The QBI deduction basics and a year-end tax tip that might help you qualify
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is...
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ConnollySteele
- Nov 28, 2020
- 2 min
Why do partners sometimes report more income on tax returns than they receive in cash?
Partnerships and partners are taxed differently than corporations. In some cases, partners may be taxed on more partnership income than...
ConnollySteele
- Nov 28, 2020
- 2 min
File cash transaction reports for your business — on paper or electronically
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these...
ConnollySteele
- Nov 28, 2020
- 2 min
5 key points about bonus depreciation
You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five...
ConnollySteele
- Nov 28, 2020
- 2 min
Employers have questions and concerns about deferring employees’ Social Security taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit...
ConnollySteele
- Nov 28, 2020
- 2 min
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, 2020
- 2 min
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, 2020
- 2 min
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 26, 2020
- 2 min
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, 2020
- 2 min
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, 2020
- 3 min
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, 2020
- 2 min
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, 2020
- 3 min
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...
mconnolly54
- Jul 3, 2019
- 3 min
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, 2019
- 1 min
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, 2019
- 3 min
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, 2019
- 2 min
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, 2019
- 2 min
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, 2019
- 2 min
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, 2019
- 2 min
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