top of page

The latest news and advice for your business + personal financial needs.
Search


Business website costs: How to handle them for tax purposes
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs...
ConnollySteele
Nov 28, 20202 min read


The tax rules for deducting the computer software costs of your business
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or...
ConnollySteele
Nov 28, 20202 min read


The 2021 “Social Security wage base” is increasing
Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The Social Security Administration just...
ConnollySteele
Nov 28, 20202 min read


The importance of S corporation basis and distribution elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business...
ConnollySteele
Nov 26, 20202 min read


Health Savings Accounts for your small business
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be...
ConnollySteele
Nov 26, 20202 min read


Do you want to withdraw cash from your closely held corporation at a low tax cost?
Are you the owner of a closely held corporation and want to take cash out? For tax purposes, you probably want to avoid a dividend...
ConnollySteele
Nov 26, 20203 min read


Tax responsibilities if your business is closing amid the pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any...
ConnollySteele
Nov 26, 20202 min read


New business? It’s a good time to start a retirement plan
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are...
ConnollySteele
Nov 26, 20203 min read


Which entity is most suitable for your new or existing business?
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal...
mconnolly54
Jul 3, 20193 min read


2019 Q3 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 third quarter of 2019. Keep in mind...
mconnolly54
Jul 3, 20191 min read


Hiring this summer? You may qualify for a valuable tax credit
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity...
mconnolly54
Jul 3, 20193 min read


Employers: Be aware (or beware) of a harsh payroll tax penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the...
mconnolly54
Jul 3, 20192 min read


Tax-smart domestic travel: Combining business with pleasure
Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner,...
mconnolly54
Jul 3, 20192 min read


Hire your children this summer: Everyone wins
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax...
mconnolly54
Jul 3, 20192 min read


Consider a Roth 401(k) plan — and make sure employees use it
Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the
mconnolly54
Jul 3, 20192 min read


What type 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...
mconnolly54
Jul 3, 20192 min read


Employee vs. independent contractor: How should you handle worker classification?
Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s...
mconnolly54
Jul 3, 20193 min read


How entrepreneurs must treat expenses on their tax returns
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And...
mconnolly54
Jul 3, 20192 min read


Deducting business meal expenses under today’s tax rules
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors...
mconnolly54
Jul 3, 20192 min read


Divorcing business owners need to pay attention to tax implications
If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters...
mconnolly54
Jul 3, 20193 min read
bottom of page
