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Accounting & Tax Services in Fairmont, MN

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  • Articles
    • Social Security
    • Taxes
  • Community Involvement
    • Fairmont Chamber of Commerce
    • Charter Commission
    • Rotary
    • Adventure Playground
    • Fairmont Area Life
    • Destination Small Town
    • Interview: Martin County on TV
  • Where’s My Refund?
    • Minnesota
    • Federal
  • Client Portal
  • About Us
  • Contact

Articles

The Importance of a Tax Professional

With the 2017 filing season officially upon us taxpayers are faced with different options for filing. It is important that each option be evaluated to ensure everything is filed correctly and nothing is missed. For some, the online programs may work but for many, this is not the best option and you may be missing …

The Importance of a Tax ProfessionalRead More

2017 Tax Update

President Trump signed the new tax bill on December 22nd, 2017 passing the largest tax update since 1986. With a bill this large there is going to be a lot of regulation to be released in 2018 and we are all anxiously awaiting! While it all goes into effect for the 2018 tax year it …

2017 Tax UpdateRead More

2016 Tax Changes

With the 2016 filing season officially upon us taxpayers are faced with different options for filing. It is important that each option be evaluated to ensure everything is filed correctly and nothing is missed. For some, the online programs may work but for many, this is not the best option and you may be missing …

2016 Tax ChangesRead More

Where’s My Refund?

Once taxpayers file their federal return, they can track the status of their refunds by using the “Where’s My Refund?” tool, which taxpayers can get to using the IRS2Go phone app or from the front page of www.irs.gov. By providing their Taxpayer Identification Numbers, filing status and the exact whole dollar amount of their anticipated …

Where’s My Refund?Read More

Summer Day Camp Expenses May Qualify for a Tax Credit

Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Many parents who work or are looking for work must arrange for the care of their children under 13 …

Summer Day Camp Expenses May Qualify for a Tax CreditRead More

 Standard Mileage Rates Starting January 1, 2015 

Instead of using the business portion of the actual expenses of operating a vehicle, the IRS permits taxpayers to use a standard mileage rate. IRS has issued new rates that are effective for travel on or after January 1, 2015.  Business rate has been raised up to 57.5 cents per mile for 2015, 56 cents …

 Standard Mileage Rates Starting January 1, 2015 Read More

Social Security Changes

The Social Security Administration has announced several changes that may impact you, even if you don’t currently receive Social Security Benefits. Elimination of Statements: To cut costs, Social Security Statements are no longer mailed to all workers and retirees. Also, you can no longer request a copy online or by telephone. You can view an …

Social Security ChangesRead More

 Home Office Deduction 

Taxpayers are allowed a deduction for home office expenses if the space is used regularly and exclusively as a principal place of business. Exclusive means just that. Courts have denied the deduction to taxpayers when the space was used after hours by family members. Use of a business computer (in the business space) for personal …

 Home Office Deduction Read More

Hobby Loss Rules and Guidelines

Generally speaking, IRS rules provide that deductions for activities are only allowable to the extent of income received. There is a presumption that an activity is engaged in for profit if the activity is profitable in 3 out of any 5 consecutive years. For activities involving horses, the rules are more liberal in that it …

Hobby Loss Rules and GuidelinesRead More

Gambling Gains and Losses

Generally speaking, gambling losses are deductible to the extent of winnings. Deductible losses are a component of itemized deductions and are not subject to the 2% of income limit. Winnings are reportable to the taxpayer by the payee on a form W- 2G. Requirements for reporting differ based upon the type of activity. Any W-2G …

Gambling Gains and LossesRead More

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