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 […]

Sandy’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 Treasurer for the third consecutive year. While her focus is on income taxes during the beginning of […]

Federal 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.  But a small employer would be under Minnesota’s minimum wage rate […]

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 […]