Making withdrawals from your closely held corporation that aren’t taxed as dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a...
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ConnollySteele
Feb 8, 20222 min read
Did you give to charity in 2021? Make sure you have substantiation
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations....
ConnollySteele
Feb 7, 20222 min read
Important tax aspects of operating your business as a sole proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects...
ConnollySteele
Feb 2, 20223 min read
The Ins and Outs of IRAs
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed...
ConnollySteele
Jan 31, 20223 min read
Keeping meticulous records is the key to tax deductions and painless IRS audits
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you...
ConnollySteele
Jan 26, 20222 min read
Smooth sailing: Tips to speed processing and avoid hassles this tax season
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips...
ConnollySteele
Jan 24, 20222 min read
Entrepreneurs and taxes: How expenses are claimed on tax returns
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a...
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