VIDEOS & POSTS

Nels Larsen, CPA, CMA, CFM

Feb 103 min read

Pros and Cons of Extending Your Return

To extend or not to extend, that is the question many business owners and individuals face each year. There are important reasons for...

Nels Larsen, CPA, CMA, CFM

Feb 81 min read

6 Ways to Avoid Tax Audit Attention

When it comes to tax audits, there are several red flags that could increase your chances of drawing unwanted attention from the IRS....

Beneficial Ownership (BOI) Reporting: What you Need to Know

Nels Larsen, CPA, CMA, CFM

Jan 83 min read

Beneficial Ownership (BOI) Reporting: What you Need to Know

In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law is part of the U.S. government’s efforts to make...

State of MN to issue Tax Rebate Payments

Nels Larsen, CPA, CMA, CFM

May 25, 20232 min read

State of MN to issue Tax Rebate Payments

The Minnesota Department of Revenue will send direct tax rebate payments for tax year 2021 to eligible Minnesotans after a recent tax law...

IRS: Average taxpayers ‘should not be worried’ about audits as agency grows

Nels Larsen, CPA, CMA, CFM

Apr 7, 20233 min read

IRS: Average taxpayers ‘should not be worried’ about audits as agency grows

By Katie Lobosco, CNN Updated 5:26 PM EDT, Thu April 6, 2023 Danny Werfel testifies before the Senate Finance Committee during his IRS...

How to Arrange Travel to Maximize Business Deductibility

Nels Larsen, CPA, CMA, CFM

Feb 27, 20231 min read

How to Arrange Travel to Maximize Business Deductibility

We often get asked how or if travel arrangements can be made to make trips deductible as a business expense. Please read the following...

Nels Larsen, CPA, CMA, CFM

Feb 27, 20232 min read

More reasons to have a Health Savings Account (HSA)

Many people have health savings accounts, or at least have heard of them. While you (or your employer) can only contribute money to them...

Nels Larsen, CPA, CMA, CFM

Feb 5, 20237 min read

Should you Extend Your Tax Returns? Top 13 things to Consider

With tax season upon us, an almost universal question that many CPA’s and tax professionals get asked, “should I extend my tax returns”...

Nels Larsen, CPA, CMA, CFM

Jan 11, 20233 min read

How to Section 1031 Exchange into a Delaware Statutory Trust

As you likely know, the Section 1031 tax-deferred like-kind exchange is one of the greatest wealth-building mechanisms for real estate...

Nels Larsen, CPA, CMA, CFM

Jan 11, 20232 min read

When Cancellation of Debt (COD) Income Can Be Tax-Free

When we see negative impacts on the economy we often see an increase in individual's debts piling up beyond a borrower’s ability to...

It's Not Too Late to Make IRA & HSA Contributions for the 2022 Tax Year

Nels Larsen, CPA, CMA, CFM

Jan 9, 20232 min read

It's Not Too Late to Make IRA & HSA Contributions for the 2022 Tax Year

Want an after the fact tax deduction you can take for 2022 in 2023? Contribute to your IRA or HSA! Here are some things to keep in mind:...

Nels Larsen, CPA, CMA, CFM

Jan 3, 20233 min read

Why Everyone Who Qualifies Should Have a Health Savings Account

As a small business owner, you know how important it is to save money whenever possible. One great way to do this is by taking advantage...

What All Real Estate Investors Need to Know About 1031 Exchanges

Nels Larsen, CPA, CMA, CFM

Dec 29, 20223 min read

What All Real Estate Investors Need to Know About 1031 Exchanges

1031 Like-Kind Exchanges for Real Estate Investors If you're a real estate investor, you've probably heard of 1031 like-kind exchanges....

Nels Larsen, CPA, CMA, CFM

Dec 16, 20222 min read

A Beefed Up IRS?

12/16/2022 You may have noticed that the IRS is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and...

Nels Larsen, CPA, CMA, CFM

Aug 17, 20222 min read

More on the increase in IRS Funding

Yellen tells IRS to develop modernization plan in 6 months By The Associated Press Published: Aug. 17, 2022 at 10:53 AM CDT|Updated: 5...

The IRS is Going to Get More Money- this article does a nice job detailing how they may use it

Nels Larsen, CPA, CMA, CFM

Aug 12, 20225 min read

The IRS is Going to Get More Money- this article does a nice job detailing how they may use it

The IRS is set to get billions for audit enforcement. Here’s what it means for taxpayers By Katie Lobosco, CNN Updated 2:53 PM EDT, Thu...

Nels Larsen, CPA, CMA, CFM

Aug 4, 20224 min read

Avoid the Self-Rental Trap

Let's say you own a building. Now, let's say that you rent this building to your business. With no tax planning, you have a self-rental,...

Nels Larsen, CPA, CMA, CFM

Jul 30, 20222 min read

Bonus Depreciation is Phasing Out!

Just a short article to remind readers that while it seems like we have had 100% bonus depreciation for a while, this year (2022) is the...

Nels Larsen, CPA, CMA, CFM

Apr 17, 20204 min read

Covid-19 Financial Update

The coronavirus pandemic has caused an extraordinary situation that is impacting not only our daily lives but our businesses and...

Nels Larsen, CPA, CMA, CFM

Jul 12, 20173 min read

What is a good retirement plan?

Business owners ask me all the time about setting up a retirement plan for their small business. Making sure there is a nest egg in...

06:33

EIDL Loan Chat

A brief intro to Economic Injury Disaster Loans (EIDL), how the loan amount is calculated, terms and interest rate.

05:47

Home Office Deductions for Business Owners

In this video I do a brief overview of how and what we can deduct for home office expenses when doing business as a sole proprietor/single member LLC, a partnership, and an S corporation.

VIDEOS & POSTS

EIDL Loan Chat

Home Office Deductions for Business Owners

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