Manufacturing and Distribution

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Spouse’s Travel Costs

February 22, 2022

Company owners frequently ask what costs are deductible if their spouse accompanies them on a business trip. One must remember that the rules for deducting a spouse’s travel costs are very restrictive unless your spouse is a bona fide employee. This requirement prevents tax deductibility in most cases.

Withdraw Cash from Company

February 16, 2022

The simplest way to withdraw cash from closely-held corporations is to distribute the cash as a dividend. However, this isn't tax-efficient because it is taxable to you to the extent of your corporation's "earnings and profits," It is also not deductible by the corporation. But, there are alternate methods.

Remote Selling for Manufacturers

February 11, 2022

Even before COVID-19’s impact on businesses, remote selling for manufacturers was becoming a “new normal.” For several years prior to COVID-19, there was a trend toward digital interactions that were accelerated by the social-distancing environment and now may become permanent.

Sole Proprietor Tax Issues

February 11, 2022

Sole proprietor tax issues are important considerations for new and existing businesses. In this article are eight important issues to consider.

Deductible Expenses & Good Records

January 31, 2022

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.

2022 First-Quarter Tax Deadlines

January 4, 2022

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.

Corporate Aircraft Tax Implications

December 6, 2021

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.

Kelly M. Salwei, CPA, CMA, to Retire August 31

December 1, 2021

Kelly joined Olsen Thielen in 1985, after six years with a CPA firm in northern Minnesota. We thank Kelly for his leadership in our Eden Prairie office and offer him our best wishes as he transitions to his new role as a retiree.

Gifts to Employees and Customers May Provide a Tax Break

November 16, 2021

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.

Establishing a Health Savings Account (HSA) for Your Employees

November 15, 2021

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.

State of Manufacturing® 2021 Survey Released

November 11, 2021

Despite unprecedented uncertainties that continue to roil the COVID-era business economy, the 2021 edition of the State of Manufacturing® survey has revealed that Minnesota’s manufacturers are far more optimistic about their companies’ prospects than they were after they experienced the first wave of the pandemic.

2022 Social Security Wage Base to Increase

October 26, 2021

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).

Minnesota Standard Deduction Correction – Tax Notice Could Follow

September 30, 2021

On September 24, 2021, the Minnesota Department of Revenue announced that their worksheet for calculating the Minnesota standard deduction limitation had been incorrect in their Instruction Booklet for both tax years 2019 and 2020.

Business Vehicle Tax Depreciation Rules

September 22, 2021

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger automobiles can result in it taking longer than expected to depreciate a vehicle fully.

Victim of Embezzlement? How to Claim a Theft Loss Deduction

September 7, 2021

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases, it does, but you’ll have to substantiate the loss.