Lost your job? Here are the tax aspects of an employee termination
Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are...
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ConnollySteele
- Mar 7, 2022
- 3 min
Does your business barter? Here are some facts you should know
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services...
ConnollySteele
- Feb 28, 2022
- 3 min
The election to apply the research tax 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...
ConnollySteele
- Feb 26, 2022
- 0 min
ConnollySteele
- Feb 23, 2022
- 2 min
Can you deduct the costs of a spouse on a business trip?
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you...
ConnollySteele
- Feb 14, 2022
- 3 min
Making withdrawals from your closely held corporation that aren’t taxed as dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a...
ConnollySteele
- Feb 7, 2022
- 2 min
Important tax aspects of operating your business as a sole proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects...
ConnollySteele
- Jan 31, 2022
- 3 min
Keeping meticulous records is the key to tax deductions and painless IRS audits
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you...
ConnollySteele
- Jan 24, 2022
- 2 min
Entrepreneurs and taxes: How expenses are claimed on tax returns
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a...
ConnollySteele
- Jan 20, 2022
- 2 min
Numerous tax limits affecting businesses have increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown...
ConnollySteele
- Jan 10, 2022
- 2 min
Businesses with employees who receive tips may be eligible for a tax credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax...
ConnollySteele
- Jan 3, 2022
- 3 min
Commission fraud: When salespeople get paid more than they’ve earned
Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their...
ConnollySteele
- Dec 21, 2021
- 2 min
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, 2021
- 2 min
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...
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- Dec 10, 2021
- 0 min
ConnollySteele
- Dec 6, 2021
- 3 min
The tax implications of owning a corporate aircraft
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there...
ConnollySteele
- Nov 30, 2021
- 3 min
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 23, 2021
- 2 min
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, 2021
- 2 min
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
- Nov 15, 2021
- 3 min
Many factors are involved when choosing a business entity
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will...
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