Social 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...
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 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 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...
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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...
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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...
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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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...
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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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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...
View ArticleSafe Send
SafeSend Returns Electronic Tax Return Delivery Process: Rapacki + Co CPAs is pleased to offer electronic tax return delivery through SafeSend Returns. In addition to providing clients with a simple,...
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Heads Up to Students Planning to Attend College Next Year
According to a StarTribune article published December 19, the number of high school seniors who have filed a FAFSA form – the Free Application for Federal Student Aid – was down 14 percent over this...
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IRS Efforts to Destroy Tax Deductions for PPP-paid Expenses
When lawmakers originally passed the Paycheck Protection Program (PPP), they thought that under its provisions: You did not pay taxes on the forgiveness amount, and You could deduct the expenses you...
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Last Minute Year-End Retirement Deductions for Small Business Owners
You still have time before December 31 to take steps to help you fund your retirement. Here are four strategies that might help. Establish Your 2020 Retirement Plan Do you have your employer’s...
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Good News if Your PPP Loan is for $50,000 or Less
You are likely approaching the time when you will need to apply for Paycheck Protection Program (PPP) loan forgiveness. Here is some good news if your PPP loan: Considered your employees Is for $50,000...
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PPP Loan Forgiveness Update
The IRS issued information late last Wednesday “clarifying” rules for deducting expenses that are eligible to be paid with Payroll Protection Pram (PPP) funds. Although Congress clearly intended for...
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Getting Close to Retirement? Start Considering Your Medicare Benefit Choices Now
If you are approaching retirement age, currently age 65 according to the Federal government, you should know about your Medicare options and the many accompanying rules and exceptions. Who Gets...
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New EZ Paycheck Protection Program (PPP) Loan Forgiveness Form
The Small Business Administration recently issued the EZ Paycheck Protection Program (PPP) Loan Forgiveness Form, which allows some qualified borrowers to fill out a smaller (a two-page rather than a...
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What you need to know about your W-4 form (even if you aren’t starting a new...
The W-4 form you fill out when you start a new job lets your employer know how much tax they should withhold from your paycheck. It is important to note that you should also fill out a new W-4 form any...
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Retirement Risks to Consider
Planning for retirement is tough even in the best of times, and it has become even more challenging in the face of the Covid-19 pandemic. A recent study by Shwab Retirement Plan Services found that 41...
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