Scrupulous records and legitimate business expenses are the key to less painful IRS audits
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you...
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ConnollySteele
- Apr 4
- 3 min
The tax deadline is almost here: File for an extension if you’re not ready
The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to...
ConnollySteele
- Apr 4
- 1 min
2024 Q2 tax calendar: Key deadlines for businesses and employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in...
ConnollySteele
- Apr 4
- 3 min
Update on retirement account required minimum distributions
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required...
ConnollySteele
- Apr 4
- 3 min
Coordinating Sec. 179 tax deductions with bonus depreciation
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a...
ConnollySteele
- Mar 19
- 3 min
How renting out a vacation property will affect your taxes
Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a...
ConnollySteele
- Mar 19
- 3 min
Bartering is a taxable transaction even if no cash is exchanged
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and...
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