Blog

Category: Individual Tax

blog
November 13, 2024
Upcoming Webinar | Year-End Tax Planning

This webinar will provide tax updates and planning insights for both individuals and businesses and includes a review of sunsetting tax provisions in 2026, anticipated legislation taking into account the election results, and Beneficial Ownership Information (BI) reporting r...

November 1, 2024
Qualified Charitable Distribution (QCDs): An Overview

A qualified charitable distribution is a transfer of funds from an IRA directly to a charitable organization. QCD’s give taxpayers who are 70 ½ years old (or older) the opportunity to donate to charities from their IRA. If a taxpayer is 73 or older, the QCD can count tow...

October 21, 2024
Support and Guidance for Clients Affected by Recent Natural Disasters

At Boyum Barenscheer, we want to extend our deepest empathy to you during this challenging time. Whether you’ve been affected by the recent storms in Florida, the wildfires in California, or any other disaster, we understand the emotional and financial toll these events ca...

March 25, 2024
The Tax Relief for American Families and Workers Act of 2024 (Update)

The U.S. House of Representatives passed the Tax Relief for American Families and Works Act on January 31, 2024. Since then, the bill has stalled in the Senate. Congress left Washington on Friday, March 22nd, for a two-week recess, so there is now little or no chance for any...

February 2, 2024
The Tax Relief for American Families and Workers Act of 2024

The U.S. House of Representatives passed this bipartisan tax plan on January 31, 2024. The bill still needs Senate approval and could be subject to amendments before final passage. President Biden has indicated that he supports the bill....

December 5, 2023
2023 Year End Tax Planning Webinar

In this recorded webinar, our tax team looks into the latest developments pertaining to tax laws and updates that hold relevance for both individuals and businesses. With an emphasis on ensuring your financial readiness as the current year concludes, our seasoned professiona...

October 25, 2023
The Social Security Wage Base for Employees and Self-Employed People is Increasing in 2024

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax....

August 29, 2023
Mandatory Roth Catch-Up Provision Delayed until 2026

The IRS granted an administrative transition period via Notice 2023-62 that extends until 2026 the new requirement per the SECURE Act 2.0 that any catch-up contributions made by higher income participants in 401(k) and similar retirement plans must be designated as after-ta...

August 18, 2023
2023 Minnesota Tax Rebate Payments

Minnesota has introduced a one-time tax rebate payment, ranging up to $1,300. These payments are set to be disbursed from this week through September, and we are here to provide you with a concise overview of the eligibility criteria and distribution details....

August 16, 2023
Minnesota Special Property Tax Refund

The Minnesota legislature retroactively passed legislation that provides a refund if your property taxes increased by 6%. This provision has historically been in place at a 12% level. This is a one-time deal – only for property taxes payable in 2023 (which is reported on...

July 12, 2023
How to Update Your Tax Information for Fall Tax Rebates

The Minnesota Department of Revenue has launched an online portal for taxpayers who need to update their address or bank information in order to receive a rebate check this fall....

May 31, 2023
2023 Minnesota Tax Bill Signed into Law

Gov. Tim Walz signed the 2023 Minnesota tax bill into law on May 24th. The bill includes full Social Security state income exemption for those earning less than $100,000 annually (married/joint) or $78,000 (single/head of household), phasing out at $118,000 for single filers...