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This is the first in a series of posts aimed at analyzing the new tax laws that go into effect on January 1, 2018. There will still undoubtedly be numerous clarifications and corrections coming out over time as the IRS issues Regulations and Technical Corrections, so this is just a preliminary understanding. Let’s start by…

With the new tax bill that has recently been passed, there is much discussion in the news about prepaying property taxes. Unfortunately, there are mixed comments on this topic. Minnesota property tax assessments are not considered due until Property Tax Statement reporting is completed in March of each. Therefore, it is the opinion of many…

The new tax bill has been approved by both the U.S. Senate and House and will be signed into law in the near future. This could have a significant impact on your income and taxes in 2018. It also creates the opportunity for some critical tax planning while the existing tax laws are still active.…

Good recordkeeping is essential for individuals and businesses before, during, and after the upcoming tax filing season. First, the law actually requires taxpayers to retain certain records for a specified number of years, for example, tax returns or employment tax records (for employers). Second, good recordkeeping is essential for taxpayers while preparing their tax returns.…