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Tax Tip of the Week #23 Chris Wittich Monday, July 17, 2017 - 00:00

Gifts of appreciated stock to charities avoids paying the capital gain on the stock in addition to giving you a charitable contribution for the fair market value of the securities.

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Tax Tip of the Week #22 Chris Wittich Monday, July 10, 2017 - 00:00

You are allowed to deduct mileage driven for charitable purposes. The rate is 14 cents per mile for 2017.

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Tax Tip of the Week #21 Chris Wittich Wednesday, July 5, 2017 - 00:00

Minnesota estate tax exemption is up to $2.1M for 2017. If you have your estate structured properly, a married couple could use both $2.1M exemptions, for a total of $4.2M.

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Tax Tip of the Week #20 Chris Wittich Monday, June 26, 2017 - 00:00

It’s possible to owe both sales tax and use tax on the same item if the sales tax rate charged is not the same as the use tax rate where you will use the item.

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Tax Tip of the Week #19 Chris Wittich Monday, June 19, 2017 - 00:00

There are two different ways to exclude your foreign earned income from your US tax return, the physical presence test or the bona fide resident test.

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Tax Tip of the Week #18 Chris Wittich Monday, June 12, 2017 - 00:00

Cost segregation studies can be used to create a huge increase depreciation for one year when you own a building.

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Tax Tip of the Week #17 Chris Wittich Monday, June 5, 2017 - 00:00

When a passive investment is sold the entire passive suspended loss for that property is released

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Tax Tip of the Week #16 Chris Wittich Tuesday, May 30, 2017 - 00:00

Investment interest expense can be carried forward forever, there is no expiration date.

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Tax Tip of the Week #15 Chris Wittich Monday, May 22, 2017 - 00:00

The net investment income tax allows for deductions like an allocation of state tax expense due to the investment income.

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Tax Tip of the Week #14 Chris Wittich Monday, May 15, 2017 - 00:00

The Minnesota property tax refund looks at your household income for the year, but it doesn’t consider your household assets.

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