If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift … [Read more...]
Ways to manage the limit on the business interest expense deduction
March 3, 2025 by Jordan Wrobleski
Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA … [Read more...]
Are we permitted to ask applicants about their immigration status?
February 26, 2025 by Nicholle Peterson
No, you shouldn’t ask applicants about their immigration status—for example, whether they are a citizen, naturalized citizen, lawful permanent resident, or … [Read more...]
Can I itemize deductions on my tax return?
February 25, 2025 by Jon Hinderks
You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be … [Read more...]
Questions about taxes and tips? Here are some answers for employers
February 24, 2025 by Tonya Raths
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and … [Read more...]
Do you have an excess business loss?
February 24, 2025 by Tonya Raths
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as … [Read more...]
Claiming the Renter’s Credit on Your Income Tax Return
February 14, 2025 by Jeff Rislov
When you file your 2024 taxes, if you are a renter, you can claim the Renter's Credit as part of your Minnesota Individual Income Tax return (Form M1). You will … [Read more...]
Do your salespeople come by their commissions honestly?
February 12, 2025 by Annette Benson
Preventing financial losses from occupational fraud requires your company to remain vigilant. In a nutshell: Trust employees, but routinely verify they aren’t … [Read more...]
Should we ban romantic relationships in our workplace?
February 12, 2025 by Nicholle Peterson
You’re certainly welcome to try, but the heart wants what it wants. Bans of this sort are difficult to enforce and can make employees feel like you’re … [Read more...]
President Trump’s tax plan: What proposals are being discussed in Washington?
February 10, 2025 by Thomas Stoeckman
President Trump and the Republican Congress plan to act swiftly to make broad changes to the United States — including its federal tax system. Congress is … [Read more...]
