HSA Limitations

Health Savings Account (HSA) contribution limitations for 2017 and 2018 are listed below.  Contributions to a HSA are tax deductible or pre-tax as a payroll deduction.  Funds from an HSA account can be used to offset deductibles, copays, and other medical expenses.  For more information visit the IRS website to review Publication 969. H.S.A. CONTRIBUTIONS 2017 […]

Retirement Contributions for 2017 and 2018

The table below are the retirement contribution limits for 2017 and 2018.  Individuals have until the due date of their tax return (April 17, 2018 for 2017 Individual Income Tax Returns) for certain retirement plans.  In addition, certain individuals may qualify for the retirement savers tax credit for their contributions.  Additional catch up contributions may […]

Minnesota minimum wage set to increase January 1, 2018

The minimum wage for Minnesota will increase for inflation January 1, 2018.  The new minimum wage rate for large employers will increase to $9.65 per hour (from $9.50 currently) and small employers will increase to $7.87 per hour (from $7.75 currently).  PROVISIONS Thru 12/31/2017 Effective 1/1/2018 Larger Employer $9.50 $9.65 Small Employer $7.75 $7.87 90 […]

2017 Mileage Rates

Beginning on January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per mile for business miles driven, down from 54 cents for 2016 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016 14 cents […]

Tax Records

The length of time you should keep a document depends on the action, expense or event.  Generally you should keep a copy of your tax return and your records that support an item of income, deduction or credit shown on your tax return for 3 years.  Health care information statements should also be kept for […]

What is Tax-related Identity Theft?

Tax-related identity theft occurs when someone uses your Social Security number (SSN) to file a tax return claiming a fraudulent refund. If you become a victim, the IRS is committed to resolving your case as quickly as possible. You may be unaware that this has happened until you e-file your return and discover that a […]

New Tax Due Dates for 2016

For fiscal year filers, Partnership and S Corporation tax returns will be due the 15th day of the third month after the end of their tax year.  C Corporation tax returns will be due the 15th day of the fourth month after the end of the tax year. New Tax Due Dates for 2016 Calendar […]

Some Refunds Will Be Delayed

As the IRS steps up its efforts to combat identity theft and tax refund fraud by implementing security safeguards, taxpayers may face additional review resulting in a delay of their refund.  The IRS will hold the entire refund for any tax return claiming either the Earned Income Tax Credit or Additional Child Tax Credit until […]

New Filing Deadline for Employers

The Protecting Americans from Tax Hikes (PATH) Act, aimed at making it easier for the IRS to detect and prevent refund fraud, created new filing deadlines for employers. Form W-2 and certain Forms 1099-MISC reporting non-employee compensation must be submitted to Social Security Administration or the Internal Revenue Service by January 31, 2017. The new […]

Retirement Account Contribution Limits

Retirement Account Contribution Limits 2016 Contributions to Retirement Plans: The 401(k) contribution limit is 100 % of earned income or $18,000 – this applies to 403(b) and 457 plans also. Individuals age 50 and older can contribute an additional $6,000. The contribution limit on a SIMPLE Plan stays at $12,500 Individuals age 50 and older […]