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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...
Read MoreStarting 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...
Read MoreFake 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...
Read MoreFinancial 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....
Read MoreProperty 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...
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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...
Read MoreExtensions 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...
Read MoreSandy's Anniversary | Southern Minnesota
This summer, Sandy will be celebrating 10 years in business! Also, in June she was elected as the Treasurer to Minnesota Association of Public Accountants (MAPA). She will continue her position on the Rice County Fair Board as...
Read MoreFederal vs. State Minimum Wages | Minnesota
Q: How do I know if I have to follow federal minimum wage amounts or Minnesota? A: A large employer has annual gross revenue of $500,000 or more and then you would have to follow the federal minimum wage rate which is currently $9.50....
Read MoreGifting Money | Part 3 (Distribution of Estate Assets)
Q: My mother has a large estate well over $10 million. What’s something simple we can do to start getting her assets distributed while she’s alive? A: There are several investment options that I could suggest, but it all...
Read MoreThe Equifax Breach & Protecting Your Identity | Minnesota
After the Equifax breach, our office received numerous calls for advice from clients on what to do should their identity been stolen (since it can be difficult to verify who exactly was impacted). Identity theft can also extend a bit...
Read MoreGifting Money | Part 2 (Gifting More to Multiple People)
Q: You talked about gifting your kids money last month, and my husband and I want to give our son and his wife more than $50,000 so they can buy a house. Can we do that and not have to file anything? A: Yes, actually you can. The gift...
Read MoreGifting Money | Part 1 (Inheritance Distribution)
Q: I want to give my kids some money that I received since my mother passed away. Someone told me I couldn’t give them over $10,000 or they’d have to pay tax on it. Is that true? A: No, you can gift anyone up to $14,000 per...
Read MoreReturn to College | Southern Minnesota
Q: I’m a returning college student, what can I claim on taxes? A: For the first four years of college (meaning cumulative in your lifetime), you may qualify for the American Opportunity Credit of up to $2,500 if you spend $4,000...
Read MoreDifferent Sales Tax Rate for Different Counties | Southern Minnesota
Q: My business does sales all over the state. Do I have to collect sales tax for all those locations or can I just use Faribault’s rate because it is only 7.375%? A: Sorry, but if you are working in different locations, then you...
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