The tax score of winning
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more...
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
- Sep 26, 2021
- 2 min
Is a Health Savings Account right for you?
Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health...
-
- Sep 22, 2021
- 0 min
Selling a home: Will you owe tax on the profit?
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the...
-
- Sep 13, 2021
- 3 min
Planning for year-end gifts with the gift tax annual exclusion
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly...
-
- Sep 4, 2021
- 2 min
You can only claim a casualty loss tax deduction in certain situations
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter...
-
- Sep 1, 2021
- 2 min
Does your employer provide life insurance? Here are the tax consequences
Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and...
-
- Aug 30, 2021
- 2 min
Getting a divorce? Be aware of tax implications if you own a business
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of...
-
- Aug 19, 2021
- 2 min
ABLE accounts may help disabled or blind family members
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose...
-
- Aug 16, 2021
- 2 min
Scholarships are usually tax free but they may result in taxable income
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and...
-
- Aug 8, 2021
- 2 min
5 possible tax aspects of a parent moving into a nursing home
If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications....
-
- Aug 1, 2021
- 2 min
You may have loads of student debt, but it may be hard to deduct the interest
More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If...
ConnollySteele
- Jun 18, 2021
- 2 min
Working in the gig economy results in tax obligations
Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several...
ConnollySteele
- May 14, 2021
- 2 min
Home sales: How to determine your “basis”
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to...
ConnollySteele
- May 10, 2021
- 2 min
Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes
In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to...
ConnollySteele
- May 10, 2021
- 2 min
Who qualifies for “head of household” tax filing status?
When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing...
ConnollySteele
- Apr 9, 2021
- 2 min
How to ensure life insurance isn’t part of your taxable estate
If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included...
ConnollySteele
- Apr 3, 2021
- 2 min
New law tax break may make child care less expensive
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the...
ConnollySteele
- Mar 7, 2021
- 2 min
If you run a business from home, you could qualify for home office deductions
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform...
ConnollySteele
- Feb 21, 2021
- 2 min
Did you make donations in 2020? There’s still time to get substantiation
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations....
ConnollySteele
- Feb 21, 2021
- 2 min
Don’t forget to take required minimum distributions this year
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum...
bottom of page