Taxes are due within the next couple of days and the pressure of getting taxes in on time can result in errors. It is important to slow down and avoid errors as some of these errors can lead to a closer look by the Internal Revenue Service (IRS). The stress of meeting the tax deadlinecontinue reading…
Make the most of these 3 tax deductions before they disappear
The new tax law has led to a number of changes in the tax structure in the United States. The changes went into effect in 2018 and will impact the 2018 tax filings. This means you can still make the most of the previous tax structure for your 2017 filings. How to make the mostcontinue reading…
Two ways your pet may qualify for a tax deduction
It turns out man’s best friend can offer more than snuggles and entertaining fodder for You Tube videos. In some situations, your canine companion can offer tax benefits. Two specific examples include: Service. Dogs that are used as service animals can qualify for certain tax deductions. It is important that the animal be a designated servicecontinue reading…
Unforeseen impact of new tax law: Will baseball take a hit?
The new tax law is supposed to be good for Americans. Yet, in an interesting twist, it could have a devastating impact on America’s favorite pastime. How could the tax law impact baseball? A publication from Minnesota Public Radio recently addressed the potential for a problem. The issue involves the definition of a single term: “real.” Previous taxcontinue reading…
Minnesota state taxes and foreign income: Impact of new tax law
Tax planning strategies can reduce a business’ tax obligations. One example involves keeping certain assets overseas. If the asset returned to the United States, a tax would be due. An asset that remained abroad was not subject to this tax. A provision within the new tax law attempts to end this practice. Essentially, it requirescontinue reading…