IRA charitable donations: An alternative to taxable required distributions
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax...
top of page
Your go-to, trusted partner for more
informed financial decisions.
The latest news from Connolly Steele about personal & business accounting, payroll & tax services plus financial advice & planning.
Search
ConnollySteele
- May 11, 2022
- 2 min
Caring for an elderly relative? You may be eligible for tax breaks
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax...
ConnollySteele
- May 9, 2022
- 2 min
Inflation enhances the 2023 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates...
ConnollySteele
- May 3, 2022
- 2 min
Valuable gifts to charity may require an appraisal
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to...
ConnollySteele
- Apr 27, 2022
- 2 min
Want to turn a hobby into a business? Watch out for the tax rules
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business...
ConnollySteele
- Apr 25, 2022
- 0 min
ConnollySteele
- Apr 20, 2022
- 3 min
Thinking about converting your home into a rental property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing...
ConnollySteele
- Apr 12, 2022
- 2 min
Once you file your tax return, consider these 3 issues
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS,...
ConnollySteele
- Apr 6, 2022
- 3 min
Selling mutual fund shares: What are the tax implications?
If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment...
ConnollySteele
- Mar 29, 2022
- 3 min
It’s almost that time of year again! If you’re not ready, file for an extension
The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by...
ConnollySteele
- Mar 23, 2022
- 3 min
The tax rules of renting out a vacation property
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting...
ConnollySteele
- Mar 16, 2022
- 2 min
When inheriting money, be aware of “income in respect of a decedent” issues
Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain...
ConnollySteele
- Mar 2, 2022
- 2 min
There still may be time to cut your tax bill with an IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it....
ConnollySteele
- Feb 23, 2022
- 2 min
Are you ready for the 2021 gift tax return deadline?
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to...
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 16, 2022
- 2 min
Married couples filing separate tax returns: Why would they do it?
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax...
ConnollySteele
- Feb 8, 2022
- 2 min
Did you give to charity in 2021? Make sure you have substantiation
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations....
ConnollySteele
- Feb 2, 2022
- 3 min
The Ins and Outs of IRAs
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed...
ConnollySteele
- Jan 26, 2022
- 2 min
Smooth sailing: Tips to speed processing and avoid hassles this tax season
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips...
ConnollySteele
- Jan 18, 2022
- 3 min
Help safeguard your personal information by filing your 2021 tax return early
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being...
bottom of page