You are not your brother’s keeper. Nor are you your sister’s keeper. But if you have a spouse and you file a joint income tax return, the IRS will hold you jointly responsible for any obligations that may exist. If a married couple in Minnesota faces liabilities for underpaid taxes or unreported income, interest andcontinue reading…
Are there tax risks to growing my business?
You do business in Minnesota or Wisconsin, or both. In today’s business environment, the big buzzword is growth. If you aren’t growing, your business is dying. At least that’s the admonition from some business experts. However, with every step forward that a company takes, there are risks that have to be assessed and addressed. Taxescontinue reading…
Some Minnesota taxpayers eligible for relief after fall floods
When nature makes itself felt in a major way, you don’t really have a choice on how to respond. You just do what you have to do to survive. This is something that Minnesotans understand. Whether they live in the Twin Cities or in more rural areas of the state, weather has a way ofcontinue reading…
Audits are more likely with a higher income
Audits are not as common as many people think. That’s especially true if you make less than $200,000 per year. In 2015, for example, the IRS got 147 million individual returns. They only audited about 0.84 percent of them. The year before, the rate was 0.86 percent, so there was a small drop even intocontinue reading…
The Internal Revenue Service can take your whole work bonus
The holidays are great for many people, as they get holiday bonuses and year-end bonuses that they can spend any way they want. These are often used to buy presents, take trips and pay off debts. It’s a good way to start the new year. That’s not true if you owe back taxes to thecontinue reading…