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The latest news from Connolly Steele about personal & business accounting, payroll & tax services plus financial advice & planning.
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ConnollySteele
- Jan 13, 2022
- 3 min
How will revised tax limits affect your 2022 taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this...


ConnollySteele
- Jan 7, 2022
- 3 min
Are you eligible for a medical expense tax deduction?
You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not...


ConnollySteele
- Jan 3, 2022
- 3 min
Defer tax with a like-kind exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is...


ConnollySteele
- Dec 28, 2021
- 2 min
Gig workers should understand their tax obligations
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center...


ConnollySteele
- Dec 27, 2021
- 2 min
Will the standard business mileage rate go up in 2022? Yes!
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for...


ConnollySteele
- Dec 22, 2021
- 2 min
There’s a deduction for student loan interest … but do you qualify for it?
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans....


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- Dec 10, 2021
- 0 min


ConnollySteele
- Dec 10, 2021
- 2 min
How are court awards and out-of-court settlements taxed?
Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive...


ConnollySteele
- Dec 4, 2021
- 2 min
With year-end approaching, 3 ideas that may help cut your tax bill
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are...


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 27, 2021
- 3 min
New digital asset reporting requirements will be imposed in coming years
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting...


ConnollySteele
- Nov 22, 2021
- 0 min


ConnollySteele
- Nov 19, 2021
- 2 min
Remember to use up your flexible spending account money
Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end...


ConnollySteele
- Nov 9, 2021
- 2 min
Feeling generous at year end? Strategies for donating to charity or gifting to loved ones
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are...


ConnollySteele
- Oct 26, 2021
- 3 min
Thinking about participating in your employer’s 401(k) plan? Here’s how it works
Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a...


ConnollySteele
- Oct 26, 2021
- 2 min
Employers: The Social Security wage base is increasing in 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for...


ConnollySteele
- Oct 19, 2021
- 3 min
You may owe “nanny tax” even if you don’t have a nanny
Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other...


ConnollySteele
- Oct 15, 2021
- 3 min
Vacation home: How is your tax bill affected if you rent it out?
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The...


ConnollySteele
- Oct 6, 2021
- 3 min
Navigating the tax landscape when donating works of art to charity
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to...
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