General Tax

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The Qualified Business Income Tax Deduction

VIDEO: The Qualified Business Income (QBI) Deduction can reduce an individual's tax liability on pass-through income by as much as 20% of taxable business income from the entity. Here's a great 3-minute video to find out more.
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Do’s & Don’ts of Recordkeeping for Business Meal & Vehicle Expenses

If you’re claiming deductions for business meals or auto expenses, expect the IRS to review them closely. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law
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Hire Your Minor Children to Receive Tax Benefits

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money.
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Nonprofits: Should You Hire New Staffers or Outsource?

Many Americans remain unemployed due to the COVID-19 pandemic — at least 9.8 million at the end of April. But that’s expected to change quickly as employers ramp up hiring activities. If your not-for-profit will soon need new staffers, you might want to start putting out feelers now.
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An S-Corp Could Cut Self-Employment Tax

If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax.
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2022 Health Saving Accounts Amounts

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs).
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Employee Education Assistance Rules

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge.
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Business Energy Credit for Alternative Energy

If you are interested in alternative energy technologies to help manage your business energy costs, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.
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Tax Strategies for Real Estate Owners

VIDEO: In addition to appreciation and income generation, rental real estate can provide many tax benefits. In this video, we will cover some of the more attractive tax strategies for real estate owners.
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Reasonable Compensation for a Corporate Business Owner

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends.
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Business Owners: Hire Your Child and Save Some Tax Dollars

As a business owner, you can save family income and payroll taxes by putting your child on the payroll.
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Tax Considerations for New Small Businesses

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors.
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Olsen Thielen Celebrates 100 Years

Nearly 100 years ago, Olsen Thielen was founded on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed, and that commitment remains.  commitment to their clients and their community. 
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Work Opportunity Tax Credit Extended Through 2025

A recent law extended the Work Opportunity Tax Credit (WOTC) for businesses who hire individuals from one or more targeted groups. The credit is generally limited to eligible employees who began work for the employer before January 1, 2026.
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Home Office Deduction Rules

During the past year, many more people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.
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