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
Dec 12, 20222 min read
Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is...
ConnollySteele
Aug 29, 20222 min read
Inflation Reduction Act provisions of interest to small businesses
The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy...
ConnollySteele
Aug 15, 20222 min read
Why an LLC might be the best choice of entity for your business
The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is...
ConnollySteele
Jul 6, 20223 min read
How do taxes factor into an M&A transaction?
Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and...
ConnollySteele
Feb 26, 20220 min read
ConnollySteele
Feb 14, 20223 min read
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...
ConnollySteele
Jan 20, 20222 min read
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
Nov 15, 20213 min read
Many factors are involved when choosing a business entity
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will...
ConnollySteele
Oct 11, 20211 min read
2021 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind...
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