ConnollySteeleOct 24, 20222 minEmployers: In 2023, the Social Security wage base is going upThe Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for...
ConnollySteeleOct 17, 20222 minProviding fringe benefits to employees with no tax strings attachedBusinesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to...
ConnollySteeleOct 3, 20223 minWorried about an IRS audit? Prepare in advanceIRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation...
ConnollySteeleSep 7, 20223 minYear-end tax planning ideas for your small businessNow 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...
ConnollySteeleJul 27, 20222 minThree tax breaks for small businessesSometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger...
ConnollySteeleJul 6, 20223 minHow 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...
ConnollySteeleJul 5, 20223 minHow disability income benefits are taxedIf you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends. The key issue is: Who...
ConnollySteeleFeb 7, 20222 minImportant tax aspects of operating your business as a sole proprietorIf 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...
ConnollySteeleDec 28, 20212 minGig workers should understand their tax obligationsThe number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center...
ConnollySteeleDec 10, 20212 minHow 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...