The tax consequences of selling mutual funds
Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to...
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ConnollySteele
- Jul 2
- 3 min
House rich but cash poor? Consider a reverse mortgage strategy
Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could...
ConnollySteele
- Jun 18
- 2 min
Pay attention to the tax rules if you turn a hobby into a business
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing...
ConnollySteele
- Jun 18
- 3 min
When do valuable gifts to charity require an appraisal?
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS...
ConnollySteele
- Jun 18
- 3 min
A three-step strategy to save tax when selling appreciated vacant land
Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of...
ConnollySteele
- Jun 18
- 3 min
You may be entitled to tax breaks if caring for an elderly relative
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life...
ConnollySteele
- May 2
- 3 min
Taxes when you sell an appreciated vacation home
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three...
ConnollySteele
- Apr 23
- 2 min
Watch out for “income in respect of a decedent” issues when receiving an inheritance
Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out...
ConnollySteele
- Apr 23
- 3 min
The pros and cons of turning your home into a rental
If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one-...
ConnollySteele
- Apr 9
- 2 min
Keep these 3 issues in mind after you file your return
The tax filing deadline for 2023 tax returns is April 15 this year. If you need more time, you can file for an extension until October...
ConnollySteele
- Apr 4
- 3 min
The tax deadline is almost here: File for an extension if you’re not ready
The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to...
ConnollySteele
- Apr 4
- 3 min
Update on retirement account required minimum distributions
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required...
ConnollySteele
- Mar 19
- 3 min
How renting out a vacation property will affect your taxes
Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a...
ConnollySteele
- Mar 19
- 3 min
Beware of a stealth tax on Social Security benefits
Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the...
ConnollySteele
- Mar 6
- 3 min
A job loss is bad but the tax implications could make it worse
Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain...
ConnollySteele
- Mar 6
- 2 min
New option for unused funds in a 529 college savings plan
With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans...
ConnollySteele
- Mar 6
- 3 min
If you didn’t contribute to an IRA last year, there’s still time
If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there...
ConnollySteele
- Feb 15
- 2 min
Get ready for the 2023 gift tax return deadline
Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to...
ConnollySteele
- Feb 9
- 3 min
Filing jointly or separately as a married couple: What’s the difference?
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates,...
ConnollySteele
- Feb 9
- 2 min
If you gave to charity in 2023, check to see that you have substantiation
Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But...
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