An “innocent spouse” may be able to escape tax liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s...
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ConnollySteele
- Aug 15, 2022
- 2 min
Why an LLC might be the best choice of entity for your business
The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is...
ConnollySteele
- Aug 10, 2022
- 3 min
Estimated tax payments: Who owes them and when is the next one due?
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This...
ConnollySteele
- Aug 8, 2022
- 2 min
Is your business required to report employee health coverage?
As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business...
ConnollySteele
- Aug 2, 2022
- 2 min
Is your withholding adequate? Here’s how to check
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so...
ConnollySteele
- Aug 1, 2022
- 3 min
How to treat business website costs for tax purposes
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted....
ConnollySteele
- Jul 27, 2022
- 2 min
How to avoid the early withdrawal tax penalty on IRA distributions
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early...
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