Retired with Estimate Tax Payments | Rice County, Minnesota

Q:  My retired neighbor tells me that he has to make payments to the state of Minnesota four times a year.  How can that be? A: He is making estimated tax payments because the balance he owed Minnesota in 2018 was more that $500.  Minnesota requires that you pay quarterly estimated tax payments–if you don’t […]

Forever Plus 3 Years | Southern Minnesota

Q: Can I throw my corporate papers away after 7 years? A: NO, NO NO!  Businesses that are C Corporations, S Corporations, Partnerships and LLCs have to keep their tax returns and supporting documents forever plus three years.  What?!  How can you keep it longer than forever?…Be buried with them?  All this means is that you […]

Child Tax Credit | Southern Minnesota

Q:  How come when I filed my taxes this year, I only got a $3,000 child tax credit–when I have 3 kids?  They are 14, 17 and 18?  They radio told me I get $2,000 per child!  What did I do wrong? A:  First of all, you didn’t do anything wrong.  The $2,000 child tax credit […]

Starting A Business: Part 2 | Minnesota

Q:  I got my entity picked, now what do I need to do to start my business? A:  First, you may need to get a Federal Identification Number from the IRS, unless you are eligible to use your social security number.  If you need one, you need to complete Form SS-4, which can be both […]

Starting A Business: Part 1 | Minnesota

Q:  I’m looking into starting a business—exactly what do I need to do? A:  First, what kind of an entity do you want to be?  A Sole Proprietor?  A Corporation?  A Partnership?  Are you going to have large expenses the first year so you want to deduct them?  Are you going to need to take out […]

Fake IRS Letters | Rice County, Minnesota

Over the past couple of days, my office has received phone calls and clients stopping in with a letter from the IRS.  While this is fairly normal, these particular letters are, in fact, completely fake.  For one, the letter asks for a BLANK money order of $5,000 within ten business days.  The IRS would not […]

Financial Help Tips | Southern Minnesota

Things to Think of When You Need Financial Help! No matter if you’re married, divorced or widowed.  A farmer or business owner.  A person trying to sell their business or starting a new one.  A recent college graduate or a retiree.  Someone planning to retire in 20 years or 2 months.  You need financial advice–so […]

Property Sale & Taxable Gains | Southern Minnesota

Q:  I’m selling some property and have a large taxable gain.  How can I defer that so Uncle Sam doesn’t get all my money? A:  You can do a 1031 Exchange then roll your gain into the next property or transaction.  I work with a company where you don’t have to buy another property.  Instead, […]

New Tax Rates in 2018 | Southern Minnesota

Q:  What are the new tax rates for 2018?  I heard that I’m going to have to pay more taxes. A:  The tax rates actually went down and the brackets are now wider which means that you will pay fewer taxes while earning the same amount of money.  My one concern is that the payroll […]

Extensions for Income Taxes | Southern Minnesota

Q:  I filed an extension in April, do I have to wait until October to file my taxes for 2017? A:  No – you don’t have to wait to file your taxes, you can file them at any time.  It’s probably better that you file them sooner rather than later.  This is because, if you […]