Employers: In 2023, the Social Security wage base is going up
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for...
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ConnollySteele
- Oct 17, 2022
- 2 min
Providing fringe benefits to employees with no tax strings attached
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to...
ConnollySteele
- Oct 3, 2022
- 3 min
Worried about an IRS audit? Prepare in advance
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation...
ConnollySteele
- Sep 7, 2022
- 3 min
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...
ConnollySteele
- Jul 27, 2022
- 2 min
Three tax breaks for small businesses
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger...
ConnollySteele
- Jul 6, 2022
- 3 min
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
- Jul 5, 2022
- 3 min
How disability income benefits are taxed
If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends. The key issue is: Who...
ConnollySteele
- Feb 7, 2022
- 2 min
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...
ConnollySteele
- Dec 28, 2021
- 2 min
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...
ConnollySteele
- Dec 10, 2021
- 2 min
How are court awards and out-of-court settlements taxed?
Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive...
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