deductions | Connolly Steele

The latest news from Connolly Steele about personal & business accounting, payroll & tax services plus financial advice & planning.

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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...

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What local transportation costs can your business deduct?

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for...

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Year-end tax planning ideas for your small business

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year...

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Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions

Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But...

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Important tax aspects of operating your business as a sole proprietor

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects...

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Gig workers should understand their tax obligations

The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center...