The Home Office Deduction – Simplified

If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim the deduction whether you rent or own your home. Now you can use either the simplified method or the regular method to claim your deduction. Here are six tips that you should know about the home office deduction. Regular and Exclusive … [Read more...]

Keeping Employee Records Organized

Small business owners have to take on many different roles to keep their businesses running. Human resources management is one of the most important, and often overlooked, areas that a lot of business owners have to handle themselves. Properly maintaining personnel files is an important key to success. Keeping good employee records is important to many different aspects … [Read more...]

IRS Warns of New Phone Scam

IRS warns of new phone scam involving bogus certified letters; reminds people to remain vigilant against scams and schemes this summer. The IRS has published a warning about new tax scams that are circulating this summer. Most of the scams still involve phone calls from people pretending to be IRS reps, but there are new twists this summer.  Contact Carpenter, Evert and … [Read more...]

Do You Need Professional Tax Help?

Not sure if you need professional tax services? Answer yes or no to these questions to find out if you need professional help: Have you had a major life change this year? Think marriage, divorce, new baby or college. Did you buy or sell a home, or move to a new state this year? Did you receive investment income in 2015? Or did you lose money on investments? … [Read more...]

Sick and Safe Leave Ordinances Start July 1.

BUSINESSES IN ST. PAUL AND MINNEAPOLIS: After much back and forth between Minnesota legislators and the governor, ‘sick and safe leave’ ordinances will now be put into place as originally planned in both Minneapolis and Saint Paul. Governor Dayton vetoed a bill late last week that would have blocked the ordinances. With the veto, both programs will go into effect July 1, … [Read more...]

Plan Now for Next Year’s Taxes

Seven Great Ways to Be Ready for Next Year's Tax Season. Most people stop thinking about taxes after they file their tax return. But, there's no better time to start tax planning than right now. And, it's never too early to set up a smart record keeping system. Here are six tips to help you start to plan for next year's taxes: 1. Take action when life changes occur. … [Read more...]

The 2016 Tax Season by the Numbers

135.6 million The number of tax returns the IRS has received as of April 18. 17 million Procrastinators who waited until the last 24 hours before the due date to file.    Why do people wait until the last minute to file their taxes? $268.3 Billion The amount of tax over-paid by Americans through 2016, resulting in 97 million refunds. $2,763 The average tax … [Read more...]

You’re Late! What to Do if You Haven’t Filed Your Taxes

Tax day has come and gone, and there are still some people who haven’t filed their returns or extensions. There is one important thing to know if you haven’t filed your taxes yet – file them as soon as possible, EVEN IF YOU CAN’T PAY ALL THE TAX YOU OWE. The IRS can apply two different penalties for late filers/payers. The first is a failure-to-file penalty for not … [Read more...]

Late Tax Filing and Late Tax Payment Penalties

Get the facts about late tax filing and late tax payment penalties from the IRS. Here are seven important points about penalties for filing or paying your taxes late: If you requested an extension to file your individual income tax return and paid at least 90 percent of the taxes you owe with your request, you may not face a late payment penalty. However, you must … [Read more...]

Can’t Get Your Taxes Done by April 18?

If you panic when you think about April 18, it’s probably due to one of two reasons: 1. You don’t have enough time to get your taxes done and filed on time, or 2. You don’t have enough money to pay the taxes you owe. If either of these applies to you, the most important thing to remember is, DON’T PANIC. And don’t ignore it. The worst thing you can do is not file … [Read more...]