When Congress passes major tax legislation, Minnesota doesn't automatically follow along. Understanding what our state has — and hasn't — adopted from the federal One Big Beautiful Bill Act (OBBBA) is essential for smart tax planning. This spring, the Minnesota Legislature resolved much of that uncertainty by passing H.F. 2438, [...]
Identity theft is an increasing concern for taxpayers, and unfortunately, tax season is a prime time for fraudulent activity. When someone uses your personal information—most commonly your Social Security number—to file a tax return, it can delay your filing, disrupt your refund, and require additional steps to resolve. Understanding how [...]
A new federal savings initiative informally referred to as “Trump Accounts” is set to roll out in the coming years, offering families a unique way to build long-term financial security for their children. While details are still emerging, this program could become a valuable addition to existing savings strategies. Here’s [...]
What Taxpayers and Tax Pros Need to Know About IRS Payment Modernization and Notice CP53E The IRS has begun implementing major changes to how tax refunds and other federal payments are processed, driven by Executive Order 14247: Modernizing Payments to and From America’s Bank Account. This directive is reshaping refund [...]
If you’ve ever received a confusing IRS notice adjusting your tax return for a “math error,” you’re not alone. For years, taxpayers and tax professionals alike have struggled with vague explanations and unclear next steps when the IRS made automatic changes to a filed return. That’s about to change. The [...]
The state and local tax (SALT) deduction allows taxpayers who itemize deductions on their federal tax returns to deduct state and local taxes paid from their federal taxable income. This includes Minnesota state income tax, local property tax, and certain sales taxes. Thanks to a recent change made by the [...]
Starting in 2026, new federal guidance may change how certain tips and overtime wages are tracked and reported on employee Forms W-2. While payroll withholding is not changing, employers may need to review payroll setup to ensure earnings are coded correctly—especially for distinguishing qualified vs. non-qualified tips and qualified vs. non-qualified overtime for reporting purposes. Please note: Payroll withholding requirements have not changed. Qualified [...]
When preparing your 2026 tax return, one of the most important decisions you’ll make is whether to take the standard deduction or itemize your deductions. This choice can have a significant impact on your taxable income—and ultimately, the amount of tax you owe or your refund. Understanding the benefits and [...]
As the year draws to a close, it’s a good time to revisit one often-overlooked aspect of tax planning: estimated tax payments. For many taxpayers—especially business owners, self-employed individuals, and those with investment income—estimated taxes are a critical part of staying compliant and avoiding surprises at tax time. What Are [...]
Passive income is an excellent way to build long-term wealth – but just like earned income, it’s subject to taxes. Without proper planning, those taxes can eat away a substantial percentage of your returns. Fortunately, there are smart, strategic ways to reduce your tax burden and keep more of your [...]