Taxes when you sell an appreciated vacation home
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three...
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ConnollySteele
- May 2
- 3 min
When partners pay expenses related to the business
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service...
ConnollySteele
- Apr 23
- 2 min
Watch out for “income in respect of a decedent” issues when receiving an inheritance
Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out...
ConnollySteele
- Apr 23
- 2 min
When businesses may want to take a contrary approach with income and deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But...
ConnollySteele
- Apr 23
- 3 min
The pros and cons of turning your home into a rental
If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one-...
ConnollySteele
- Apr 23
- 2 min
Don’t have a tax-favored retirement plan? Set one up now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow...
ConnollySteele
- Apr 9
- 2 min
Keep these 3 issues in mind after you file your return
The tax filing deadline for 2023 tax returns is April 15 this year. If you need more time, you can file for an extension until October...
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