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Employee vs. Contractor: Why it’s important to properly classify your workers

As a small business, there are many factors to consider when classifying an individual as an employee or independent contractor. Hiring independent contractors often means a business can save money by reducing costs, such as, pensions, group health insurance and workers’ compensation insurance.

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MN Estate Tax Exemption Increases

The legislation signed by Governor Mark Dayton on May 30 increased the estate exemption amount for a Minnesota estate from its current $1.8 million level to $2.1 million, retroactive to January 1, 2017. The estate exemption amount is set to increase to $3 million by 2020.

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What to know before donating a vehicle

Charitable donations of property are generally tax-deductible, but the amount of that deduction depends on many factors—and the value of the gift isn’t the only thing that matters.

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Is the American Opportunity Credit Right for Your Family?

Should you or your child consider the American Opportunity Tax Credit for your 2017 tax return?

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New Minnesota Tax Law Revises Residency Factors

The location of a taxpayer’s attorney, CPA, financial adviser, or bank will no longer be a factor in determining whether that taxpayer is domiciled in Minnesota for tax purposes. The tax bill that was just signed into law on May 30th contained a provision that specifically eliminates this factor from consideration by Minnesota Revenue and the courts.

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Operating across state lines means new tax liability — Here’s why that might be a good thing

Expanding nationally isn’t just for large corporations anymore; small businesses are finding it easier than ever to cross state lines and widen their markets with the popularity of e-commerce and increasing efficiency of reaching far-away customers.

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May Economic Update

First Quarter 2017 Market Perspective

A Timely Postmark on Your Tax Return may not be Enough to Avoid Late-filing Penalties

Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight. But dropping your return in a mailbox on the 18th may not be sufficient.

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April Economic Update

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