Gifting 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 depends on individual situations and details (for that call our office and schedule an appointment […]

The 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 farther than immediate charges to your bank account – although this is a concern so […]

Gifting 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 limit is $14,000 per person per […]

Gifting 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 year per person without having to file a […]

Return 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 in books and tuition.  Also if your adjusted gross income is less than $90,000 […]

Different 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 have to pay the sales tax for those locations.  The easiest […]

School Shopping & Tax Deductions

Q:  I’m starting the kids’ school shopping now, and I heard I can deduct K-12 school supplies for my kids on my taxes, is that true? A:  Actually, it is.  To qualify, parents must have made the purchases in 2017 and the child must be attending Kindergarten through 12th grade at a public, private or […]

Lowering Health Costs with MNSure / Obamacare | Southern Minnesota

Q:  Is there anything that I can do to help lower our health costs with MNSure/Obamacare? A:  Yes, actually, there is.  If the health plan that you picked is an HSA eligible plan, you are eligible to put money into a Health Savings Account or HSA, and take a front-page tax deduction for it.  Then […]

Inheriting Stock

Q: I inherited some stock from my mom that are paying really good Dividends and Capital Gains each year.  Do we have to pay tax on that? A:  Any dividends or capital gains that are issued to you are taxable.  They will send a 1099 at the end of the year with the information that needs […]

A High School Graduate & A W-4

With recent high school graduates getting ready for the next stage in their lives, I’ve been asked the following question by a few parents: “My child always had a part-time job and we had him claim exempt because he wouldn’t earn more than $6,300.  But he is graduating this year and will be making more money now.  What should he […]