Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return
April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re...
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ConnollySteele
- Mar 14
- 2 min
The 2022 gift tax return deadline is coming up soon
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re...
ConnollySteele
- Mar 7
- 3 min
Claiming losses on depreciated or worthless stock
Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you...
ConnollySteele
- Mar 2
- 2 min
Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example,...
ConnollySteele
- Feb 22
- 2 min
There still may be time to make an IRA contribution for last year
If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to...
ConnollySteele
- Feb 15
- 2 min
Child Tax Credit: The rules keep changing but it’s still valuable
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have...
ConnollySteele
- Feb 7
- 2 min
Answers to your questions about 2023 limits on individual taxes
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable...
ConnollySteele
- Feb 2
- 2 min
Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal....
ConnollySteele
- Jan 24
- 2 min
Why you might want to file early & answers to other tax season questions
The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and...
ConnollySteele
- Jan 19
- 3 min
Tax-saving ways to help pay for college — once your child starts attending
If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for...
ConnollySteele
- Jan 10
- 3 min
Tax-wise ways to save for college
Parents often hear that their children “grow up so fast.” Before you know it, youngsters will be heading to college. Here are some...
ConnollySteele
- Dec 28, 2022
- 2 min
Renting to a relative? Watch out for tax traps
If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules...
ConnollySteele
- Dec 21, 2022
- 2 min
Save for retirement by getting the most out of your 401(k) plan
Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your...
ConnollySteele
- Dec 19, 2022
- 2 min
2023 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 2023. Keep in mind...
ConnollySteele
- Dec 14, 2022
- 2 min
Selling stock by year-end? Watch out for the wash sale rule
If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for...
ConnollySteele
- Dec 7, 2022
- 2 min
Answers to your questions about taking withdrawals from IRAs
As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA...
ConnollySteele
- Dec 1, 2022
- 3 min
Strategies for investors to cut taxes as year-end approaches
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some...
ConnollySteele
- Nov 25, 2022
- 2 min
Year-end giving to charity or loved ones
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before...
ConnollySteele
- Nov 16, 2022
- 3 min
How savings bonds are taxed
Series EE Bonds dated May 2005 and after earn a fixed rate of interest. Bonds purchased between May 1997 and April 30, 2005, earn a...
ConnollySteele
- Nov 9, 2022
- 3 min
Adopting a child? Bring home a tax break too
Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit...
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