Articles by

Olsen Thielen

Cost Segregation Study

January 2, 2024

A cost segregation study might allow you to accelerate depreciation deductions on certain items, reducing taxes and boosting cash flow. Under current law, the potential benefits of a cost segregation study are now even more significant than they were a few years ago.

2024 Standard Mileage Rates

December 14, 2023

The Internal Revenue Service has issued the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Repair or Improvement

December 6, 2023

For business owners, determining whether they’re making repairs or improvements can be tricky — but it’s important to be aware that the distinction can have real tax consequences.

Minnesota Employment Law Changes with Natolie Hochhausen

December 6, 2023

PODCAST: This episode is a must-listen for business owners, HR professionals, and employees seeking clarity on the recent MN legislative changes.

General Business Credit

December 4, 2023

Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. However, for businesses, the aggregate value of tax credits may be limited by the general business credit (GBC).

IRS Audit Techniques Guides

November 30, 2023

IRS examiners use publications called IRS Audit Techniques Guides to prepare for audits in certain industries and those with various issues. The publications are available to the public, so you can read them to gain insight into what the IRS looks for in terms of compliance.

Nursing Home Tax Breaks

November 28, 2023

When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several nursing home tax breaks may be available to help offset some of the costs.

Irrevocable Life Insurance Trust

November 28, 2023

Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax.

Enterprise Minnesota: 2023 State of Manufacturing Results

November 10, 2023

Olsen Thielen is a proud Platinum Sponsor of Enterprise Minnesota and the State of Manufacturing Survey. Last night, Enterprise Minnesota held their annual State of Manufacturing rollout event to showcase important statistics regarding the Manufacturing Industry - one that Olsen Thielen is heavily involved with.

Business Auto Tax Depreciation Rules

November 9, 2023

Business auto tax depreciation rules are complicated, and complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile. Special limitations apply to vehicles classified as a passenger auto (which could include many pickups and SUVs).

Foundation or Donor-Advised Funds

November 8, 2023

Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds (DAF) are a popular alternative, but they also have potential drawbacks.

The 2023-2024 Tax Planning Guide

November 6, 2023

Do your tax planning strategies need a refresh? Our 2023-2024 Tax Planning Guide will guide you on dealing with tax changes as your situation evolves, whether due to life events, economic developments or new tax laws.

Deducting Employee Bonuses

November 3, 2023

Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that lets a business enjoy a tax deduction this year while its

Exit Strategy Planning

November 1, 2023

Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help the owner plan for, and, in some cases, reduce, the tax impact.

2024 Social Security Wage Base Increase

October 31, 2023

In a recent announcement, the Social Security Administration stated that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023).