Often lost in the excitement of large-scale tax changes is how they can negatively impact some individual situations. Check out the questions below to see if you might be in for a tax surprise this year. Will you pay more than $10,000 in state and local taxes? Previously, you could… Read More»
Please join us in congratulating Mike Misheski, CPA, on becoming a new member of the North Dakota University Accounting and Information Systems Department Advisory Board.
Long-term care (LTC) insurance usually isn’t the first topic to come up in conversation at the dinner table. Many people find it challenging to move this financial planning issue to the top of their to-do list because it lacks the immediacy of health insurance and the certainty of life insurance.… Read More»
While a business partner should balance your strengths, they should also be willing to communicate freely and often with you. That includes sitting down and hammering out important issues that will be documented in a partnership agreement. Creating your partnership agreement The need for a partnership agreement can be summed… Read More»
A good way to chart your progress toward a healthy financial future is to prepare a personal balance sheet every year. It will give you a scorecard to measure how you’re doing. How to chart the health of your finances A balance sheet shows your assets and your liabilities. Think… Read More»
With tuition costs rising each year, setting aside funds for college can be a daunting task. Here are a few options that may lessen the financial burden of college in a tax-savvy way: Section 529 plan Consider putting after-tax money into a Section 529 college savings account. Contributions aren’t deductible,… Read More»
With the near doubling of the standard deduction amount to $12,000 for single filers and $24,000 for joint filers this year, a new itemizing strategy is emerging. The idea is being called bunching by some and it is a potential strategy every taxpayer should understand. How bunching helps to minimize… Read More»
The House and Senate passed the Tax Cuts and Jobs Act (TCJA) bill in December 2017 and President Trump signed the law into effect. This large tax reform package will lower tax rates on corporations, passthrough entities, individuals, and estates, move the US toward a territorial-style system for taxing foreign-source… Read More»