How to minimize the S corporation LIFO recapture tax
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using...
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ConnollySteele
- Nov 21, 2022
- 2 min
Is your business closing? Here are your final tax responsibilities
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration,...
ConnollySteele
- Apr 6, 2022
- 2 min
Fully deduct business meals this year
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19...
ConnollySteele
- Feb 28, 2022
- 3 min
The election to apply the research tax credit against payroll taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break...
ConnollySteele
- Feb 26, 2022
- 0 min
ConnollySteele
- Jan 20, 2022
- 2 min
Numerous tax limits affecting businesses have increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown...
ConnollySteele
- Dec 6, 2021
- 3 min
The tax implications of owning a corporate aircraft
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there...
ConnollySteele
- Nov 15, 2021
- 2 min
Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its...
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- Sep 23, 2021
- 3 min
Tax depreciation rules for business automobiles
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are...
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- Aug 17, 2021
- 2 min
Possible tax consequences of guaranteeing a loan to your corporation
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or...
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- Aug 3, 2021
- 2 min
Is an LLC the right choice for your small business?
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your...
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- Aug 1, 2021
- 2 min
The deductibility of corporate expenses covered by officers or shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind...
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