An “innocent spouse” may be able to escape tax liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s...
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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
- May 23, 2022
- 2 min
Partners may have to report more income on tax returns than they receive in cash
Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more...
ConnollySteele
- Apr 12, 2022
- 2 min
Once you file your tax return, consider these 3 issues
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS,...
ConnollySteele
- Mar 2, 2022
- 2 min
There still may be time to cut your tax bill with an IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it....
ConnollySteele
- Feb 8, 2022
- 2 min
Did you give to charity in 2021? Make sure you have substantiation
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations....
ConnollySteele
- Jan 31, 2022
- 3 min
Keeping meticulous records is the key to tax deductions and painless IRS audits
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you...
ConnollySteele
- Oct 5, 2021
- 2 min
The tax score of winning
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more...
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