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11 Exceptions to the 10% penalty tax on early IRA withdrawals
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one...
ConnollySteele
Nov 14, 20233 min read


What you need to know about restricted stock awards and taxes
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them...
ConnollySteele
Nov 14, 20233 min read


Contributing to your employer’s 401(k) plan: How it works
If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should...
ConnollySteele
Nov 14, 20232 min read


Facing a future emergency? Two new tax provisions may soon provide relief
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking...
ConnollySteele
Nov 14, 20232 min read


Being a gig worker comes with tax consequences
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out...
ConnollySteele
Oct 17, 20232 min read


Benefits of a living trust for your estate
You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for...
ConnollySteele
Oct 17, 20233 min read


Are scholarships tax-free or taxable?
With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a...
ConnollySteele
Oct 17, 20232 min read


The tax implications of renting out a vacation home
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in...
ConnollySteele
Oct 12, 20232 min read


Casualty loss tax deductions may help disaster victims in certain cases
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you...
ConnollySteele
Oct 12, 20233 min read


What are the tax implications of winning money or valuable prizes?
If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax...
ConnollySteele
Oct 12, 20232 min read


Evaluate whether a Health Savings Account is beneficial to you
With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a...
ConnollySteele
Oct 12, 20233 min read


Investment swings: What’s the tax impact?
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is...
ConnollySteele
Oct 12, 20233 min read


Plan now for year-end gifts with the gift tax annual exclusion
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their...
ConnollySteele
Oct 12, 20233 min read


4 tax challenges you may encounter if you’re retiring soon
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax...
ConnollySteele
May 19, 20233 min read


Questions you may still have after filing your tax return
If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions...
ConnollySteele
May 10, 20232 min read


The IRS clarifies what counts as qualified medical expenses
If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some...
ConnollySteele
May 10, 20233 min read


Tax news for investors and users of cryptocurrency
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form...
ConnollySteele
May 10, 20233 min read


There’s a favorable “stepped-up basis” if you inherit property
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an...
ConnollySteele
May 10, 20232 min read


Paperwork you can toss after filing your tax return
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain...
ConnollySteele
Apr 11, 20233 min read


The tax rules for donating artwork to charity
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax...
ConnollySteele
Apr 4, 20233 min read
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