Blog
What Are Tax Planning Strategies Shakopee, MN Taxpayers Should Use First In 2026?
Key TakeawaysGetting organized early helps prevent missing income documents and IRS matching issues later. January is the best time to check withholding and estimated tax payments for the year ahead. Contribution limits for retirement and...
How Can Shakopee, MN Retirees Reduce Required Minimum Distribution Taxes?
Disclaimer: This content is provided for general educational purposes and does not constitute individualized tax advice. Tax planning strategies should be evaluated based on your specific circumstances in consultation with a qualified tax professional. Key...
What Are The Best Year-End Tax Moves Shakopee, MN Taxpayers Can Make Last Minute?
Key TakeawaysYou can still make charitable gifts that count for this tax year, including donor-advised funds and stock donations. Depending on your income level, it may make sense to itemize deductions and repay a fourth-quarter state estimated tax payment...
What Does the IRS Math Act Mean For Shakopee, MN Taxpayers?
Key TakeawaysIRS notices must now provide a clear, specific explanation of the exact error. Not generic language or guesswork. The IRS must prominently tell you about your 60-day right to request abatement, including the exact deadline date. Line...
What’s the Shakopee, MN Gig Worker Solution to a Surprise Tax Bill?
Key TakeawaysEstimate your full 2025 tax liability now (including income tax and Self-Employment Tax) to avoid underpayment penalties before the January estimated tax deadline. Maximize year-end deductions such as mileage, home office, equipment purchases,...
IRA v Roth IRA v 401(k): Should Shakopee, MN Taxpayers Convert Before 2026?
Key TakeawaysTraditional IRA gives you a tax break today and taxable withdrawals later. Roth IRA means tax-free growth and withdrawals later. 401(k) has larger limits with employer-based tax benefits. A Roth conversion adds income to...
A Moment to Give Thanks for My Shakopee, MN Clients
As we’re entering Thanksgiving week, I’ve been thinking about how “interesting” this year has been. And I mean that in the polite way we describe things that are not exactly a joyride.The national noise was intense.- Inflation nearly made eggs feel like a...
How Do Shakopee, MN Investors Avoid Capital Gains Taxes From Selling Investments Or Property?
Key TakeawaysHold for at least one year and a day to qualify for lower long-term capital gains rates. Use losses to offset gains through tax-loss harvesting (but beware the wash sale rule). Time your sale during a lower-income year to take advantage of...
What Are The Best Safe Online Shopping Tips For Shakopee, MN Holiday Shoppers?
Key Takeaways Watch for IRS impersonation scams. Use a password manager. Strong, unique passwords for every account are non-negotiable. Keep your devices updated. Software updates often patch newly discovered security flaws. Use...
What is in the One Big Beautiful Bill? Child Tax Credit Changes for Shakopee, MN Families
Key TakeawaysThe Child Tax Credit (CTC) is now worth up to $2,200 per child for 2025 taxes (filed in 2026). Up to $1,700 of the credit is refundable if you don’t owe any taxes. Because of the OBBBA, you (or at least one spouse if filing jointly)...
What’s Alternative Minimum Tax? A 2026 Update for Shakopee, MN High Earners
Key TakeawaysThe OBBBA changes the AMT landscape starting in 2026, meaning more taxpayers will be pulled into AMT territory. High earners in high-tax states (and those with ISOs or private activity bonds) are the most at risk of an unexpected AMT...
How Does the Health Savings Account Work for Shakopee, MN Taxpayers?
Quick Answers: How Does The Health Savings Account Work?You must have a qualified High Deductible Health Plan (HDHP) to open and contribute to an HSA (2025 min deductible $1,650/$3,300; max out-of-pocket $8,300/$16,600). HSAs give you a triple tax...