Estate & Tax Tips
Helpful tips to guide you on your financial journey
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.
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.
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.
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 - 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.
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 due dates are constantly changing. See the most updated list here.