Is your HSA a retirement tool? The good, the bad, and the ugly

Health Savings Accounts can be a source of retirement funds when properly positioned with other retirement fund options, but it's important to know their advantages and disadvantages. The Good HSAs work best when they are used for their designed purpose: to pay for qualified medical expenses. Neither your original contributions to an HSA nor your [...]

By |2017-08-02T19:00:25-05:00August 1st, 2017|Tax|

New job? Four choices for your existing 401(k)

Changing jobs and companies can be an exciting opportunity, but you have a choice to make. What will you do with the retirement savings you have accrued in your 401(k)? Consider these four choices: Withdraw the money and don't reinvest it. This is usually the worst choice you can make. Generally, you'll owe taxes on [...]

By |2017-08-02T18:46:49-05:00July 19th, 2017|Tax|

Tax filing responsibilities of estate executors

As an executor of an estate, it's your responsibility to make sure all the necessary tax returns are filed. This overview will help you make sure you don't miss any. Your role as an executor or personal administrator of an estate involves a number of responsibilities. Did you know that part of your responsibility involves [...]

By |2017-06-17T19:16:49-05:00May 1st, 2017|Tax|

Tax records – What you should keep

It's that time of year when you are getting ready to sort out last year's financial records and prepare for this year's recordkeeping. Do you know what you should keep and what can you throw away? Here are some suggestions... Keep records that directly support income or expense items on your tax return. For income, [...]

By |2017-06-17T19:16:49-05:00February 1st, 2017|Tax|

Eligible MN voters can now register to vote when they electronically file their taxes

Our friends at MN Revenue published the following news release on 1/19/17:   ST. PAUL, Minn. – With income tax season opening Monday, January 23, Minnesota taxpayers who need to register to vote or update their voter registration can now do so when they file their income taxes electronically, the Minnesota Department of Revenue and [...]

By |2017-06-17T19:16:50-05:00January 20th, 2017|Tax|

Minnesota Lawmakers Pass Tax Relief Legislation

The following good news was announced last week by our friends at Minnesota Revenue.... Minnesota lawmakers have passed legislation granting tax relief for some taxpayers by updating Minnesota’s tax code to match the federal code in several areas for tax years 2015 and 2016. What can taxpayers expect from the department? To ensure a smooth [...]

By |2017-06-17T19:16:50-05:00January 16th, 2017|Tax|

As Holidays Approach, IRS Reminds Taxpayers of Refund Delays in 2017

WASHINGTON –As the holidays approach, the Internal Revenue Service today reminded taxpayers to remember that a new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place by [...]

By |2017-06-17T19:16:50-05:00November 22nd, 2016|Tax|

Don’t get stuck with an underpayment penalty

Don't let penalties for underpaid taxes increase your tax bill next April. Check the total you've paid in for 2016 through withholding and/or estimated taxes. If you've underpaid, consider adjusting your withholding for the final months of the year or increasing your remaining quarterly estimate. If you employ household workers, be sure your calculations include [...]

By |2016-10-03T13:59:41-05:00October 3rd, 2016|Tax|
Go to Top