General Tax

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Sole Proprietor Tax Issues

Sole proprietor tax issues are important considerations for new and existing businesses. In this article are eight important issues to consider.
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Deductible Expenses & Good Records

Two things that business owners need to remember are that deductible expenses & good records can make life easier when filing taxes and help defend the expenses if the IRS conducts an audit. 
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How Cost Segregation Studies Help Real Estate Owners Defer Taxes

VIDEO: Real estate owners who have purchased, constructed or renovated real estate should consider performing a cost segregation study to accelerate depreciation and defer income taxes. Watch now to learn more.
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Entrepreneurs and Taxes

If you have started or are contemplating starting a new business, as a new business owner you need to be aware of the implications that affect entrepreneurs and taxes.
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How the Federal Reserve Fights Inflation

VIDEO: With inflation recently rising to levels not seen in decades, the Federal Reserve is taking steps to stabilize prices. Watch this short video to learn what tools the Federal Reserve uses to fight inflation.
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Employer Tip Tax Credit

If you are an employer with employees who receive tips, it is possible that you may qualify for an employer tip tax credit for a portion of the tips. Sound too good to be true?
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Like-Kind Exchange Could Defer Tax

With real estate prices up in some markets, the Section 1031 “like-kind” exchange strategy may be attractive if you want to sell highly appreciated commercial or investment real estate.
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2022 First-Quarter Tax Deadlines

Businesses face several 2022 first-quarter tax deadlines. This list is not all-inclusive, and additional deadlines may apply to you. Also, remember that this list isn’t all-inclusive, so there may be other deadlines that apply to you.
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Required Minimum Distributions

Required Minimum Distributions (RMDs) are minimum amounts that you must withdraw from your IRA or retirement plan account each year after you reach age 72 (70 ½ if you reach 70 ½ before Jan. 1, 2020).
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Tax Planning in an Uncertain Time

A major takeaway from the last twenty months of living in a pandemic is the importance of planning and adaptability. As 2021 comes to an end, there is still so much unknown of what 2022 will bring.
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Corporate Aircraft Tax Implications

You may have considered purchasing a corporate aircraft if you do a lot of business travel.  But of course, you need to be aware of the tax implications before you spend the money.
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Hot Tax Topics

The Federal government has proposed legislation and the state of Minnesota has enacted legislation that may affect your tax situation.  This article highlights four hot tax topics to keep an eye on.
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Gifts to Employees and Customers May Provide a Tax Break

The holiday season will soon be here and after a year of avoiding social gatherings, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties.
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Establishing a Health Savings Account (HSA) for Your Employees

Establishing an employer-sponsored Health Savings Account (HSA) for your employees is a way to provide some tax-advantaged health care benefits. For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs.
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2022 Social Security Wage Base to Increase

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021).
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