Olsen Thielen Advisor Blog

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What is Your Manufacturing Company’s Worth?

October 30, 2024

A business valuation professional can provide an objective estimate of your manufacturing company’s worth. This can be beneficial not only if you’re selling your business but also if you’re seeking financing, drafting a buy-sell agreement or estate planning.

Is an IRS Audit in Your Future?

October 29, 2024

Many IRS audits are routine. However, taking a meticulous, proactive approach to tracking, documenting and filing your company’s tax-related information will make an audit more manageable if your business is selected.

The 2024-2025 Tax Planning Guide

October 28, 2024

Do your tax planning strategies need a refresh? Our 2024-2025 Tax Planning Guide can help explain the best tax planning strategies for you. Tax planning strategies must evolve as your situation changes, whether due to life events, economic developments, or new tax laws. To save the most on your 2024

Year-End Tax Planning Strategies for Manufacturers

October 24, 2024

As the year draws to a close, it’s generally manufacturers’ last chance to implement year-end tax planning strategies to reduce their 2024 tax liability. Making time right now could prove to be very beneficial in the upcoming tax season.

Check Your Tax Withholding

October 23, 2024

Year-end is fast approaching, and for high-income earners and gig workers, it's the perfect time to review your tax withholding. This article will explain why this check is crucial and how it could potentially help you avoid a hefty tax bill.

2025 Social Security Wage Base Increase

October 22, 2024

The 2025 Social Security wage base increase was recently announced by the Social Security Administration. The threshold will increase to $176,100, up from $168,600 in 2024.

Tax Year 2025 Inflation Adjustments

October 22, 2024

The Internal Revenue Service announced the annual inflation adjustments for tax year 2025, that will impact taxpayers when they file their returns in 2026.

Workers’ Comp and UI for Manufacturers

October 21, 2024

Many states require employers to maintain workers' comp and UI insurance. Managing these costs is crucial for manufacturers to preserve financial stability.

How to Spot Tax Red Flags When Browsing

October 8, 2024

Think you can spot misleading tax advice online? You might be surprised. Discover how even savvy individuals can fall prey to dubious claims and learn the red flags to watch out for.

Year-End Tax Planning for Small Businesses

September 30, 2024

We’ll be saying goodbye to 2024 in no time. Here are some year-end tax planning ideas that may help your small business save on taxes.

2024 Q4 Tax Deadlines

September 30, 2024

Here are some of the key 2024 Q4 tax deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

Handling NonProfit Pledges

September 30, 2024

Your nonprofit may prefer donations (or immediate support) to pledges, which are usually promises to donate in the future. But if you do receive pledges, make sure to account for them properly.

Minnesota’s New Paid Leave Program

September 24, 2024

Minnesota's new Paid Leave Program goes into effect on January 1, 2026. Employers should be aware of the new program - who is eligible, information on funding and benefit structure of the program, and their responsibilities including the initial reporting deadline coming up on October 31, 2024.

Benefit of an LLC

September 16, 2024

Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability and other issues. For many businesses, the benefit of an LLC is an attractive choice.

Tax Rules of Selling Business Property

September 13, 2024

There are complex tax implications that may apply when selling business property used in your trade or business. Rules apply to gains and losses and the amount of time you have had the business property.