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Minnesota K-12 Subtraction & Credit Program

What expenses qualify? In Minnesota, the K-12 Education Subtraction and Credit programs cover a variety of expenses that are eligible if they are paid for a qualifying child. Here’s a summary of what typically qualifies: Normal School Day Expenses: This includes...

American Rescue Plan Act of 2021

Summary of American Rescue Plan Act of 2021 for Individuals Below is a summary of the American Rescue Plan for Act 2021 (H.R. 1319) for individuals. The bill was signed into law on 3/11/2021. Special information that may impact individuals who received unemployment in...
What is my refund status?

What is my refund status?

Do you want to see the current status of your refund? See the links below. Internal Revenue ServiceMinnesota RevenueWisconsin Department of RevenueNorth Dakota Tax StatusIowa Department of RevenueCalifornia Franchise Tax Board Most of the state links will require you...
How long should I keep my tax returns?

How long should I keep my tax returns?

This is a question we hear often. For the vast majority of our clients, they will want to keep the past three years of tax returns. There are some special situations where it can make sense to hold onto them longer, but they won’t apply to most. Below is great...
How to Pay 2024 Estimated Taxes Online

How to Pay 2024 Estimated Taxes Online

Do you have payment vouchers to pay your estimated taxes, but you would prefer to do it electronically online? Here is how to do it: Federal Direct Pay Link: https://www.irs.gov/payments/direct-pay Instructions: 1.) Click the blue “Make a Payment” button. 2.) On the...

CARES Act NOL Change

This year in 2020 is going to be challenging for many companies that are likely to incur net operating losses (NOL’s). To help create cash for businesses to survive, Congress changed the rules on NOL carrybacks for the 2018-2020 tax years. Before we discuss the...