Category: Tax Tips

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...

April 3, 2023
Don’t Fall for These Red Flags: How to Identify Bad Employee Retention Credit Preparers
March 24, 2023
2023 Q2 Tax Calendar: Key Deadlines for Businesses and Employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...

February 21, 2023
Do You Run a Business from Home? You May Be Able to Deduct Home Office Expenses.

Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on a hybrid basis. If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim...

December 30, 2022
Tip to Help Prevent Accounting and Tax Errors

Although failing to file a Form 990 with the IRS when required to do so is probably a more serious mistake, filing it with data errors isn’t recommended. Similarly, your not-for-profit should strive to be as accurate as possible when preparing accounting and other tax docu...

December 14, 2022
Do You Qualify for the QBI Deduction? And Can You Do Anything by Year-End to Help Qualify?

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction is: ...

November 4, 2022
Inflation Means You and Your Employees Can Save More for Retirement in 2023

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for...

October 26, 2022
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 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax....

October 5, 2022
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 if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation Reduction Act...

September 27, 2022
Inflation Reduction Act’s Impact on Your Taxes

The Inflation Reduction Act (IRA) was signed into law on August 16, 2022.  Here are the significant provisions:...

September 27, 2022
Student Loan Forgiveness

President Joe Biden announced on Aug. 24 that most federal student loan borrowers will be eligible for some forgiveness.  The forgiveness would be up to $10,000 if you didn’t receive a Pell Grant, and up to $20,000 if you did. The Whitehouse fact sheet states if all el...

July 18, 2022
Important Considerations When Engaging in a Like-Kind Exchange

A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange. A like-kind exchange is a swap of real p...