Wealth By Design

Estate & Tax Tips

Helpful tips to guide you on your financial journey

2020 Roth Conversions

Wealth transfer and taxes, meaning both individual and potentially estate taxes, are important considerations when taking into account a Roth IRA conversion. A primary benefit of conversion is that qualified distributions from a Roth IRA are tax-free. Read more to find out if this is something that would benefit you.

2020 tax topics to consider

Although we can all relate to the above picture when it comes to 2020, you might be able to have some reprieve from the year with tax options to save you money. Among all of the other things that 2020 has done to you, take the time to review the topics so that you can say you conquered at least one category, taxes!

Back to School Tax Savings

The roadmap for going back to school this year may seem like a treasure map drawn by your 4 year old but we can show you a guide on how to save on taxes that is a clear path to the red X. Many families with qualifying dependents, grades K-12, have t

he ability to receive a subtraction/credit on their Minnesota return. There is a credit, based on income, and a subtraction based on grade level. So don’t forget to save your receipts for all of your back to school shopping.

Coronavirus Scam Alert

Alert! Please be aware that people are taking advantage of the turmoil that has now become the world's norm. There have been many reports of cyber hackers. To learn more about recent attacks and how to prevent them, please read the article below.

Key Topics Regarding the CARES Act

It is important to keep up with all of the changes regarding the CARES act. Check out the link below for information on RMD's being waived. Also read about the early withdrawal penalty not being admissible on retirement accounts for some individuals and so much more. 

2019 IRA Contribution Deadline Extended

You may want to consider making a last-minute contribution to an IRA. It could help reduce your 2019 tax bill. If you qualify, your traditional IRA contribution may be tax deductible.

PPP Forgiveness

PPP Forgiveness - SBA Application:

The AICPA is working with the Small Business Administration to expand the time considered for the payroll deduction and hoping for further discussion for tax deductions of the expenses used by the loan. We will keep you updated.

Relief Options Grid

Still crunching numbers to make ends meet during the Covid-19 pandemic? Check out these options provided by the AICPA that could help provide some relief.

Tax Filing Update - 4/22/20

Tax filing due dates are constantly changing. See the most updated list here.