Olsen Thielen Advisor Blog

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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.

New IRS 1099 Electronic Filing Requirements

December 4, 2023

Learn more about the new IRS Regulations effective January 1, 2024 that require electronic filing for 1099s and other returns. This is applicable to any entity who files 10 or more returns.

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.

New FCC Broadband Map Version 3 Released

November 29, 2023

The FCC has released the latest version of the Broadband Map showing a significant reduction in areas without high-speed broadband. Find out more about these changes and opportunities available for providers available through the BEAD program.

Beneficial Ownership Reporting

November 28, 2023

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a final rule implementing a beneficial ownership information reporting requirement under the Corporate Transparency Act. Learn how and when this reporting requirement may affect your company or organization.

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.

Tax Planning Strategies for the Next Year with Charlie Sparks

November 13, 2023

PODCAST: In our latest episode, our Tax Director, Charlie Sparks, shares his top tax planning strategies for the upcoming year. With just two months remaining in the current year, Charlie recommends that it's the perfect moment to kickstart your tax planning, especially if you're a business owner.

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.