Olsen Thielen Advisor Blog

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Remote Selling for Manufacturers

February 11, 2022

Even before COVID-19’s impact on businesses, remote selling for manufacturers was becoming a “new normal.” For several years prior to COVID-19, there was a trend toward digital interactions that were accelerated by the social-distancing environment and now may become permanent.

Sole Proprietor Tax Issues

February 11, 2022

Sole proprietor tax issues are important considerations for new and existing businesses. In this article are eight important issues to consider.

Recruiting NFP Staff

February 2, 2022

The Great Resignation has hit not-for-profit organizations hard, and recruiting NFP staff will most likely require you to up your recruiting game. As many for-profit businesses have raised pay and hiring incentives to hire new staff, nonprofits have lost staff.

Deductible Expenses & Good Records

January 31, 2022

Two things that business owners need to remember are that deductible expenses & good records can make life easier when filing taxes and help defend the expenses if the IRS conducts an audit.

Entrepreneurs and Taxes

January 25, 2022

If you have started or are contemplating starting a new business, as a new business owner you need to be aware of the implications that affect entrepreneurs and taxes.

How Many NFP Directors are Needed

January 25, 2022

When a nonprofit is new, it may struggle to find an adequate number of board members. But as it grows, its board is also likely to grow — sometimes, to an unwieldy size. The important question is: How many nonprofit directors are needed for your organization to effectively pursue its mission?

Nonprofit Restricted Gifts

January 17, 2022

Occasionally, a nonprofit will receive restricted gifts. With an unrestricted gift, organizations have the flexibility to use the money where it’s needed most. However, gifts with restrictions require a higher level of responsibility.

Employer Tip Tax Credit

January 10, 2022

If you are an employer with employees who receive tips, it is possible that you may qualify for an employer tip tax credit for a portion of the tips. Sound too good to be true?

Nonprofit Financial Resilience

January 7, 2022

Despite COVID-19 and other roadblocks, your nonprofit needs financial resilience for the upcoming year and beyond. Forecasting can be difficult, but your staff and the board’s finance committee have ways to deal with obstacles. Here are three suggestions:

Like-Kind Exchange Could Defer Tax

January 5, 2022

With real estate prices up in some markets, the Section 1031 “like-kind” exchange strategy may be attractive if you want to sell highly appreciated commercial or investment real estate.

2022 First-Quarter Tax Deadlines

January 4, 2022

Businesses face several 2022 first-quarter tax deadlines. This list is not all-inclusive, and additional deadlines may apply to you. Also, remember that this list isn’t all-inclusive, so there may be other deadlines that apply to you.

Required Minimum Distributions

December 29, 2021

Required Minimum Distributions (RMDs) are minimum amounts that you must withdraw from your IRA or retirement plan account each year after you reach age 72 (70 ½ if you reach 70 ½ before Jan. 1, 2020).

Nonprofits May Want to Try a New Budgeting Approach

December 21, 2021

Some nonprofits have discovered that budgeting, like many other things, sometimes is more effective when you try a new approach. For example, you may want to look at adopting a rolling budget — or by reforecasting an existing budget.

Tax Planning in an Uncertain Time

December 8, 2021

A major takeaway from the last twenty months of living in a pandemic is the importance of planning and adaptability. As 2021 comes to an end, there is still so much unknown of what 2022 will bring.

Corporate Aircraft Tax Implications

December 6, 2021

You may have considered purchasing a corporate aircraft if you do a lot of business travel. But of course, you need to be aware of the tax implications before you spend the money.