Tax Cuts and Jobs Act

Re: 2017 Tax Cuts Act: What it Means For Individuals   The Tax Cuts and Jobs Act was signed by President Trump on December 22. The Act makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. Individuals are more impacted by the provisions of the act than any other class of taxpayer. With the reduction in effective tax rates, the elimination of some deductions, exclusions, and…  Read more

Is it better to buy or lease a company vehicle?

If you need a car to operate your business, you may wonder whether it makes more sense to purchase or lease. On the one hand, if your business owns the car you’ll have a long-term asset and may qualify for more tax deductions. On the other hand, buying a car is a huge expense and monthly lease payments tend to be lower than car loan payments; they may also be…  Read more

Year End Taxes – 2017

A new Tax Bill was introduced in early December and we can be sure of at least one thing: future tax rates are going to change. Because this is a year-end 2017 letter, our guidance in this letter is aimed at 2017 tax planning rather than predicting 2018, but one thing we are pretty sure of is that tax rates will be lower in 2018. The general guidance for most…  Read more

Minnesota Minimum Wage Change

Minimum-wage rate adjusted for inflation as of Jan. 1, 2018 Minnesota’s minimum-wage rates will be adjusted for inflation beginning Jan. 1, 2018, to $9.65 an hour for large employers and $7.87 an hour for other state minimum wages. Under Minnesota law, the commissioner of the Department of Labor and Industry is required to determine and announce the inflation-adjusted minimum-wage rate each year by Aug. 31. This year, the change in…  Read more

What is your succession plan?

According to recent research, a staggering two thirds of US millionaire-owned businesses are operating without a succession plan—and even fewer small business owners around the globe are prepared for their CEO’s eventual exit. Recent stats from PWC Global show that family owned businesses are no more prepared: 43% don’t have a succession plan in place, and only 12% survive to the third generation. No matter whether your company has one…  Read more

3 easy and inexpensive ways to look more professional when you’re starting out

For bootstrapping young businesses, making a professional first impression as you build your brand is key. Although hiring a branding expert may be too large an expense in the early days, you can still help your business stand out in the best possible way without breaking the bank. Just follow these simple marketing moves that will help people to know, like, and trust you. 1. Build credibility with your own…  Read more

Differences Between Gross and Net Profit (and Why Neither Matter Unless You Get Paid!)

Wondering if you’re doing everything you can to boost revenue and cut costs? Or if your business is actually more profitable this year than it was last? The best way to answer these questions is with a thorough assessment of profitability. That’s where gross and net profit calculations come in. These are two of the most important metrics for measuring your capacity to generate earnings relative to costs and expenses.…  Read more

School Receipts

This year, do not forget to save your school supply receipts. Most school supplies could qualify for valuable K-12 tax benefits on your 2017 Minnesota income tax return. There are two tax benefits that help Minnesota families pay educational expenses: the refundable K-12 education credit (income limits apply) and the K-12 subtraction (no income limits). Both programs reduce the tax parents pay and could provide a larger refund when filing…  Read more

4 ways to make your business easier to sell

Perhaps you’d always planned to build a thriving business to eventually sell for a tidy sum – or maybe for unexpected personal reasons it’s best to let your company go sooner rather than later. No matter what the reason for selling your business, experts agree: it’s best to be prepared well in advance as it can take years to complete a successful sale. These four tips will help you get…  Read more

Identity Thieves

As the attached article says, accountants and tax prepares are being targeted by thieves attempting to gain access to the information we have on our clients. We will never click or open an attachment that appears to be from a clients unless we know it is coming. It is much better to mail these items to us, or upload to our online portal. If we do not respond to an…  Read more

New I-9 Form

All Employers in U.S. Must Switch to New Form I-9 for Employees Hired in U.S. on or after September 18, 2017 On July 17, 2017 the USCIS released its new version of Form I-9. All employers in the U.S. must use only the new form with a revision date of July 17, 2017 for employees who begin work on or after September 18, 2017. The I-9 Form is mandatory for…  Read more

Minnesota Federal Conformity for 2015

Earlier this year, Minnesota lawmakers passed legislation to match the federal code in several areas for tax years 2015 and 2016. We want to give you an update on where we are at in making necessary adjustments to income tax returns affected by this legislation. 2015 Tax Returns We recently started reviewing all 2015 Minnesota income tax returns. If a taxpayer was affected by changes made to the 2015 tax…  Read more

Important Information for St Paul/Minneapolis Businesses

Dear Clients: I am sure you have heard in the news of the Minneapolis and St Paul Earned Sick and Safe time ordinance that have recently been adopted by these cities. It looks like these will go into effect on July 1, 2017. Attached are documents about this leave time. Here are some of the highlights. They are pretty much the same except for who it applied to: 1) It…  Read more

Signs it’s time to upgrade systems

Most small business owners can’t afford to think small. They always need to keep their mind on growth strategies to help them achieve long-term profitability. But becoming profitable in the first place often requires business owners to work long hours on a shoe-string budget. They don’t always have time to implement systems that will support them when they’re ready to scale. It’s not uncommon for entrepreneurs to use free or…  Read more

Year End Payroll Reports and W-2’s

Each year we get the question “when are we getting our W-2’s??”. The W-2’s will be ran after the year end payroll reports and final payroll deposits are made for 2016. That means we will start running them on the 15th of January and have them all to you by the deadline of January 31st. We will be sending the W-2’s to you, the owner, and you can either hand…  Read more

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