Buying a business can help you break into the world of entrepreneurship or grow an existing company. It’s an efficient way to acquire assets, staff, and customers. But buying a business can also be risky, especially if you have your … Continued
The economic stimulus payments which were sent out this Spring are technically an advance payment toward a 2020 tax credit. What this means is that on your 2020 tax return, there will be a reconciliation of the amount that you … Continued
One of the bigger fears that people have is receiving a letter from the IRS which states that they are making a change to their tax return and they owe more taxes. And, there is interest and penalties to be … Continued
Tax season is quickly approaching, but are you ready to file yet? Probably not, as many tax documents have not arrived in your mail box. To get a head start on filing your taxes, here are some tips: Gather information … Continued
In December 2019, new retroactive tax changes were signed into law. This new act, named the Secure Act, affect 2018 tax returns. You may need to amend your 2018 tax return to receive a tax refund due to these tax … Continued
In May 2019, the Minnesota adopted most of the Federal Income Tax changes. These will affect 2019 tax returns filed in 2020. Some of these changes are retroactive to 2017 and 2018. However, the State Tax Department will automatically adjust … Continued
The IRS announced that the contribution limits for 401-K plans increased to at $19,000. For IRA accounts, the contribution limits increased to $6,000. For each of these, there are a “catch-up” provision that raises the contribution amounts by $6,000 for … Continued
The IRS announced that the contribution limits for 401-K plans remain unchanged at $18,000. However, other limits have been raised for cost-of-living adjustments, such as phase-out limits for contributions to a deductible IRA, the Saver’s Credit and Read the full … Continued
With nearly 75% of tax returns showing a refund and with an average refund of just under $2900, there are many reasons to get your tax return filed early. Below, we explore 5 reasons to get started on your tax … Continued
