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Still have tax questions? You’re not alone
Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most...
ConnollySteele
May 6, 20252 min read


Corporate business owners: Is your salary reasonable in the eyes of the IRS?
Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s...
ConnollySteele
May 6, 20253 min read


Explore SEP and SIMPLE retirement plans for your small business
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial...
ConnollySteele
Apr 29, 20253 min read


An education plan can pay off for your employees — and your business
Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual...
ConnollySteele
Apr 29, 20253 min read


Understanding the “step-up in basis” when inheriting assets
If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit...
ConnollySteele
Apr 29, 20252 min read


The “wash sale” rule: Don’t let losses circle the drain
Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable...
ConnollySteele
Apr 29, 20253 min read


How a business owner’s home office can result in tax deductions
As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial...
ConnollySteele
Apr 29, 20252 min read
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