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Category: Tax Tips

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February 5, 2024
Sales Tax with QBO

QBO has a very powerful built-in feature for sales tax. We have found that some clients are not taking advantage of QBO’s features and may be manually maintaining rates. This especially may be true if the filed was converted from QB Desktop. Automated sales tax may not...

December 27, 2023
2024 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirement...

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...

September 26, 2023
2023 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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 app...

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
Roth Conversions – a Case by Case, Year by Year Decision

Roth Conversions attract a lot of conversation in the personal tax and wealth management realm.  Here are some common overall goals of a Roth Conversion and some general scenarios where the strategy may be particularly appropriate.  ...

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...

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...