Many tax limits affecting businesses have increased for 2023
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than...
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ConnollySteele
- Dec 1, 2022
- 3 min
Strategies for investors to cut taxes as year-end approaches
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some...
ConnollySteele
- Sep 12, 2022
- 3 min
Separating your business from its real estate
Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the...
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
- Sep 7, 2022
- 2 min
Is your income high enough to owe two extra taxes?
High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and...
ConnollySteele
- Aug 10, 2022
- 3 min
Estimated tax payments: Who owes them and when is the next one due?
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This...
ConnollySteele
- Aug 2, 2022
- 2 min
Is your withholding adequate? Here’s how to check
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so...
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 20, 2022
- 3 min
The kiddie tax: Does it affect your family?
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income...
ConnollySteele
- Jul 11, 2022
- 2 min
The tax obligations if your business closes its doors
Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can...
ConnollySteele
- Jun 13, 2022
- 3 min
Is your corporation eligible for the dividends-received deduction?
There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed...
ConnollySteele
- May 2, 2022
- 2 min
Businesses may receive notices about information returns that don’t match IRS records
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that...
ConnollySteele
- Apr 27, 2022
- 2 min
Want to turn a hobby into a business? Watch out for the tax rules
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business...
ConnollySteele
- Apr 25, 2022
- 2 min
The tax mechanics involved in the sale of trade or business property
What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the...
ConnollySteele
- Apr 25, 2022
- 0 min
ConnollySteele
- Apr 11, 2022
- 2 min
Tax issues to assess when converting from a C corporation to an S corporation
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S...
ConnollySteele
- Mar 29, 2022
- 3 min
It’s almost that time of year again! If you’re not ready, file for an extension
The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by...
ConnollySteele
- Mar 21, 2022
- 2 min
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...
ConnollySteele
- Jan 13, 2022
- 3 min
How will revised tax limits affect your 2022 taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this...
ConnollySteele
- Jan 10, 2022
- 2 min
Businesses with employees who receive tips may be eligible for a tax credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax...
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