News | Connolly, Steele & Company

The latest news from Connolly Steele about personal & business accounting, payroll & tax services plus financial advice & planning.

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Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example,...

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Do you run a business from home? You may be able to deduct home office expenses

Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on...

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There still may be time to make an IRA contribution for last year

If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to...

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Key tax issues in M&A transactions

Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A...

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Child Tax Credit: The rules keep changing but it’s still valuable

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have...

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Answers to your questions about 2023 limits on individual taxes

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable...

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Have employees who receive tips? Here are the tax implications

Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include...