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Tax Strategies

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Tax Legislation  ·  Tax Strategies
Minnesota 2023 Tax Law Changes

The Minnesota legislature was very active in 2023 when it came to new tax implications. Minnesota enacted multiple changes that will impact taxpayers, such as adjustments in tax rates, deductions, credits and reporting requirements. Below are some changes that may […]

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Small Business woman tax planning
Tax Strategies
Midyear Tax Planning for Small Businesses and Owners

Summer isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes […]

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Woman tax planning
Tax Strategies
What Can You Do to Lower Your 2023 Tax Obligation

It’s hard to believe that 2023 is already half over. Although summer is a time for vacations and relaxing in the backyard, you can’t afford to take a break from managing your tax bill. Now is a good time to […]

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Tax Strategies
Corporate Liquidation: The Tax Implications

When a corporation is liquidated, the transaction is subject to double taxation. This means that both the corporation and shareholders must generally recognize a gain or loss. The corporation usually deducts its liquidation expenses, such as professional and filing fees, […]

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Tax Strategies
Squeeze More Out of a Company SEP

If you want a retirement plan for your small company or self-employed business — but you don’t want to be buried in paperwork — consider a simplified employee pension plan or SEP. Among the appealing advantages: 1. SEPs are set […]

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Tax Strategies
Go It Alone With a 401K Plan

If your business is essentially a one-person operation, there’s an option to help you save more money for retirement: The Solo 401(k) plan. Ordinarily, traditional defined contribution retirement plans allow annual contributions that are limited to either 25% of salary […]

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Tax Strategies
You May Want to Separate Real Estate Assets from Your Business

Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are […]

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Tax Strategies
How Can Small Business Owners Lower Taxes for 2022

It’s time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should consider to reduce their federal income taxes for the current year — and beyond. Fortunately, no significant unfavorable federal […]

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Tax Strategies
S-Corporations: Shareholder Basis & Pass-Through Loss Limitations

S-corporations are considered pass-through entities, which means that income and losses earned from the business are passed down to the individual shareholders’ tax returns. However, an S-corporation shareholder cannot automatically assume that a loss passed through from the company is […]

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Tax Legislation  ·  Tax Strategies
What are QREs? – Business Tax Issues for Individual Taxpayers

Background Qualified rehabilitation expenditures (QREs) are expenditures related to rehabilitation or restoration of a qualifying structure. Expenditures that qualify as QREs are eligible for a 20% general business tax credit of the total QREs. In the industry, this is commonly […]

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