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Can you turn business losses into tax relief?
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses,...
ConnollySteele
May 152 min read


The tax treatment of intangible assets
Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in today’s businesses. The tax treatment of...
ConnollySteele
May 63 min read


Operating as a C corporation: Weigh the benefits and drawbacks
When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages...
ConnollySteele
May 63 min read


Corporate business owners: Is your salary reasonable in the eyes of the IRS?
Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s...
ConnollySteele
May 63 min read


Explore SEP and SIMPLE retirement plans for your small business
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial...
ConnollySteele
Apr 293 min read


An education plan can pay off for your employees — and your business
Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual...
ConnollySteele
Apr 293 min read


How a business owner’s home office can result in tax deductions
As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial...
ConnollySteele
Apr 292 min read


Questions about taxes and tips? Here are some answers for employers
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include...
ConnollySteele
Apr 293 min read


Many business tax limits have increased in 2025
A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with...
ConnollySteele
Apr 292 min read


Ways to manage the limit on the business interest expense deduction
Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related...
ConnollySteele
Apr 153 min read


Exploring business entities: Is an S corporation the right choice?
Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new...
ConnollySteele
Apr 152 min read


Planning for the future: 5 business succession options and their tax implications
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next...
ConnollySteele
Apr 154 min read


6 essential tips for small business payroll tax compliance
Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and...
ConnollySteele
Apr 152 min read


Are you a tax-favored real estate professional?
For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual...
ConnollySteele
Apr 153 min read


Small business alert: Watch out for the 100% penalty
Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld...
ConnollySteele
Apr 153 min read


Turn a summer job into tax savings: Hire your child and reap the rewards
With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to...
ConnollySteele
Apr 153 min read


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...
ConnollySteele
Sep 13, 20243 min read


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, 20243 min read


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, 20243 min read


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, 20243 min read
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