- June 3, 2025
Misclassifying employees as independent contractors can result in expensive consequences if the IRS reclassifies them. But determining if a worker is a contractor or an employee can be complex.
Olsen Thielen Advisor Blog
- June 2, 2025
If you or your employees are heading out of town on a business trip this summer, it’s important to understand the travel deduction tax rules. To qualify, the trip must be necessary for business purposes and require an overnight stay within the U.S.
As a small business owner, you might hesitate to establish a retirement plan due to the administrative complexities involved. However, there are two retirement plans worth considering that come with fewer requirements than traditional qualified retirement plans.
- May 28, 2025
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. In some cases a business loss, within limits, may be used to reduce taxable income in later years.
- May 28, 2025
Think your tax refund is just "extra money"? It might actually be a sign that your withholding is off, and that the IRS has been holding your money all year. Learn how to fix that now, so you’re not stuck with a surprise bill (or a missed opportunity) next April.
- May 22, 2025
A Section 127 educational assistance plan can be a smart investment for your business. With this tax-favored benefit, employees can finish degrees, pursue graduate study and even pay off student loan debt.
- May 19, 2025
Unpaid taxes withheld from your company’s employees might hit you harder than you think. Find out how the 100% penalty can affect your personal finances.
- May 13, 2025
Real estate professionals can use an exception when deducting rental real estate losses, as long as certain requirements are met.
- April 25, 2025
Has your nonprofit lost its tax-exempt status because you forgot to file information returns? The good news is that most organizations can file for reinstatement from the IRS.
- April 18, 2025
A financial crisis can hit at any time, and a financial cushion can help you manage acute shortfalls. If your nonprofit’s operating reserves are low or nonexistent, start looking for ways to build them.
- April 17, 2025
Moving your manufacturing business/production, back to the United States is no small endeavor and comes with many factors to consider before making the move.
- April 14, 2025
If you own a small business it may pay to hire your child. In addition to tax savings, you also may be able to achieve Social Security tax savings (if your business isn’t incorporated) and your child may even be able to make retirement plan contributions.
- April 7, 2025
Hiring nannies or housekeepers brings convenience but also labels you as an employer with household employees. As an employer. you have additional tax obligations and need to stay compliant in classifying workers correctly and navigating Social Security and unemployment taxes.
- April 2, 2025
Payroll tax compliance is crucial for small businesses. Mistakes can lead to fines, strained employee relationships, and even legal consequences. This article has tips to help you stay on track.
- March 31, 2025
As of May 1, 2025, Minnesota residents must comply with the REAL ID Act, that was passed by Congress in 2005. The Act set certain standards for states to issue driver's licenses and identification (ID) cards that will be accepted by federal agencies to board domestic flights and enter some federal buildings.