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2021 Enhanced Child Tax Credit
2021 Enhanced Child Tax Credit On March 11, 2021, President Joe Biden signed into law the American Rescue Plan Act (No. 117-2). Under this Coronavirus relief package, the child tax credit was...
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Minnesota pass-through entity tax credit
History/ legislation Taxpayers that itemize their deductions can deduct certain state and local taxes (SALT). These SALT deductions can include property, income, and sales tax. Although all three are...
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Donor-Advised Funds
What is a donor-advised fund? A donor-advised fund (DAF) is a charitable giving account controlled by a Section 501(c)(3) organization. This is known as your sponsoring organization and they control...
View ArticleMN Department of Revenue tax form error for 2019 and 2020
Recently Minnesota residents in the highest tax bracket have been receiving letters from the Department of revenue about taxes owed from 2019 and 2020. This was equally surprising for both tax...
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Home Office Deductions
Home Office Deductions You’re eligible to claim deductions related to their home office if you’re self-employed and working from home, even if it’s only part-time. Unfortunately, If you are an...
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College Financial Aid
College Financial Aid College in the United States is expensive. In the 21st century alone the cost has doubled and only continues to rise (6.8% in 2021). The average cost is 35,331 per year and for...
View ArticleIRS Tax Settlement Firms
The Truth About IRS Tax Settlement Firms They sound good, but a qualified tax attorney is probably a safer bet By MARK P. CUSSEN Updated December 06, 2022 Reviewed by LEA D. URADU Individuals and...
View Article2023 Health Insurance for S Corporation Owners: An Update
2023 Health Insurance for S Corporation Owners: An Update In this article, we give you the ins and outs of what you need to do with your S corporation to ensure your health insurance deductions and...
View ArticleEmployers and Payroll Bonuses
Payroll withholding problems with bonuses can arise due to the way bonuses are taxed. Bonuses are typically taxed differently from regular salary payments, which can lead to confusion and errors in...
View ArticleSocial Security for Seniors
For millions of retirees, Social Security provides an essential source of income in retirement. In 2020, around 50 million retired workers collected Social Security benefits, according to the Social...
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