business automobiles: How the tax depreciation rules work
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are...
ConnollySteele
- Oct 12
- 2 min
How IRS auditors learn about your business industry
Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about...
ConnollySteele
- Oct 12
- 3 min
What types of expenses can’t be written off by your business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions...
ConnollySteele
- Oct 12
- 1 min
2023 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 2023. Keep in mind...
ConnollySteele
- Oct 12
- 3 min
It’s important to understand how taxes factor into M&A transactions
In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or...
ConnollySteele
- Oct 12
- 3 min
Spouse-run businesses face special tax issues
Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The...
ConnollySteele
- Oct 12
- 3 min
Update on depreciating business assets
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation...
ConnollySteele
- May 19
- 2 min
If you’re hiring independent contractors, make sure they’re properly handled
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary...
ConnollySteele
- May 10
- 3 min
Use the tax code to make business losses less painful
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by...
ConnollySteele
- May 10
- 2 min
Education benefits help attract, retain and motivate your employees
One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with...
ConnollySteele
- May 10
- 2 min
4 ways corporate business owners can help ensure their compensation is “reasonable”
If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation...
ConnollySteele
- May 10
- 2 min
Take advantage of the rehabilitation tax credit when altering or adding to business space
If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the...
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