2022 IRA Contributions

If you and/or your spouse have taxable compensation (earnings subject to FICA and Medicare tax), you may be able to contribute to an Individual Retirement Account. The maximum Traditional IRA or ROTH IRA contribution for 2022 is $6,000 if under the age of 50 and $7,000 if age 50 or older as of the end […]

2022 Tax Brackets

 FEDERAL 10% 12% 22% 24%   32%   35%   Single < $20,550 $10,275 – $41,775 $41,775 – $89,075 $89,075 – 170,050 170,050-215,950 >215,950 Married Joint < $10,275 $20,550 – $83,550 $89,075 – $178,150 $178,150 – 340,100 340,100-431,900 >431,900   MINNESOTA 5.35% Up To 6.80% 7.85% 9.85% Over Married Joint $41,050 $41,051 – $163,060 $163,061 […]

Notices 6475 & 6419 – Advanced Child Tax Credit & EIP

New for 2021 tax year, everyone will be receiving notice 6475 from the IRS, which will be used to complete your 2021 income tax return. The IRS will begin processing these notices in late January. Notice 6475 will list the amount received for the 3rd round of Economic Impact Payments. This information will be required […]

2022 Mileage Rates

Beginning on January 1, 2022, the standard mileage rates for the use of a vehicle for business purposes is 58.5 cents per mile, 18 cents per mile for medical or moving purposes, and 14 cents per mile for charitable purposes.

2022 H.S.A. Contribution Limits

Health Savings Account (HSA) contribution limitations for 2022 are listed below. Contributions to an HSA are tax deductible or pre-tax as a payroll deduction. Funds from an H.S.A. account can be used to offset deductibles, copays, and other qualified medical expenses. Excess contributions are not deductible and are subject to penalty unless the excess contributions […]

Minnesota Unemployment Refund Update

On Thursday September 9th, the Minnesota Department of Revenue announced the processing of returns impacted by the tax law changes made for the treatment of unemployment insurance compensation will begin the week of September 13th.  The Minnesota Department of Revenue made the decision to adjust nearly all the returns affected rather than require taxpayers to […]

PPP Minnesota Refund Update

On Thursday September 9th, the Minnesota Department of Revenue announced the processing of returns impacted by the tax law changes made for the treatment of Paycheck Protection Program loan forgiveness will begin the week of September 13th.  The Minnesota Department of Revenue made the decision to adjust nearly all of the returns affected rather than […]

Minimum Wage Increase January 1, 2022

On January 1, 2022 Minnesota’s minimum wage will increase to $10.33 per hour for large employers and $8.42 per hour for all other minimum wages. All other minimum wages include: small employers – gross revenues of $500,000 or less Training wages – for employees less than 20 years of age and for up to 90 […]

1099-NEC (Non-Employee Compensation)

The IRS is making changes to 1099 reporting in 2020. Non-employee Compensation is no longer recorded on the form 1099 MISC. File form 1099-NEC for each person you have paid at least $600 in: Services performed by someone who is not your employee The 1099-NEC form is due in the mail by January 31st, 2020 […]

Paycheck Protection Program Update

As of June 5, borrowers can elect an 8-week covered period or a 24-week covered period. 3508EZ Form – To apply for the EZ form you cannot reduce annual salary or hourly wages of any employee by more that 25 percent and you did not reduce the number of employees during the covered loan period […]