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Changes in Sec. 174 make it a good time to review the R&E strategy of your business
It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions...
ConnollySteele
Mar 14, 20232 min read


Protect the “ordinary and necessary” advertising expenses of your business
Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new...
ConnollySteele
Mar 7, 20232 min read


Claiming losses on depreciated or worthless stock
Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you...
ConnollySteele
Mar 7, 20233 min read


Buying a new business vehicle? A heavy SUV is a tax-smart choice
If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break...
ConnollySteele
Mar 2, 20232 min read


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,...
ConnollySteele
Mar 2, 20232 min read


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...
ConnollySteele
Feb 22, 20232 min read


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...
ConnollySteele
Feb 22, 20232 min read
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