Category Archives: Blog

If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road. The deal with IRAs  Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you’ll…

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death…

If you own a successful small business with no employees, you might be ready to set up a retirement plan. Now a 401(k) might seem way out of your reach — only bigger companies can manage one of those, right? Not necessarily. Two ways to contribute With a solo 401(k), the self-employed can make large annual deductible contributions to…

Minnesota has recently passed a number of tax law changes. These tax law changes could be significant depending on your tax situation. Below are some of the highlights for these changes.  Net Investment Tax Starting in the tax year 2024, there will be an additional 1% tax on net investment income over $1 million. Net…