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 […]

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 […]