Posts by Roben Hunter, Hunter Advisors, PLLC
Changes to Minnesota Estate Tax for 2017 and Beyond
The Minnesota State legislature has changed the estate tax exemption for 2017 and beyond. The old law states that Minnesota estates that were valued at over $1.8 million dollars had to file an estate state tax return in Minnesota, with the potential payments to the State at an estate tax rate of 16%. Under the…
Read MoreBetter Late Than Never
Governor Mark Dayton recently signed tax legislation that retroactively conforms most state corporate and personal income tax provisions to the federal changes that have been enacted since December 31, 2014. Two provisions that did not change to the federal provisions, however, were bonus depreciation and IRC Section 179 depreciation. There will continue to be differences…
Read MoreMinnesota’s New LLC Act
Minnesota’s new statute governing limited liability companies (“LLC”) became effective August 1, 2015. All LLCs that are organized after that date will fall under the new Chapter 322C of the Minnesota Statutes (“New Act”). What does that mean? How does it affect the LLCs already in existence? The old LLC statute, Chapter 322B, was formulated…
Read MoreMinnesota Residents – Intention Does Not Always Win
Minnesota has residents that consider themselves “snowbirds” – spending portions of their time (usually the long, cold, winter months) in a warmer climate and the summer months in Minnesota. Typically, by the time they are ready to retire, at least one of their advisors will tell them that for tax purposes, they would be better…
Read MoreMinnesota Residents-Intention Does Not Always Win
Minnesota has residents that consider themselves “snowbirds” – spending portions of their time (usually the long, cold, winter months) in a warmer climate and the summer months in Minnesota. Typically, by the time they are ready to retire, at least one of their advisors will tell them that for tax purposes, they would be better…
Read MoreWith All the Congress Uncertainty, Can We Provide Planning for Year-End 2012? Yes-And This Year It is Necessary
In the 22 years of service I have provided as an advisor, I have not seen any year more complex that this one. My suggestion is to get to your advisors, sooner rather than later, for 2012/2013 planning. For example, unless something is done in Congress, the federal individual income tax rates themselves will increase…
Read MoreA Look to the Future
None of us know what November will bring. Congress, no matter who takes over, can’t seem to agree on anything except to blame the other side for things that can’t get done or go wrong. As a CPA and attorney, I am quite tired of trying to plan an effective strategy with my clients with…
Read MoreIndependent Contractors vs. Employees
For many years the IRS has been scrutinizing the distinction between Independent Contractors and Employees for businesses. Business owners would prefer the workers categorized as independent contractors. Some of the reasons are as follows: Independent contractors are not covered by workers’ compensation or unemployment; Businesses do not need to withhold payroll tax on the earnings…
Read MoreTaxes…Taxes – What to Know for 2012 Planning
Although much of the tax returns look the same as last year, there are a few items that you should be aware of that will affect your 2012 tax planning. The following tax provisions for individuals have been extended through 2012: Capital gain tax rate of 15% for both regular tax and alternative minimum tax…
Read MoreNew Increases for Social Security in 2012
There are new increases in Social Security that have been recently announced, both for the recipients and the employee/employers currently paying into the system. For those of us paying into Social Security in 2012, the Social Security tax will be payable on the first $110,100 of income received per person in 2012, which is an…
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