General Tax

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Tax Considerations for Downsizing in Retirement

Downsizing in retirement isn't just about reducing living expenses—it can also be a strategic move toward financial security. Understand how your home's appreciation impacts your taxes and discover strategies to reduce your tax burden.
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Self-Employment Taxes for Partnerships and Gig Workers

Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the self-employment tax bracket and how to avoid potential penalties.
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Recording Legitimate Business Expenses

If you operate a business, or you’re starting a new one, carefully recording legitimate business expenses is important to be able to claim all the tax deductions to which you’re entitled.
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Financial Reset: Strategizing for a Prosperous Future

Conduct a financial reset using the SMART framework to prepare financially for the future. Learn about strategies for debt repayment, evaluating your emergency fund, and early tax planning.
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Assessing Financial Well Being with Julie Walker

PODCAST: It’s time for a health check: is your business in good shape financially? In this episode of Q&A Over Coffee, we sit down with Olsen Thielen COO Julie Walker to dive into the components that determine the financial wellness of your business.
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Misrepresentation of Wellness and Nutrition Expenses

The IRS has issued a warning against companies misrepresenting personal wellness and nutrition expenses as medical expenses. Understand the potential tax implications and how to use your health spending accounts responsibly.
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Maximize Depreciation of Newly Acquired Assets

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can help achieve this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions.
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Reporting Cash Payments Over $10,000

Understand the IRS's new e-filing system for Form 8300, designed to simplify the reporting of cash payments over $10,000. Learn who must file, the e-filing requirements, and how to apply for a waiver if e-filing is challenging for your business.
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Proactive Tax Strategies for High-Earning Taxpayers

VIDEO: The IRS has issued clear warnings about its increased scrutiny of high-net-worth individuals, especially those using risky tactics to reduce tax obligations. This video provides strategies for optimizing your financial situation while staying within the bounds of the law. 
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Exploring Holding Companies

Holding companies offer benefits such as tax efficiency, liability protection, and privacy, but they also present challenges and complexity. This article provides an overview of what holding companies are, how they work, and their pros and cons.
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Tax Season Scams with Mike Breza and Lisa Dunnigan  

PODCAST: From phone calls to phishing emails to fraudulent tax preparers – scams are only becoming more sophisticated every year. Check out this episode to ensure you never become a victim of one of these nefarious scams. 
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Bartering Goods or Services

If your small business would like to exchange goods and services without exchanging money, you may be able to barter. The internet makes it easier to engage with other businesses. But if you barter, be aware of the tax consequences.
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WOTC for Manufacturers

The quest for skilled laborers in the manufacturing sector continues. Where can manufacturers turn to fill open positions? One option can also provide substantial tax savings: Hire workers that qualify for the Work Opportunity Tax Credit (WOTC).
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Maximize the QBI Deduction

The qualified business income, QBI deduction, is available to eligible businesses through 2025. After that, it’s scheduled to disappear unless Congress acts to extend it. So make the most of the tax break while it’s still on the books.
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Tax-Saving Opportunities for Manufacturers in 2024

For manufacturers, as certain provisions of the Tax Cuts and Jobs Act (TCJA) begin to phase out, other tax laws, including the Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors Act, have begun to kick in.
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