Anyone who earned income in the United States is expected to file a federal income tax return every year. Whether the individual actually owes tax or not is determined by the type of income they earne...
Estate Planning has become Opportunities to eliminate Income Taxes
By Thomas M. Fafinski As we approach the end of another year, our minds seem to naturally wander to estate, asset protection and income tax planning strategies for you. The Federal Estate Tax—The ...
Are You Ready for the New IRS Enhanced Partnership Audit Rules?
Thinking of the IRS strikes fear in most of us, especially when “IRS” is used in conjunction with the word “audit.” This is especially true when IRS regulations change, requiring a fresh look ...
What Minnesota’s Omnibus Tax Bill Might Mean for You
A controversial law signed in 2017 portends big changes for Minnesota residents. Minnesota’s Omnibus Tax Bill, the first major tax legislation since 2014, addresses a number of issues. It’s import...
Appealing a Property Tax Assessment
For many people, real property makes up a large part of their portfolios. The assessment made every year by the Minnesota Revenue affects the value of the real property and the property owner’s annu...
Strategies for Reducing Your Estate Tax Burden
All estates face compliance with Internal Revenue Service estate tax regulations. Only 18 states, including Minnesota, still impose estate or inheritance taxes. Although the Minnesota estate tax rate ...
Death Tax Repeal Act Introduced in House and Senate
Identical bills have been introduced in the U.S. House and Senate that would permanently repeal the federal estate tax and generation-skipping transfer (“GST”) tax. Overview of Current Federal Est...
Negotiating Tax Incentives for Business Investment
Considering locating a new business in Minnesota or making a significant investment in expanding your infrastructure or equipment? If you’re going to be adding to a local area’s tax rolls through ...
Minimizing Income Tax for Small Businesses
Business owners should choose the structure of their business with an eye towards minimizing their taxes. Tax law is a complex subject, always changing and requires constantly study by lawyers and acc...
It’s Not Just About Death and Taxes: The Essential Legal Documents You Need for Incapacity Planning
Comprehensive estate planning is about more than your legacy after death, avoiding probate, and saving on taxes. It must also be about having a plan in place to manage your affairs if you become menta...