Residential Energy Tax Credits

Residential Energy Tax Credits

If you have made energy saving improvements to your home in 2016, you may be able to take residential energy credits to reduce your income tax due.

The Residential Energy Efficient Property Tax Credit

You may be able to take a tax credit equal to 30 percent of the amount paid for residential energy efficient property during 2016.

Residential energy efficient property includes:

  • Qualified solar electric property

  • Solar water heating property

  • Small wind energy property

  • Geothermal heat pump property

  • Fuel cell property (limited to $500 for each one-half kilowatt of capacity of the property)

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MN Minimum Wage Increase Affects Hospitality Industry

Do you run a hospitality business who has tipped employees? Do you know how the minimum wage increase affects your business?

Tipped Employees: Individuals who regularly receive more than $30 per month in tips. Examples include waiting tables, serving drinks, opening doors, carrying luggage, cleaning hotel rooms, etc.


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Education Tax Credits

Are your kids going off to college? College is more expensive than ever, but there are two education tax credits to help offset the costs of college by reducing the amount of income tax you owe.

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Fair Labor Standards Act (FLSA) Overtime Regulations: Nonprofit Sector

FLSA Overtime Regulations: Nonprofit Sector

New overtime regulations under the Fair Labor Standards Act (FLSA) take effect on December 1, 2016.  Under these regulations, employees making less than $47,476 per year ($913 per week) will be eligible for overtime compensation. Previously, the minimum salary was $23,660 ($455 per week). The new FLSA regulation does not provide an exemption from the overtime requirements for nonprofit organizations.   


Will my nonprofit organization be affected by the FLSA overtime regulation?


There are two ways a nonprofit organization may be subject to the new FLSA regulation:


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How Retainage Law Changes Will Affect Your Business

How Retainage Law Changes Will Affect Your Business

Retainage: The portion of a contract payment which is held back from progress payments until a contract is complete.

These payments are often long overdue and headaches for companies. The new retainage law, effective August 1, 2016, attempts to reduce costs and improve cash flow for companies. 


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Named one of the Top 300 Accounting Firms in the Nation

Top 300 Accounting Firm in the Nation

Smith Schafer has been ranked no. 239 on INSIDE Public Accounting’s Top 300 Firms ranking list for 2016.

IPA 300 firms are ranked by U.S. net revenues and are compiled by analyzing more than 540 responses to IPA’s Survey and Analysis of Firms.

We are honored to be recognized nationally, alongside some of the best in the country. We continue to grow each year and this recognition demonstrates the loyalty and commitment of our team members and clients.


Click here to view the full list of the INSIDE Public Accounting 300 firms. 

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We Are Moving!

We are moving!

We are excited to announce our Edina and Maplewood offices are merging October 1, 2016!

The new office will accommodate our growth and client service goals. For the convenience of our East Metro clients, we will continue to have a space for client meetings in Maplewood.

We would like to thank our clients for their continued support, trust and business! We look forward to working with you in the years to come. 

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Summer Tax Newsletter

IRA Charitable Donations

For most people, using IRA dollars for charity is a two-step process. You take money from your IRA, reporting taxable income. Then, you donate it to the charity or charities of your choice, perhaps claiming a tax deduction for the contribution. The new PATH law establishes the permanence of qualified charitable distributions (QCDs), which go directly from IRAs to recipient organizations.


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Tax Credits for Transportation Companies

Are you aware of the tax credits your transportation company may be eligible for?  

Many transportation companies are not taking advantage of these tax credits. It is very difficult to run your business and keep up with the complex regulations regarding taxes. Getting help from your tax professional, who is familiar with the transportation industry and all the deductions, credits and exemptions you are eligible for, is crucial. Be sure to ask your tax professional about the tax credit opportunities below:

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Minnesota Unemployment Tax Reduction Credit

On March 24, 2016, Governor Dayton signed into law a bill amending Minnesota's unemployment insurance (UI), also known as unemployment tax, law to provide for a reduction in unemployment taxes for most employers.

During the week of June 20, 2016, letters were mailed to employers who are eligible for this tax reduction. The letter includes the amount of the employer's tax credit.

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