blog
January 8, 2015
Deducting Your Pet Costs

Wondering if you can deduct your pet costs?  People often treat their pets like children, but no matter how much money you spend on that pet the tax code doesn’t allow you to claim your pet as a dependent.  In general the expenses for the family pet won’t be tax deduct...

May 29, 2014
Exempt Organizations and Sales & Use Tax

“What do you mean I have to charge sales tax on my sales?  I’m a tax exempt organization!”  That is a common mistake in the tax exempt community.  In Minnesota, an organization can apply for a formal tax exempt status from the Minnesota Department of Revenue. Form S...

May 20, 2014
GAAP Accounting for Goodwill – Accounting Standards Update (ASU) Impacts Private Companies

The Financial Accounting Standards Board (FASB) issued ASU No. 2014-02 in January 2014 which now allows private companies to amortize goodwill for book purposes (Generally Accepted Accounting Principles – GAAP)....

March 27, 2014
Like-Kind Exchange – Rental Property

A like-kind exchange is just that; an exchange of things that are similar.  They can be very useful in deferring gains on depreciated property.  The last post was about business vehicles, but there are many kinds of assets that can qualify for a like-kind exchange....

March 13, 2014
Why Do They Send Corrected 1099s?

About this time of year (and for the next month or so), you might receive a corrected Form 1099 from your broker....

March 6, 2014
S-Corp Tax Deposits

Generally speaking, S-Corporations do not pay tax.  If they were previously a C-Corp it’s possible they could run into some built-in gains, but those are somewhat unusual.  A true S-Corp shouldn’t pay any tax, but sometimes they do need to make a tax deposit.  No tax ...

January 28, 2014
The Next Owner

As business owners look forward to retirement, many of them have high hopes they can pass along their business to their children.  A lot of times they just don’t know how to make this happen.  If this is something you are hoping for your business, be sure to speak to you...

July 22, 2013
The Importance of Avoiding Deemed Distribution

Many of the topics I blog about are tax deductions or credits or planning opportunities  -  good things.  A deemed distribution is something to be avoided.  It is definitely not a good thing. ...

July 19, 2013
“Here’s a Tip for you!”

For those that collect tips on their job, there can be a lot of confusion.  Are they taxable?  Which industries are required to report? Can I just use a percentage?  Does it matter?...

July 3, 2013
Sales Tax Audit – Are You Ready?

If you received a letter from the State that you are being audited for sales tax, would you panic or would you be confident that the audit would go smoothly?  If you haven’t already been audited, then you will be receiving an audit notice at some time in the future.  Her...

June 4, 2013
The Importance of Knowing Your Accounting Software

Accounting software can vary depending on need, cost, capabilities, etc., but no matter what type you use, it is important that the accountant within your company or organization understands how to use the software and the capabilities within it....

May 17, 2013
What is a Nonprofit?

What really is a non-profit organization?  Can they make a profit?  Are donations to them always tax deductible?...