March 1, 2019

The single biggest asset many people have is their home, and in today’s real estate market, it’s not unusual to make a profit on the sale of a home. But if you sell your home for more than your basis in the property, you could face substantial capital gains tax.

Capital gains is calculated by taking the difference between your basis in the property and the sale price. Your basis in the property is typically the amount that you...

January 1, 2019

With a new year come new estate tax exemption rates. Although estate and gift taxes are sometimes thought of as taxes that do not change that much, that has definitely not been the case in recent memory. In fact, there have been fairly significant changes to either Minnesota or federal estate and gift tax exemptions, rates, and deductions every year for the past several years. We are not expecting any major changes in 2019, bu...

November 8, 2018

The IRS recently announced that retirement savers will be able to save even more in 2019. This is great news for anyone that saves through individual retirement accounts like 401(k) plans, IRAs, and ROTH IRAs! The higher contribution limits also give savers a lower tax bill. 

Contribution Limits for IRAs and ROTH IRAs

The contribution limit for Traditional and ROTH IRAs for 2019 will be $6,000. This will be an increase of $500 o...

January 2, 2018

The new tax bill was signed into law on Friday, December 22, 2017, making for some big changes in federal estate tax planning. Under the new law, the federal estate tax exemption will be substantially increased for tax years starting in 2018.

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