Articles by

Olsen Thielen

The Internal Revenue Service has issued the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
For business owners, determining whether they’re making repairs or improvements can be tricky — but it’s important to be aware that the distinction can have real tax consequences.
PODCAST: This episode is a must-listen for business owners, HR professionals, and employees seeking clarity on the recent MN legislative changes.
Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. However, for businesses, the aggregate value of tax credits may be limited by the general business credit (GBC).
VIDEO: In the world of real estate, the Section 1031 exchange has been a significant tool for investors who want to grow their real estate portfolio and wealth. In this video, we'll explain how a 1031 exchange works and important considerations when using one.
VIDEO: You likely have at least one old retirement account if you've ever changed employers. These accounts stay exactly as you left them unless you take action. In this video, we'll provide options for what to do with those old accounts.
IRS examiners use publications called IRS Audit Techniques Guides to prepare for audits in certain industries and those with various issues. The publications are available to the public, so you can read them to gain insight into what the IRS looks for in terms of compliance.
When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several nursing home tax breaks may be available to help offset some of the costs.
Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax.
Olsen Thielen is a proud Platinum Sponsor of Enterprise Minnesota. Last night, Enterprise Minnesota held their annual State of Manufacturing rollout event to showcase important statistics regarding the Manufacturing Industry - one that Olsen Thielen is heavily involved with.
Business auto tax depreciation rules are complicated, and complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile. Special limitations apply to vehicles classified as a passenger auto (which could include many pickups and SUVs).
Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds (DAF) are a popular alternative, but they also have potential drawbacks.
Do your tax planning strategies need a refresh? The best tax planning strategies for you will evolve as your situation changes, whether due to life events, economic developments or new tax laws.
Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that lets a business enjoy a tax deduction this year while its
Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help the owner plan for, and, in some cases, reduce, the tax impact.
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