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 … Read more

Just in case you missed it… "New Tax Return Due Dates!" | Rice County, Minnesota

Q:  I heard the IRS changed the due dates of our tax returns this year, is that correct? A:  Actually Congress changed the due dates by the PATH Act (Protect Americans from Tax Hikes) of 2015, but, YES, returns are due earlier.  The new deadline dates for returns are as follows: January 31st due to … Read more

Follow-up on IRS Impersonators | Southern Minnesota

Q:  I heard that criminals are impersonating IRS agents with aggressive and threatening phone calls, is this true? A:  Yes, the Treasury Inspector General for Tax Administration (TIGTA) announced that they have received reports of roughly 896,000 contacts and have become aware of over 5,000 victims who have collectively paid over $26,500,000 as a result … Read more

New Tax Return Due Dates | Rice County, Minnesota

Q:  I heard the IRS changed the due dates of our tax returns this year, is that correct? A:  Actually, Congress changed the due dates by the PATH Act (Protect Americans from Tax Hikes) of 2015, but, YES, returns are due earlier.  The new deadline date for returns are as follows: January 31st due to both … Read more

Portability of Estate Tax Exemptions

Q:  I heard that estate tax exemptions have portability.  What does that mean? A:  Portability means that a surviving spouse can make use of any unused estate tax exemption, of the deceased spouse–thus increasing the amount of an estate that escapes the federal estate tax.  However, the only way to use “portability” is to elect … Read more