General Tax

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Nonprofits: Should You Hire New Staffers or Outsource?

May 26, 2021

Many Americans remain unemployed due to the COVID-19 pandemic — at least 9.8 million at the end of April. But that’s expected to change quickly as employers ramp up hiring activities. If your not-for-profit will soon need new staffers, you might want to start putting out feelers now.

An S-Corp Could Cut Self-Employment Tax

May 26, 2021

If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax.

2022 Health Saving Accounts Amounts

May 26, 2021

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs).

Employee Education Assistance Rules

May 3, 2021

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge.

Business Energy Credit for Alternative Energy

April 28, 2021

If you are interested in alternative energy technologies to help manage your business energy costs, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.

Reasonable Compensation for a Corporate Business Owner

April 21, 2021

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends.

Business Owners: Hire Your Child and Save Some Tax Dollars

April 5, 2021

As a business owner, you can save family income and payroll taxes by putting your child on the payroll.

Tax Considerations for New Small Businesses

March 10, 2021

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors.

Olsen Thielen Celebrates 100 Years

March 9, 2021

Nearly 100 years ago, Olsen Thielen was founded on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed, and that commitment remains. commitment to their clients and their community.

Work Opportunity Tax Credit Extended Through 2025

March 2, 2021

A recent law extended the Work Opportunity Tax Credit (WOTC) for businesses who hire individuals from one or more targeted groups. The credit is generally limited to eligible employees who began work for the employer before January 1, 2026.

Home Office Deduction Rules

February 22, 2021

During the past year, many more people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.

Gig Economy Income Must be Reported

February 18, 2021

In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes.

Tax Implications of Buying or Selling a Business

February 16, 2021

If you are considering buying or selling another business, it’s important to understand the tax implications.

New Hire Tax Credit Program Extended – Is Your Business Missing Out?

January 14, 2021

Did you know that your business may be eligible for a federal tax credit simply by hiring certain qualified employees?

Linda M. Nelson to Retire December 31, 2020

December 14, 2020

After a long and remarkable career, Linda Nelson has decided that effective December 31, 2020, she will be retiring from Olsen Thielen. We want to thank Linda for her knowledge, dedication, and everything she did for clients and colleagues.