Technology and Risk

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C-Corporation to S-Corporation

Should you switch from a C-Corporation to S-Corporation?  If you are thinking about switching entity types, there are a number of important issues you need to look at before finalizing your decision of which is best in your particular circumstances.
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Business Meal Deduction

Believe it or not, the federal government is helping to pick up the tab for certain business meals. To help struggling restaurants during the pandemic, the Consolidated Appropriations Act temporarily doubled the business meal deduction for 2021 and 2022.
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Maybe Accelerate and Defer?

Typically, businesses want to defer recognition of taxable income into future years and accelerate deductions into the current year. However, sometimes would it be prudent to do the opposite and maybe accelerate and defer?  And why would you want to?
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Tax-Favored Retirement Plan

VIDEO: If your business doesn’t already have a retirement plan, now might be a good time to explore the benefits of a tax-favored retirement plan. Current retirement plan rules allow for significant tax-deductible contributions.
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Spouse’s Travel Costs

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. 
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Withdraw Cash from Company

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

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.
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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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Minnesota Standard Deduction Correction – Tax Notice Could Follow

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.
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