Campus Tax Credit - Can Top Tax Deductions

Besides financial aid, specific tax benefits may reduce the net cost of sending a  child to college. Among the three major tax breaks—American Opportunity Tax Credit, Lifetime Learning Credit, tuition and fees deduction—you may claim only one on your tax return.

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Meals & Entertainment Deductions for Transportation Companies

Meals & Entertainment Deductions for Transportation Companies

Do you know what is tax deductible in relation to meals and entertainment expenses?

Many of our transportation company clients like to entertain. Whether it is taking a business client to lunch or throwing a company picnic for employees, you may be entitled to deduct the entire cost of the activity.

 

The General Rule. Meals and entertainment expenses are only 50 percent deductible on your tax return. 

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Identity Theft

The month of January is often the most corrupt period of the year when it comes to identity theft, as countless fraudulent tax returns are filed on unsuspecting taxpayers. The IRS has reported a whopping $21 billion in fraudulent activity, up from $6.5 billion two years ago. Part of the reason for the significant spike is an outdated detection system which has a slow process for implementing improvements. This, along with federal budgetary and legal constraints, has allowed thieves to thrive and obtain cash from filing fraudulent tax returns.

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New Twin Cities Office Video

Did you know we combined our Edina and Maplewood offices last Fall? We occupy approximately 11,614 square feet of space in the Valley Square Corporate Center, located next to Golden Valley Commons off Highway 55. Watch the BEFORE and AFTER video of our new office!

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Sale of Real Estate Reporting: How to Avoid IRS Penalties

In this video, Kim Mahanna, discusses the Top 3 1099 S Reporting Issues. Click to watch our four minute video and learn how to avoid IRS penalties. 

Click here to schedule a 30 minute free consultation and learn tax saving strategies that best fit your situation.

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New Options for Health Reimbursement Arrangements

Most small employers with less than 50 full time employees wanted to offer limited health benefits to their employees, but were restricted by the Affordable Care Act (ACA) to offer certain health reimbursement arrangements (HRAs) not integrated with other employer group coverage. Employers faced significant IRS penalties of $100 per “affected individual,” per day for offering HRAs to cover health insurance costs for the purchase of plans on the individual market. On December 13th, 2016, President Obama signed legislation allowing small employers to offer stand-alone qualified small employer health reimbursement arrangements (QSEHRAs) to employees who purchased a health plan in the individual market, as long as certain conditions are met.

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Smith Schafer's Client Loyalty Program

2016 Results

Smith Schafer strives to show our appreciation and dedication year-round. “When it comes to client relationships, Smith Schafer's belief has always been, shop with clients who do business with us,” Managing Principal, Steve Erchul, stated. To encourage our employees to honor this motto, we created the Client Loyalty Program. It is a program where we reward staff when they shop at clients' establishments.
 
We are excited to report that in 2016, our staff spent over $250,000 with our clients!

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We've Merged!

We are proud to announce our merger with Blanski Peter Kronlage & Zoch, P.A. effective January 1, 2017. We will remain under Smith Schafer’s name and will continue to operate out of our Twin Cities office in the Valley Square Corporate Center, located next to Golden Valley Commons off Highway 55.

Smith Schafer Managing Principal Steve Erchul said, “The combination of our firms will enhance our ability to serve our clients and provide opportunities for staff growth.”

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Minnesota Unemployment Tax Credit

On March 24, 2016, Governor Dayton signed into law a bill amending Minnesota’s unemployment insurance law. This bill provides a reduction in unemployment taxes for certain employers. A total reduction of over $258 million will be applied to tax accounts. Letters were mailed by June 20, 2016 to eligible employers indicating their portion of the credit. 

To receive this credit as an employer:

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2016 Year-End Tax Reporting

2016 Year-End Tax Reporting

As the end of the year approaches we want to remind you of various payroll and Form 1099 related changes as well as other items to consider when processing your 2016 year-end reporting forms. As a result of the Protecting Americans from Tax Hikes Act, several due dates were changed in an effort to combat identity theft. Read further for specific changes.

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